J&J to record $610 million charge related bermekimab

4 February 2022

According to a filing with the Securities and Exchange Commission, US healthcare giant Johnson & Johnson (NYSE: JNJ) has determined that it will record an intangible asset impairment charge related to an in-process research and development asset, bermekimab (JnJ-77474462), an investigational drug for the treatment of atopic dermatitis (AD) and Hidradenitis suppurativa (HS).

The company acquired all rights to bermekimab from XBiotech (Nasdaq: XBIT) in fiscal year 2020, making a cash upfront payment of $750 million to XBiotech. In addition, XBiotech became eligible to receive up to $600 million in potential milestone payments. At that time, the drug was in Phase II development.

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