AstraZeneca takes $445 million charges as it pulls RSV drug candidate motavizumab as prophylactic
Anglo-Swedish drug major AstraZeneca (LSE: AZN) says it has discontinued further development of motavizumab for the prophylaxis of serious respiratory syncytial virus (RSV) disease. The Company has requested withdrawal of the Biological License Application (BLA) pending at the US Food and Drug Administration.
As a result of this decision, AstraZeneca says it will incur a financial impairment charge of $445 million in the fourth quarter 2010 accounts. As previously disclosed, the company holds intangible assets of $445 million relating specifically to motavizumab. Consistent with previous disclosures, the impairment will be excluded from core earnings, and thus has no impact on the company’s guidance for core earnings per share for 2010.
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