Amgen discontinues prostate cancer drug in $650M writedown, as obesity pipeline comes into focus in 2024
31 Oct 2023
Phase 1Acquisition
Amgen is taking a $650 million impairment charge from its acquisition of Teneobio, the biotech giant said Tuesday, as it shelves an experimental prostate cancer drug.
The writedown weighed on Amgen’s operating income for the third quarter, which fell from $2.7 billion a year ago to $2.0 billion this year. Amgen paid
$900 million upfront
in 2021 to buy the California biotech Teneobio and take over its lead cancer drug, which was renamed AMG 340. Amgen said it will discontinue an ongoing Phase I trial of AMG 340. In an interview ahead of earnings, Amgen CFO Peter Griffith said the decision was a “reprioritization” based on
positive Phase Ib results
from another prostate cancer drug candidate called xaluritamig, or AMG 509.
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