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ARTICLE | Company News

AbbVie records $4B impairment on Stemcentrx deal

Chris Lieu
January 6, 2019 7:43 PM UTC

As multiple companies were announcing new deals on the eve of J.P. Morgan Healthcare Conference, AbbVie Inc. (NYSE:ABBV) found itself acknowledging one of its biggest deals was a flop. The company said Friday it will record a $4 billion impairment charge on its 2016 acquisition of Stemcentrx Inc.

AbbVie paid $5.8 billion up front for Stemcentrx and its cancer compound Rova-T rovalpituzumab tesirine...

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Abbvie Inc.