Aurinia to stop development of immunotherapies after strategic review (updated)

Aurinia Pharmaceuticals

15/02/2024 11:19

(Adds details paragraph 2 onwards)
       Feb 15 (Reuters) - Aurinia Pharmaceuticals  AUPH.O  will
stop research and development on its immunotherapies to focus on
its kidney disease drug Lupkynis after failing to attract a
formal buyout offer, the company said on Thursday.
    The Canada-based drugmaker said it had failed to attract a
formal offer after it had embarked on a strategic review it
launched at the end of June, confirming a Reuters report from
earlier in the day. 
    Aurinia anticipates reducing employee headcount by at least
25% by the end of the first quarter of 2024.
    The company also initiated a share repurchase program of up
to $150 million.
    

 (Reporting by Sriparna Roy in Bengaluru; Editing by Shounak
Dasgupta and Sriraj Kalluvila)
 ((Sriparna.Roy@thomsonreuters.com))