Innate Pharma: Dropped cancer treatment sinks shares

Innate Pharma SA

11/12/2020 09:12

** Shares in France-based drugmaker Innate Pharma  IPH.PA 
sink 17% - on track for their worst day in over three months -
after the company drops commercialisation plans for leukemia
treatment Lumoxiti
    ** Innate says its will return Lumoxiti's U.S. and EU
commercialisation rights to AstraZeneca  AZN.L , with full
transition planned for 2021
    ** The CEO says the firm determined there was "low strategic
value" in keeping the drug in its portfolio due to
lower-than-anticipated product sales, compounded by the pandemic
    ** Portzamparc says this is "very surprising and
disappointing news, which shows that Innate is not yet ready to
take on commercial responsibilities"   
    ** The stock is trading at the bottom of Euronext's Next 150
index  .N150 , as Friday's losses wipe 70.8 million euros 
($85.82 million) off its market value



($1 = 0.8249 euros)

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