Aurinia to stop development of immunotherapies after strategic review

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.

Reuters

Updated On Feb 15, 2024 at 06:30 PM IST

Bengaluru: Aurinia Pharmaceuticals 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.