Medicago Shut Down: COVID-19 Vaccine Competition Among Reasons
$364m Impairment Loss For Mitsubishi
While the close-down schedule for the Canadian vaccine technology specialist is still unclear, all ongoing R&D projects at the firm will be terminated, Japanese parent group tells Scrip.
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Mitsubishi Tanabe Pharma (MTPC), in an agreement with US tobacco company Phillip Morris Investments, is set to acquire a majority stake in clinical stage biopharmaceutical firm Medicago, which develops vaccines using tobacco and alfalfa plants. The transaction values the firm at CAN357m (US$344m). The move will take Medicago private.