By Chris Wack
Atea Pharmaceuticals Inc. shares fell 16% to $9.53 after the company said its strategic collaboration with Roche to develop AT-527 to treat Covid-19 is ending in February.
The biopharmaceutical company said the rights and licenses granted to Roche will be returned to Atea, which will have full rights to continue the clinical development and future commercialization of AT-527 worldwide.
Atea said that as of Sept. 30 it had cash and cash equivalents of $839.7 million, with a cash runway through 2023.
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(END) Dow Jones Newswires