Atea Pharmaceuticals (NSDQ:AVIR) has announced the termination of a joint venture with Roche involving the development of the COVID-19 antiviral AT-527.
In October, the two companies revealed that the Phase 2 MOONSONG trial focusing on AT-527 did not meet its primary endpoint.
Atea will retain rights to AT-527 after the strategic collaboration with Roche ends on February 10, 2022.
“We believe strongly in the potential of AT-527 with its unique dual mechanism of action, antiviral activity against the major variants of concern and its market potential given the need for additional therapeutic options for COVID-19,” said Jean-Pierre Sommadossi, CEO of Atea Pharmaceuticals, in a press release.
AVIR shares dropped 11.36% in after-hours trading. The shares are down 72.57% so far this year.
Filed Under: clinical trials, Drug Discovery, Infectious Disease