BERLIN: German biotechnology company Evotec said on Monday it would take an impairment charge of 8.7 million euros ($11.3 million) after one of its advanced projects, diabetes drug Diapep277, was terminated.
The trial was terminated by Hyperion Therapeutics, which said on Sunday it would stop developing the drug after discovering manipulation of trial data by employees of a recently acquired subsidiary, Andromeda Biotech.
Along with the non-cash impairment, Evotec said it had open receivables of 3.4 million euros outstanding due from Hyperion and Andromeda, which it would need to meet its 2014 profit targets.
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