Over the past three days, Japanese biopharmaceutical company Sosei Group Corp. has experienced significant losses in market value and uncertainty in its prospects. This was due to Pfizer Inc.’s announcement of discontinuing the joint development of a drug for diabetes and obesity that utilizes Sosei’s patented technology. It dealt a severe blow to Sosei, as its shares plummeted by 29% on Thursday, marking a record decline and resulting in a total loss of 55% over the three-day period.
Sosei stated that the termination of collaboration with Pfizer will not have a significant impact on its profits for the fiscal year ending in December. The company continues to engage in discussions with Pfizer regarding the return of the drug, and while future prospects remain uncertain, Sosei is striving to address the issues raised by Pfizer and seek licensing opportunities for the candidate drug in the future.
