CSL could spend up to $2.2 billion developing a drug to combat rare kidney and liver disease under an exclusive agreement with a Swiss biotech start-up, signing its first major deal since executing one of the biggest write-downs in corporate history.
Australia’s largest pharmaceutical company posted a $US2.6 billion ($3.8 billion) loss in August, triggered by billions of dollars worth of write-downs related to the Vifor kidney treatment business it acquired in 2022. At the time, CSL interim chief executive Gordon Naylor said the business was back on track.
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