Geron Corp. shares plunged more than -70% on Thursday, as Johnson & Johnson's Janssen Biotech unit ended partnership with it on the cancer drug imetelstat.
About the collaboration not coming through, Janssen said, "The decision not to continue the collaboration is the result of a strategic portfolio evaluation and prioritization of assets within the robust Janssen portfolio" . Janssen also mentioned that it will return/transition the imetelstat program back to Geron. It added that patients currently in trials will "continue to be supported through the respective trial protocols, including treatment and follow-up."
Geron's stock price dropped to $1.99 at 9:44 a.m. in New York, with the company losing $750 million in market value.