Geron Plunges 68% After J&J Ends Partnership That Had Ignited Stock
Photographer: Scott Eells/Bloomberg
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A stellar year for Geron Corp. investors went up in smoke Thursday as shares plummeted on news that Johnson & Johnson will end a licensing partnership and return rights to the biotech company’s sole product candidate.
Geron slid as much as 76 percent as the market opened, dropping to $1.99 at 9:44 a.m. in New York. The move wiped out $750 million in market value, which is more than the total value ascribed to a third of the companies in the Nasdaq Biotechnology Index.