BUZZ-Atara Biotherapeutics slumps after FDA declines to approve cancer therapy

Shares of drugmaker Atara Biotherapeutics ATRA.O fall 47.8% to $6.87 premarket

U.S. FDA has declined to approve company's cancer therapy tabelecleucel

FDA's decision was based on observations made during an inspection of a third-party manufacturing facility for the therapy - company

If ATRA does not secure enough funding by Q1 2025, it intends to suspend all of CAR-T cell therapy programs and significantly reduce expenses and activities to only those that support tabelecleucel's approval

Shares rose 3.8% in 2024

(Reporting by Puyaan Singh)

((Puyaan.Singh@thomsonreuters.com;))