Abbott Pays Top Dollar For Galapagos’ Autoimmune Drug
This article was originally published in The Pink Sheet Daily
As its pharma division separates from its diversified medical products unit, Abbott obtains another drug that could succeed Humira in rheumatoid arthritis and related indications.
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The federal government is on the verge of a shutdown and the Affordable Care Act is creating jitters across every corner of the health care system, but the tone at last week’s 23rd annual Pharmaceutical Strategy Conference was surprisingly optimistic, even regarding vulnerabilities at the core of biopharma’s well-being: the quality of its R&D, FDA predictability and its commercial model.
AbbVie’s busy week continued when it unveiled a collaboration with Galapagos in cystic fibrosis Sept. 24, a day after it announced an inflammatory disease tie-up with Ablynx. AbbVie and Galapagos already are partnered under a 2012 deal in rheumatoid arthritis and Crohn’s disease.
For a single $110 million payment, the soon-to-be-split Abbott gets global rights to AP214, a Phase IIb compound designed to prevent acute kidney damage caused by hypoxia during cardiac surgery.