AbbVie Inc (NYSE:ABBV) and Gedeon Richter Plc have announced a new co-development and license agreement to research, develop and commercialize novel dopamine receptor modulators for the potential treatment of neuropsychiatric diseases.
- The collaboration is based on the results of preclinical research carried out by Richter and includes several new chemical entities selected for development.
- AbbVie and Richter have collaborated for 15 years on Central Nervous System (CNS) projects, including globally launched products such as cariprazine (Vraylar/Reagila).
- Under the terms of the agreement, the collaboration includes both preclinical and clinical R&D activities with shared financing by the parties.
- Richter will receive an upfront cash payment, along with a potential milestone payment, as well as sales-based royalties.
- Specific deal terms were not disclosed.
- AbbVie will have worldwide commercialization rights except for traditional markets of Richter, such as geographic Europe, Russia, other CIS countries, and Vietnam.
- The transaction is expected to close in Q2 of 2022.
- Price Action: ABBV shares are up 0.89% higher at $150.50 during the premarket session on the last check Friday.