AbbVie pulls out of an Alzheimer's deal with Alector
US biotech Alector (Nasdaq: ALEC) saw its shares dip 2.8% to $11.16 in morning trading, after it revealed n a filing with the Securities and Exchange Commission that its licensing partner AbbVie (Nasdaq: ABBV) was pulling of a collaboration on Alzheimer’s disease.
Alector, in collaboration with AbbVie Biotechnology, has been developing AL003 to treat patients with Alzheimer’s disease as one of two programs under the co-development and option agreement, dated as of October16, 2017, between the parties.
Under the terms of that accord, AbbVie paid Alector an upfront $205 million, with the potential for more in milestones.
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