AbbVie pulls out of deal with BioArctic on alpha-synuclein portfolio

Sweden’s BioArctic (Nasdaq: Stockholm: BIO B) saw its shares fall 14.6% to 90.10 kronor today, after it revealed that US pharma major AbbVie (NYSE: ABBV) has decided to terminate its collaboration on the portfolio of alpha-synuclein antibodies, including ABBV-0805.

BioArctic and AbbVie have collaborated since 2016 regarding the research and development of BioArctic's portfolio of alpha-synuclein antibodies for Parkinson's disease and other potential indications. In 2019, a Phase I study of the lead asset, ABBV-0805, was initiated, and results from the study, presented at the International Congress of Parkinson’s Disease and Movement Disorders (MDS) in September 2021, supports a continuation into Phase II with once-monthly dosing, the company said.

"We are disappointed that AbbVie has taken this decision. All available data indicates that ABBV-0805 has uniquely high selectivity for the pathological forms of aggregated alpha-synuclein, as well as Phase I data supporting progression to Phase II. We believe that ABBV-0805 has the potential to become a disease-modifying treatment for people with Parkinson’s disease and will now investigate options to continue the development of this asset," says Gunilla Osswald, BioArctic’s chief executive.