BRIEF—BioArctic out-licenses its alpha-synuclein antibody portfolio for Parkinson's disease to AbbVie

Swedish biotech firm BioArctic today revealed that, along with partner AbbVie, it has received US Federal Trade Commission (FTC) clearance to license BioArctic’s alpha-synuclein antibody portfolio for Parkinson’s disease and other potential indications to AbbVie.

The news saw BioArtic’s shares dip 1.45% to 78.35 Swedish kronor this morning.

On November 2, 2018, BioArctic announced that the company had received a Notice of Option Exercise under the Research, Development, Option and License Agreement dated as of September 15, 2016 between AbbVie and BioArctic.

The exercise of the option was subject to filing and clearance under US Antitrust legislation, a condition which has now been fulfilled.

AbbVie’s exercise of the option to license the alpha-synuclein antibody portfolio triggers a milestone payment of $50 million to BioArctic.

The total aggregate value of the license agreement is up to $755 million, plus royalties, of which $80 million has previously been received.

In 2016, BioArctic and AbbVie entered into a strategic collaboration to develop and commercialize BioArctic’s portfolio of antibodies directed at pathological species of alpha-synuclein for the treatment of Parkinson’s disease and other potential indications.