Caribou says AbbVie has pulled out of collaboration

27 September 2023

CRISPR genome-editing biopharma company Caribou Biosciences (Nasdaq: CRBU) dipped 3% to $4.76, after it revealed it has received notice from a unit of AbbVie (NYSE: ABBV) revealing that the US pharma major has elected to terminate the collaboration and license agreement, first signed in February 2021.

In a filing with the Securities and Exchange Commission (SEC), Caribou said that AbbVie exercised its right to terminate the agreement for convenience, and this decision was based on AbbVie’s strategic focus and was unrelated to Caribou’s performance under the agreement or the data generated to date.

By mutual agreement of Caribou and AbbVie, termination of the agreement will be effective October 25, 2023.

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