GSK punts $2.2 billion on global collaboration in immuno-neurology

3 July 2021

Under pressure from activist Elliott to up its performance, UK pharma major GlaxoSmithKline (LSE: GSK) on Friday revealed it has entered into a strategic global collaboration with USA-based biotech firm Alector (Nasdaq: ALEC) to develop potential new drugs for Parkinson’s and Alzheimer’s disease.

Alector’s shares rocketed more than 57% to $34.21 by close of trading yesterday, having hit a high of $43.32 in early activity. After a small early lift, GSK’s stock closed virtually unchanged.

The deal is for the development and commercialization of two clinical-stage, potential first-in-class monoclonal antibodies (AL001 and AL101) designed to elevate progranulin (PGRN) levels.

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