Synlogic tanks on news of termination of AbbVie deal
US clinical-stage drug developer Synlogic’s (Nasdaq: SYBX) shares plummeted 25.5% to %1.81 in pre-market trading Thursday after it revealed that its collaboration with AbbVie (NYSE: ABBV) for the development of Synthetic Biotic medicines for the potential treatment of inflammatory bowel disease (IBD) had been terminated. The stock was still down 8.2% at $2.24 by close.
AbbVie and Synlogic have been prosecuting specified Synthetic Biotic programs through discovery activities. The companies have decided to terminate their collaboration on these programs.
Upon termination, Synlogic regains all rights to develop these and new IBD Synthetic Biotic medicines for all effectors targeting IBD. This allows Synlogic to fully leverage its expertise in strain engineering, quantitative biology, regulatory, and manufacturing of living medicines to expand its wholly owned GI-based program portfolio to include IBD. Synlogic further regains the rights to partner its IBD programs.
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