Tag Archive for: AbbVie

AbbVie on Wednesday entered into a strategic partnership with OSE Immunotherapeutics to advance the French biotech’s early-stage monoclonal antibody OSE-230 as a treatment for chronic and severe inflammation.

Yesterday the company stated that Chief Operating Officer Robert Michael would succeed Richard Gonzalez to become the second-ever CEO of the drugmaker on July 1.

The Chicago-based drugmaker has been counting on revenues from its newer immunology medicines to help make up for declining sales of its blockbuster arthritis drug Humira.

Despite offering discounts that reach as high as 85%, Humira biosimilars are finding it difficult to take market share away from the AbbVie blockbuster, according to a new report from Samsung Bioepis.

Botox sales, especially for aesthetic use, have been under pressure over the last few quarters due to economic uncertainties. Investors have also been concerned about potential market share losses to new entrants.

Yesterday’s dual agreements with Umoja continues AbbVie’s dealmaking spree in late 2023, which saw the pharma ink two multibillion-dollar agreements. The first was with ImmunoGen and its deep portfolio of antibody-drug conjugates (ADC), which AbbVie bought for $10.1 billion.

Bristol Myers Squibb said on Tuesday it would buy RayzeBio for about $4.1 billion to bolster its cancer drug business, marking the second multi-billion dollar deal struck by the drugmaker in less than a week.

The deal, announced late Wednesday, will provide AbbVie with access to Cerevel Therapeutics’ pipeline of clinical-stage and preclinical candidates for psychiatric and neurological diseases.

The deal would help boost AbbVie’s plans to expand into the cancer drug market as its top-selling product Humira, a rheumatoid arthritis treatment, faces fierce competition in the United States.

J&J, AbbVie, Genmab and Genentech are presenting new data at next month’s American Society of Hematology meeting on the therapeutic potential of their therapies in multiple myeloma and mantle cell lymphoma.