NORTH CHICAGO, Ill., Oct. 24, 2018 /PRNewswire/ -- AbbVie (NYSE: ABBV), a research-based global biopharmaceutical company,announced today that it will assume full development and commercial responsibility for its collaboration with Galapagos (Euronext: GLPG) to discover and develop new therapies to treat cystic fibrosis (CF).
AbbVie's research program aims to develop
"AbbVie has a long-standing commitment to finding improved treatment options for CF and our recent work has resulted in advancements that have broadened our understanding of the molecular and genetic basis of this disease," said Michael Severino, M.D., executive vice president of research and development and chief scientific officer, AbbVie. "We have a proven track record working with challenging molecular targets across a wide range of life-threatening illnesses and will harness this expertise to progress the next-generation of CF treatment. Our previous work with Galapagos has identified a number of promising candidates and we thank them for their contribution to our partnership."
Cystic fibrosis is a progressive, genetic disease that affects the lungs, pancreas, and other vital organs, and may result in serious complications or death. More than 70,000 people worldwide are living with CF, with approximately 1,000 new cases diagnosed each year. Typically diagnosed in early childhood, more than half of people living with CF are over 18 years of age and generally have a 50 percent shorter average lifespan compared to the general population.
Under a revised definitive agreement approved by both companies, AbbVie will assume full development and commercial responsibility over the investigational program comprising several clinical and pre-clinical compounds originally discovered and developed jointly by AbbVie and Galapagos. Galapagos will not pursue further research and development in CF, but is eligible for future milestones and royalties on commercialized programs. Galapagos retains the right to future development of GLPG-2737 in non-CF indications. AbbVie is eligible to receive undisclosed future milestones and royalties in non-CF indications.
AbbVie is a global, research and development-based biopharmaceutical company committed to developing innovative advanced therapies for some of the world's most complex and critical conditions. The company's mission is to use its expertise, dedicated people and unique approach to innovation to markedly improve treatments across four primary therapeutic areas: immunology, oncology, virology and neuroscience. In more than 75 countries, AbbVie employees are working every day to advance health solutions for people around the world. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on Twitter, Facebook, LinkedIn or Instagram.
Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions, among others, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, and changes to laws and regulations applicable to our industry. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2017 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission. AbbVie undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
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