AbbVie, Gedeon Richter collaborate for discovery, development of novel targets

AbbVie (ABBV) and Gedeon Richter announced a new discovery, co-development and license agreement to advance novel targets for the potential treatment of neuropsychiatric conditions. This collaboration expands upon the success of nearly two decades of partnership on central nervous system projects, including globally launched products such as cariprazine and the discovery of investigational drug candidate ABBV-932 for the treatment of bipolar depression and generalized anxiety disorder. Under the terms of the agreement, the collaboration includes both preclinical and clinical R&D activities with shared financing by the parties. Richter will receive an upfront cash payment of $25M, along with potential future development, regulatory and commercialization milestones. In addition, Richter may also receive sales-based royalties. AbbVie will have worldwide commercialization rights except for traditional markets of Richter, such as geographic Europe, Russia, other CIS countries and Vietnam.