This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

ABBV Partners With Ablynx To Develop Experimental Drug

NEW YORK (TheStreet) -- Biopharmaceutical research company AbbVie (ABBV - Get Report) announced it has signed a global licensing agreement with Belgian drugmaker Ablynx to develop experimental drug ALX-0061.

Ablynx will receive $175 million upfront to fund clinical development and up to $665 million in potential payments and royalties pending the achievement of regulatory, commercial and sales targets.

ALX-0061 aims to treat inflammatory and autoimmune diseases, namely rheumatoid arthritis, which affects up to 1% of the adult population, and lupus, which affects 5 million people worldwide.

"We truly believe that AbbVie's significant expertise in rheumatology aligns us with the ideal partner to further progress the development of ALX-0061 and to ensure we maximize the potential of this asset," said Ablynx Chairman and CEO Edwin Moses in a joint press release.

"We are looking forward to working with Ablynx to develop a potentially new and effective therapy for patients suffering from serious chronic conditions," added Scott Brun, Vice President, Pharmaceutical Development at AbbVie.

Last week, AbbVie announced a quarterly cash dividend of 40 cents per share. During its second quarter ended June 30, 2013, the company reported revenue of $4.69 billion, up 4.4% on the year-ago quarter, and earnings per share of 82 cents, 3 cents above its guidance range.

During Friday trading, AbbVie shares were 0.93% higher, closing at $47.84. Overall, AbbVie shares outpaced the S&P 500, which was down 0.72%.

Written by Keris Alison Lahiff.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
ABBV $57.47 0.35%
AAPL $123.54 -0.56%
FB $83.22 0.25%
GOOG $551.54 -0.65%
TSLA $185.28 -2.70%


DOW 17,647.64 -30.59 -0.17%
S&P 500 2,060.10 +3.95 0.19%
NASDAQ 4,884.93 +21.5680 0.44%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs