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AbbVie Targets Psychedelic-Based Depression Drug Market With $1.2 Billion Deal
An anonymous reader quotes a report from Reuters: AbbVie will buy an experimental depression drug from partner Gilgamesh Pharmaceuticals for up to $1.2 billion, the companies said on Monday, seeking to access a fast-growing market for psychedelic-based treatments. The deal is the latest in the more ...
An anonymous reader quotes a report from Reuters: AbbVie will buy an experimental depression drug from partner Gilgamesh Pharmaceuticals for up to $1.2 billion, the companies said on Monday, seeking to access a fast-growing market for psychedelic-based treatments. The deal, which includes an upfront payment and development milestones, could also bolster AbbVie's neurological conditions portfolio after its experimental schizophrenia drug, which it gained access to through an $8.7 billion purchase of Cerevel Therapeutics, failed in two mid-stage studies last year. "Large Pharma has been less active exploring psychedelic compounds due to potential regulatory concerns ... making today's deal more significant," said BMO Capital Markets analyst Evan Seigerman.
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