AbbVie acquires Galapagos’ cystic fibrosis portfolio for $245m

AbbVie has surprised investors by announcing it has acquired the cystic fibrosis portfolio from Belgium-based Galapagos. The deal includes an upfront $45m payment, plus additional  payments based on successful completion of precise milestones, up to $200m. AbbVie’s move has surprised the financial community, since many people expected the company to interrupt research into cystic fibrosis as Galapagos published clinical results showing that the group’s main asset, GLPG2737, was worse than Vertex Pharmaceuticals’ Orkambi.

The market has welcomed the news, indeed AbbVie’s shares have risen by almost 3%.

(Source: AbbVie)