BioArctic Outlicenses its Alpha-synuclein Antibody Portfolio for Parkinson’s Disease to AbbVie After Receiving Clearance

BioArctic AB (publ) announced that BioArctic and its partner AbbVie have received U.S. Federal Trade Commission (FTC) clearance to license BioArctic’s alpha-synuclein antibody portfolio for Parkinson’s disease and other potential indications to AbbVie.

On November 2, 2018, BioArctic announced that the company had received a Notice of Option Exercise under the Research, Development, Option and License Agreement dated as of September 15, 2016 between AbbVie and BioArctic. The exercise of the option was subject to filing and clearance under U.S. Antitrust legislation, a condition which has now been fulfilled. AbbVie’s exercise of the option to license the alpha-synuclein antibody portfolio triggers a milestone payment of MUSD 50 to BioArctic. The total aggregate value of the license agreement is up to MUSD 755, plus royalties. Previously MUSD 80 have been received.

In 2016, BioArctic and AbbVie, a research-focused global biopharmaceutical company, entered into a strategic collaboration to develop and commercialize BioArctic’s portfolio of antibodies directed at pathological species of alpha-synuclein for the treatment of Parkinson’s disease and other potential indications.

BAN0805 is the most advanced alpha-synuclein targeting antibody within the BioArctic portfolio and is being developed as a disease modifying treatment for Parkinson’s disease. AbbVie will progress BAN0805, now known as ABBV-0805, into clinical development with the first clinical study planned for 2019. BioArctic will continue to deliver on-going agreed activities in line with the on-going collaboration agreement.

Parkinson’s disease is the second most common neurodegenerative disease in the world, and is expected to grow from approximately 6.2 million patients to 12.9 million by 2040.1 Mutations in the alpha-synuclein gene are strongly linked to the development of Parkinson’s disease in a small number of patients with an inherited form of the disease. Alpha-synuclein accumulation in the form of toxic aggregates and intracellular deposits (Lewy bodies) is a key neuropathological feature of the more common sporadic Parkinson’s disease.

“I am very pleased that AbbVie has licensed BioArctic’s alpha-synuclein antibody portfolio as this decision marks an important milestone and strengthens our collaboration. I am looking forward to continuing the successful partnership with the ambition to deliver a new innovative disease modifying treatment to improve the quality of life for the large number of patients with Parkinson’s disease,” said Gunilla Osswald, CEO at BioArctic.