"In collaboration with Richter, we will continue to build on our research that seeks to provide additional insights into our understanding of cariprazine’s clinical pharmacology and explore novel chemistry to identify new dopamine receptor modulators,” – said Tom Hudson, MD, senior vice president, R&D, chief scientific officer, AbbVie. "AbbVie is committed to driving progress and finding solutions for patients living with complex neuropsychiatric conditions."
“I am very pleased to extend our existing co-operation under this new collaboration with AbbVie as it opens the way towards new products that could help alleviate the debilitating psychiatric and cognitive symptoms of many neuropsychiatric conditions, leading to an improved quality of life for patients suffering from these conditions around the world,” – said Gábor Orbán, CEO of Richter. “I greatly value AbbVie’s capabilities in the field of development and commercialization of drugs acting on the Central Nervous System and we are looking forward to entering this collaboration on new therapeutic options for patients and doctors.”
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, 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.
The transaction is expected to close in the second quarter of 2022, subject to the satisfaction of customary closing conditions, including applicable regulatory approvals.
About AbbVie
AbbVie’s mission is to discover and deliver innovative medicines that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people’s lives across several key therapeutic areas: immunology, oncology, neuroscience, eye care, virology, women’s health and gastroenterology, in addition to products and services across its Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on Twitter, Facebook, Instagram, YouTube and LinkedIn.
About Richter
Gedeon Richter Plc. (www.gedeonrichter.com), headquartered in Budapest/Hungary, is a major pharmaceutical company in Central Eastern Europe, with an expanding direct presence in Western Europe, in China and in Latin America. Having reached a market capitalization of EUR 4.4 billion (USD 5.0 billion) by the end of 2021, Richter's consolidated sales were approximately EUR 1.8 billion (USD 2.1 billion) during the same year. The product portfolio of Richter covers many important therapeutic areas, including Women's Healthcare, Central Nervous System and Cardiovascular areas. Having the largest R&D unit in Central Eastern Europe, Richter's original research activity focuses on CNS disorders. With its widely acknowledged steroid chemistry expertise, Richter is a significant player in the Women's Healthcare field worldwide. Richter is also active in biosimilar product development.
References:
- VRAYLAR (cariprazine) [package insert]. Madison, NJ: Allergan USA, Inc.
Forward-Looking Statements
Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “project” and similar expressions, among others, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, failure to realize the expected benefits from AbbVie’s acquisition of Allergan plc (“Allergan”), failure to promptly and effectively integrate Allergan’s businesses, competition from other products, challenges to intellectual property, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry and the impact of public health outbreaks, epidemics or pandemics, such as COVID-19. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, “Risk Factors,” of AbbVie's 2021 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its subsequent Quarterly Reports on Form 10-Q. AbbVie undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
AbbVie Media:
Frank Benenati
+1 (847) 938-8745
Frank.Benenati@abbvie.com
AbbVie Investors:
Liz Shea
+1 (847) 935-2211
Liz.Shea@abbvie.com
Richter Media:
Zsuzsa Beke
+36 1 431 4888
zs.beke@richter.hu
Richter Investors:
Katalin Ördög
+36 1 431 5680
k.ordog@richter.hu