Morphic Announces that AbbVie Exercises License Option to αvβ6 Integrin Inhibitor Program, Including MORF-720, for Fibrotic...
August 25 2020 - 6:30AM
Morphic Therapeutic (NASDAQ: MORF), a biopharmaceutical company
developing a new generation of oral integrin therapies for the
treatment of serious chronic diseases, and AbbVie (NYSE: ABBV)
today announced that AbbVie has exercised a license option under
the companies’ research and development collaboration agreement to
develop Morphic’s αvβ6 integrin inhibitors for the treatment of
fibrotic diseases including idiopathic pulmonary fibrosis (IPF) and
additional indications. The αvβ6 integrin activates transforming
growth factor beta (TGF-β), a key driver of tissue fibrosis. The
license covers αvβ6 integrin specific inhibitors discovered from
Morphic’s proprietary MInT Platform, including the compounds
MORF-720 and MORF-627, which are supported by an extensive
preclinical data package demonstrating potential as treatments for
IPF as well as other fibrotic diseases. Pursuant to the agreement
between Morphic and AbbVie, Morphic will receive a license fee of
$20 million, with potential future development milestone payments
and royalties from the sales of any commercialized candidates.
“The preclinical data strongly support Morphic’s
selective small molecule inhibitors of αvβ6 for development in
fibrotic disease. AbbVie has been an excellent partner through the
preclinical development of this program and we believe that their
decision to assume leadership for the next stages of development is
a strong vote of confidence in our collaboration, as well as
Morphic’s MInT platform to generate orally available integrin
inhibitors,” said Praveen Tipirneni, MD, president and chief
executive officer of Morphic Therapeutic.
About the Morphic-AbbVie
AgreementUnder the terms of the original agreement, AbbVie
paid Morphic an upfront payment of $100 million for exclusive
license options on product candidates directed at multiple targets.
For each target, Morphic will conduct R&D activities through
the completion of IND-enabling studies, at which point AbbVie may
pay a license fee to exercise its exclusive license option and
assume responsibility for global development and commercialization.
Morphic is also eligible for additional, undisclosed clinical and
commercial milestone payments and tiered royalties on worldwide net
sales for each compound. Morphic retains cost-sharing rights in the
development of liver fibrosis indications, and may opt into paying
a percentage of AbbVie’s development costs in exchange for enhanced
royalties.
About Fibrosis and
TGF-βFibrosis occurs when chronic
inflammation or persistent injury leads to the development of
excessive connective tissue, which can lead to organ damage and
impaired function. Fibrotic diseases can affect nearly all tissues
and organ systems and, due to limited treatment options, can cause
serious illness and death.
The pro-fibrotic cytokine TGF-β is a key
regulator of fibrosis, but attempts to globally suppress its
activity have suffered from a narrow therapeutic index
(dose-limiting toxicity). Several integrins, such as αvβ6, play a
dominant role in local activation of TGF-β in diseased tissues.
Inhibition of these integrins is therefore a compelling strategy
for treating chronic fibrotic diseases with significant advantage
over global TGF-β inhibitors.
About Morphic
TherapeuticMorphic Therapeutic is a biopharmaceutical
company developing a new generation of oral integrin therapies for
the treatment of serious chronic diseases, including autoimmune,
cardiovascular and metabolic diseases, fibrosis and cancer. In
collaboration with AbbVie, Janssen, and Schrödinger, Morphic is
advancing its pipeline and discovery activities using its
proprietary MInT technology platform which leverages the Company’s
unique understanding of integrin structure and biology. For more
information, visit www.morphictx.com.
Morphic Cautionary Note Regarding
Forward-Looking StatementsThis press release contains
“forward-looking” statements within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995, including, but not limited to: Morphic’s or Morphic’s
partners’ plan to develop and commercialize oral small-molecule
integrin therapeutics; the ability of MORF-720, MORF-627 or another
αvβ6 integrin inhibitor to treat idiopathic pulmonary fibrosis or
any other fibrotic disease; and Morphic’s expectations about timing
and ability to obtain regulatory approvals for MORF-720, MORF-627
or any other of its product candidates. Statements including words
such as “believe,” “plan,” “continue,” “expect,” “will be,”
“develop,” “signal,” “potential,” or “ongoing” and statements in
the future tense are forward-looking statements. These
forward-looking statements involve risks and uncertainties, as well
as assumptions, which, if they do not fully materialize or prove
incorrect, could cause our results to differ materially from those
expressed or implied by such forward-looking statements.
Forward-looking statements are subject to risks and uncertainties
that may cause Morphic’s actual activities or results to differ
significantly from those expressed in any forward-looking
statement, including risks and uncertainties related to Morphic’s
or, in the case of MORF-720, MORF-627 or another αvβ6 integrin
inhibitor AbbVie’s, ability to develop, obtain regulatory approval
for and commercialize MORF-720, MORF-627 or another αvβ6 integrin
inhibitor or any other product candidates, the timing and results
of preclinical studies and clinical trials, Morphic’s ability to
protect intellectual property; and other risks set forth in our
filings with the Securities and Exchange Commission. These
forward-looking statements speak only as of the date hereof and
Morphic specifically disclaims any obligation to update these
forward-looking statements or reasons why actual results might
differ, whether as a result of new information, future events or
otherwise, except as required by law.
About AbbVieAbbVie'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 or LinkedIn.
AbbVie Forward-Looking
StatementsSome 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, including the impact of the
COVID-19 pandemic on AbbVie's operations, results and financial
results, 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 of the Allergan acquisition, failure to
promptly and effectively integrate Allergan's businesses,
significant transaction costs and/or unknown or inestimable
liabilities, potential litigation associated with the Allergan
acquisition, challenges to intellectual property, competition from
other products, difficulties inherent in the research and
development process, adverse litigation or government action, and
changes to laws and regulations applicable to our industry.
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 2019 Annual Report on Form 10-K, which has been filed with
the Securities and Exchange Commission (SEC). 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.
Contacts
Morphic TherapeuticChris
Erdmanchris.erdman@morphictx.com617.686.1718
Media ContactTom Donovan, Ten Bridge
Communicationstom@tenbridgecommunications.com857.559.3397
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