Synlogic Shares Fall as AbbVie Collaboration Ends
May 21 2020 - 8:43AM
Dow Jones News
By Colin Kellaher
Shares of Synlogic Inc. fell more than 25% in premarket trading
Thursday after the biopharmaceutical company said its collaboration
with AbbVie Inc. had ended.
Synlogic and AbbVie in late 2015 agreed to develop medicines for
the potential treatment of inflammatory bowel disease using
Synlogic's Synthetic Biotic platform.
The deal included an upfront payment of $2 million to Synlogic,
along with up to $16.5 million in milestone payments.
Synlogic said that with the termination of the AbbVie
collaboration, it regains all rights to develop Synthetic Biotic
medicines for inflammatory bowel disease, as well as the rights to
form new partnerships.
Shares of Synlogic, which closed Wednesday at $2.43, were down
25.5% to $1.81 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
May 21, 2020 08:28 ET (12:28 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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