ABBV AbbVie Inc

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)

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