AbbVie Gains Rights to Boehringer’s Psoriasis Drug for $595M

AbbVie has gained the rights to Boehringer Ingelheim’s BI 655066, an anti-IL-23 monoclonal antibody for the treatment of psoriasis that currently is in Phase 3 development.

Under the agreement, AbbVie will pay $595 million upfront. In return, Boehringer will gain any possible development or regulatory milestones and royalties. AbbVie will commercialize the compound, while Boehringer will reserve the right to co-promote the compound in asthma. The companies will jointly develop the drug.