Ablynx outlines next steps, as AbbVie pulls out of vobarilizumab option

Belgian drug developer Ablynx (Euronext Brussels: ABLX) has revealed that its partner, USA-based AbbVie (NYSE: ABBV), has decided not to exercise its option and license on vobarilizumab for rheumatoid arthritis under their 2013 collaboration,

The collaboration included a $175 million upfront payment and was worth a further $665 million in milestones. The news sent Ablynx’ shares tumbling 18.4% to 8.90 euros by mid-afternoon today.

As a result Ablynx said today that it will initiate the processes for end-of-Phase II and scientific advice meetings with the regulators in the USA and Europe (Food and Drug Administration and European Medicines Agency and EMA) for its anti-interleukin (IL)-6R Nanobody, vobarilizumab, as part of the preparations to start Phase III clinical development in patients with rheumatoid arthritis (RA).