Richter Announces Collaboration with U.S. Pharmaceutical Company
October 25, 2024
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Richter Gedeon’s headquarters in Budapest
Budapest-based pharmaceutical giant Richter announced a new research and development collaboration in the field of neuropsychiatric conditions with American company AbbVie.
The pharmaceutical companies will conduct research and development (R&D) on novel targets that may be suitable for the treatment of neuropsychiatric conditions. The new discovery research program builds on nearly two decades of collaboration between Richter and AbbVie, reads a statement published on the Budapest Stock Exchange (BSE) website.
The statement quotes Jonathon Sedgwick, AbbVie’s senior vice president and global head of discovery research, as saying:
There remains a large unmet need for people living with neuropsychiatric disorders, making it imperative that we continue to innovate and pursue novel targets and approaches to discover and develop new therapies.”
Gábor Orbán, CEO of Gedeon Richter, said that this new agreement builds on their long-standing successful partnership and will enable Richter to further support AbbVie’s global efforts in neuropsychiatry through its unique research platform, and is a major endorsement of Richter’s scientific research.
According to the release, the agreement provides for the collaboration to cover both preclinical and clinical R&D activities, with joint funding from both parties.
Richter will receive an upfront cash payment of USD 25 million upon signing, as well as potential future development, licensing and commercialization milestone payments.
In addition, Richter may also receive sales-based royalties. AbbVie will acquire worldwide commercialization rights except for traditional markets of Richter, such as geographic Europe, Russia, other CIS countries and Vietnam.
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