MORF - AbbVie ends partnership with Morphic for integrin therapeutics

Clinical-stage biotech Morphic Holding (NASDAQ:MORF) announced that AbbVie (ABBV) has decided to terminate the collaboration and option agreement the pharma giant inked with its subsidiary Morphic Therapeutic in 2018 for integrin therapeutics. Integrins are a class of receptors that use both intracellular and extracellular ligands to transmit signals across human cells. “AbbVie exercised its right to terminate the Collaboration Agreement for convenience,” Morphic (MORF) said in a regulatory filing, adding that the termination will take effect on Dec. 13 or an earlier date subject to the agreement of both parties. Per the terms of the deal, AbbVie had previously licensed certain integrin inhibitors based on pre-clinical evidence. Under the collaboration, AbbVie (ABBV) paid Morphic (MORF) an upfront payment of $100M and a one-time payment of $20.0M when it exercised the licensing option.

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AbbVie ends partnership with Morphic for integrin therapeutics