Chicago-based pharmaceutical company AbbVie announced Thursday its acquisition of Celsius Therapeutics Inc., a privately held clinical-stage biotechnology firm focused on inflammatory disease therapies, for $250 million.
AbbVie Buys Celsius For $250M : Legal Guidance on the Acquisition
The purchase was guided by a Covington & Burling LLP team, led by partners Catherine Dargan and Kyle Rabe, while Goodwin Procter LLP acted as legal adviser to Celsius.
AbbVie Buys Celsius For $250M : A Promising Treatment for IBD
Celsius is pioneering its lead investigational asset, CEL383, a potential first-in-class antibody treatment for inflammatory bowel disease (IBD). This treatment, which has completed a Phase 1 clinical study, targets the gene TREM1, identified as a crucial factor in IBD pathology. AbbVie expressed enthusiasm about advancing CEL383, aiming to help more patients achieve remission.
“Given the potential relevance of TREM1 as a key driver of inflammation and pathology in IBD and other conditions, we are eager to advance the development of CEL383 with a goal of helping more patients with IBD achieve remission,” said Dr. Kori Wallace, global head of immunology clinical development at AbbVie.
Celsius and AbbVie’s Shared Vision
Dr. Tariq Kassum, CEO of Celsius, expressed his gratitude for the Celsius team’s dedication and highlighted the promising future of CEL383. “AbbVie shares our excitement about the potential of TREM1 inhibition for patients with inflammatory disease. We look forward to the further development of this promising program, which we hope will offer a new approach to the treatment of IBD,” Kassum stated.
AbbVie’s Recent Acquisitions
AbbVie has been active in expanding its portfolio through acquisitions. Recently, the company acquired cancer drugmaker ImmunoGen Inc. for approximately $10.1 billion, a deal that was announced in November and finalized in February. Additionally, AbbVie agreed to purchase Cerevel Therapeutics for approximately $8.7 billion, with the deal expected to close by mid-2024.
AbbVie Buys Celsius For $250M : Legal Teams Involved
While Covington & Burling LLP played a significant role in guiding AbbVie through the Celsius acquisition, details about the Goodwin Procter LLP team advising Celsius were not immediately available.
Conclusion
The acquisition of Celsius Therapeutics by AbbVie for $250 million marks another strategic move by the pharmaceutical giant to strengthen its pipeline of treatments for inflammatory diseases. With CEL383 showing promise as a novel therapy for IBD, both companies are optimistic about the potential benefits for patients.
