AbbVie banks on Alzheimer's therapy with $1.4 billion buy of Aliada
Rewrites 1-5 paragraphs to add background, competition
Oct 28 (Reuters) -U.S. drugmaker AbbVie ABBV.N said on Monday it will buy Aliada Therapeutics for $1.4 billion in cash, betting on an experimental Alzheimer's treatment still in the early stage of development.
AbbVie, with a market value of about a $330 billion, squared off against at least three other pharmaceutical companies interested in Aliada, a person familiar with the sale process said. AbbVie shares closed up 1% on Monday.
Competition for privately held Aliada's Alzheimer's candidate drove up the deal price, the person said, a sign of willingness to invest early in such treatments despite the history of regulatory risk for drugs for the mind-wasting disease.
After decades of nothing but failure in the space, two similar therapies that reduce toxic amyloid plaques in the brain were recently approved in the United States.
AbbVie is expanding its neuroscience portfolio as it faces a 33% drop in sales of its blockbuster arthritis drug Humira. Once the world's top-selling medicine, Humira is now facing competition from several less expensive biosimilar versions of the drug.
AbbVie this year bought neuroscience drug developer Cerevel Therapeutics and cancer drug developer ImmunoGen in deals worth around $19 billion in total in an effort to build up its product pipeline.
'POTENTIALLY TRANSFORMING'
Aliada's ALIA-1758, an antibody treatment, could be a best-in-class therapy, AbbVie said.
ALIA-1758 utilizes a protein in the blood called transferrin that carries iron to transport an antibody to degrade and eliminate amyloid beta plaques - sticky protein deposits in the brain that are a sign of Alzheimer's.
"Many promising CNS (central nervous system) targeted therapies fail to reach late-stage trials due to their inability to cross the blood-brain barrier," Aliada's medical chief Michael Ryan said.
"Our (drug delivery) platform addresses this challenge directly, efficiently delivering targeted drugs and potentially transforming how we treat neurological diseases," he added.
Amyloid plaques were validated as a therapeutic target with the approvals of Biogen BIIB.O and Eisai's 4523.T Leqembi and Eli Lilly's LLY.N Kisunla, but Alzheimer's remains a high-risk indication, said BMO analyst Evan Seigerman.
The number of people with Alzheimer's is projected to double to nearly 14 million by 2060 from 6.9 million in 2020, the U.S. Centers for Disease Control and Prevention has said.
AbbVie is expected to close the deal by the end of the year.
AbbVie's neuroscience therapies, which include Botox and bipolar drug Vraylar, brought in $4.13 billion in sales in the first half of 2024, a 15.3% jump from a year earlier.
Reporting by Sabrina Valle in New York; Sriparna Roy and Puyaan Singh in Bengaluru; Editing by Sriraj Kalluvila, Lisa Shumaker and Bill Berkrot
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