AbbVie buys Celsius Therapeutics for $250 million

Chicago-based pharmaceutical company AbbVie on Thursday announced the acquisition of Celsius Therapeutics Inc., a privately held clinical-stage biotechnology company focused on therapies for inflammatory diseases, for $250 million.

AbbVie buys Celsius for $250 million: legal guidance on the acquisition

The purchase transaction was supervised by the Covington & Burling LLP team led by partners Catherine Dargan and Kyle Rabe, and Goodwin Procter LLP was Celsius’s legal advisor.

AbbVie buys Celsius for $250 million: promising IBD treatment

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 trial, targets the TREM1 gene, identified as a key player in IBD pathology. AbbVie expressed enthusiasm about the development of CEL383 with the goal of helping more patients achieve remission.

“Given the potential importance of TREM1 as a key driver of inflammation and pathology in IBD and other diseases, we want to accelerate the development of CEL383 to help more patients with IBD achieve remission,” said Dr. Kori Wallace, global disease specialist. Director of Immunology Clinical Development at AbbVie.

Celsius and AbbVie’s shared vision

Dr. Tariq Kassum, CEO of Celsius, expressed gratitude for the dedication of the Celsius team and highlighted the promising future of CEL383. “AbbVie shares our excitement about the potential to inhibit TREM1 in patients with inflammatory disease. We look forward to further development of this promising program, which we hope will offer a new approach to the treatment of IBD,” said Kassum.

AbbVie’s Recent Acquisitions

AbbVie has actively expanded its portfolio through acquisitions. The company recently acquired cancer drugmaker ImmunoGen Inc. for approximately USD 10.1 billion, and this transaction was announced in November and finalized in February. Additionally, AbbVie has agreed to purchase Cerevel Therapeutics for approximately $8.7 billion, with the transaction expected to close by mid-2024.

AbbVie buys Celsius for $250 million: 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.

Application

AbbVie’s $250 million acquisition of Celsius Therapeutics is another strategic move by the pharmaceutical giant to strengthen its portfolio of drugs for inflammatory diseases. As CEL383 shows promise as a novel IBD therapy, both companies are optimistic about the potential benefits for patients.