The obesity medicine field has gained a new entrant, with AbbVie on Monday announcing it had licensed an experimental weight loss drug from a Danish company that is in a Phase 1 trial.
The deal includes a $350 million upfront payment to the company, Gubra, for the rights to its drug, called for now GUB014295. AbbVie will pay up to some $1.9 billion if certain development and sales milestones are met.
The agreement comes less than a year since Robert Michael took over as CEO of AbbVie and as the company looks for its next top-selling drugs following the loss of patent protection for its mega blockbuster autoimmune treatment Humira. In a statement, Michael said that the Gubra partnership offers “a compelling opportunity based on the potential to address patient needs while also fostering long-term growth for our company.”
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