BioPharma Dive November 11, 2024
Negative drug results cost AbbVie billions of dollars in market value and convinced analysts that Bristol Myers had placed a better bet in buying Karuna Therapeutics.
Through a recent, nearly $9 billion acquisition, AbbVie surged to the front of a new wave of antipsychotic drugs that Wall Street expects to become big sellers. But on Monday, the company’s plans came crashing down.
AbbVie said the main asset it got from its purchase of Cerevel Therapeutics, an experimental medication called emraclidine, had failed across two clinical trials. The mid-stage studies, which could have provided the most concrete evidence yet that the drug helps alleviate the symptoms of schizophrenia, instead found it not significantly better than a placebo.
The “flat out” failure,...
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