AbbVie Gets FDA Nod For Drug To Treat Lung Cancer: Retail’s Yet To React

Biotech company AbbVie (ABBV) said on Wednesday that the U.S. Food and Drug Administration has approved Emrelis medicine for the treatment of adult patients with a type of lung cancer.

The drug can be used to treat locally advanced or metastatic, non-squamous non-small cell lung cancer (NSCLC) with high c-Met protein overexpression who have received prior systemic therapy.

People with c-Met overexpressing NSCLC have a poor prognosis and limited treatment options, according to Professor of Medicine Jonathan Goldman.

The company said that Emrelis is a c-Met-directed antibody-drug conjugate and the first and only treatment approved for this patient population.

Separately, AbbVie also announced a collaboration and license option agreement with ADARx Pharmaceuticals to develop small interfering RNA (siRNA) therapeutics across multiple disease areas, including neuroscience, immunology, and oncology.

siRNA represents a class of molecules capable of regulating gene expression and protein production. These molecules are designed to prevent the production of disease-causing proteins by targeting the messenger RNA (mRNA) that encodes for such proteins.

AbbVie said that as part of the new deal, ADARx will receive a $335 million upfront payment and will be eligible to receive several billion dollars in additional contingent payments, including option-related fees and milestone payments, as well as tiered royalties.

The company added that the collaboration will combine AbbVie's expertise in biotherapeutic drug development and commercialization with ADARx's proprietary RNA technology.

On Stocktwits, retail sentiment about AbbVie stayed unmoved within the ‘bearish’ territory over the past 24 hours while message volume jumped from ‘normal’ to ‘high’ levels.

ABBV stock is down by 0.3% this year and up by 11% over the past 12 months.

Also See: UnitedHealth Approves Pay Package For New CEO, Including $60M Equity Award: Retail Optimism Fades

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