US pharmaceutical company AbbVie Inc. is buying the operations of Gilgamesh Pharmaceuticals Inc. to develop a drug for the treatment of patients with moderate to severe clinical depression.
According to an AbbVie press release, clinical trials of the drug are now ongoing. Under the terms of the agreement, AbbVie will buy Gilgamesh’s programme to develop the drug for $1.2bn.
Gilgamesh will spin off into a new legal entity, Gilgamesh Pharma Inc. – a number of other programmes, particularly in the development of a drug to treat cardiovascular disease.
AbbVie shares are losing 1 per cent in trading on Monday. Their value has risen 17.4 per cent since the beginning of this year.