AbbVie scraps Galapagos deal to focus on own arthritis drug

September 25, 2015 3:42 PM

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AbbVie Inc said its experimental drug improved symptoms of rheumatoid arthritis in mid-stage studies and scrapped plans to buy rights to a similar treatment from Belgium's Galapagos NV.

Galapagos shares fell as much as 39 percent to 33.42 euros in Amsterdam on Friday. AbbVie shares rose 2 percent to $57.66 in late morning trading on the New York Stock Exchange.

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