Principia reacquires immunoproteasome inhibitors from AbbVie

Principia and AbbVie agreed to end a 2017 deal to develop oral immunoproteasome inhibitors to treat autoimmune disorders. Principia Biopharma Inc. (NASDAQ:PRNB), which regained rights to the program, said AbbVie Inc. (NYSE:ABBV) had determined that the biologic profiles of the inhibitors are no longer a strategic fit.

Principia received $15 million up front from AbbVie under the deal, and was eligible for up to $667.5 million in milestones, plus tiered royalties in the high single digits. Principia has not received any milestones under the deal. In an SEC filing for its 3Q18 financial report, Principia stated that if AbbVie terminated the deal, the biotech would have to seek another partner or obtain additional financing to develop the program on its own...