San Diego, California, [April 28, 2022] – Plexium, Inc. (Plexium) and AbbVie (NYSE: ABBV) have entered into an exclusive strategic collaboration to develop and commercialize novel Targeted Protein Degradation (TPD) therapeutics for neurological conditions. This collaboration combines AbbVie’s extensive neuroscience capabilities with Plexium’s comprehensive TPD platform that enables the discovery of novel therapies toward historically challenging drug targets.

“Our partnership with AbbVie allows us to strengthen our leadership position in Targeted Protein Degradation and broaden our best-in-class capabilities into neurological diseases,” said Plexium President & CEO Percival Barretto-Ko. “Neuroscience is one of the most challenging therapeutic areas to develop new drugs, due to the complexity of the disease pathologies and limited number of modalities that have been successful.  With our comprehensive platform and AbbVie’s expertise in this area, we are in a strong position to discover novel degraders against multiple high-value targets to ultimately improve the lives of patients.”

“Collaborating with Plexium to identify and advance novel degraders aligns with AbbVie’s efforts to use novel platform technologies to seek effective therapeutics for patients suffering from debilitating neurological diseases,” said Eric Karran, Ph.D., Vice President, Neuroscience Discovery at AbbVie. “AbbVie remains focused on transformational patient impact and the promising new technologies that can accelerate the development of innovative therapies.”

Under the terms of the collaboration, Plexium will conduct preclinical research activities for the collaboration targets, after which AbbVie has the option to select programs for additional research and development activities. Plexium received an upfront cash payment and is eligible to receive additional payments from AbbVie, as well as tiered royalties on commercialized products, and has the option to participate in product development in return for higher royalty rates.  AbbVie will be responsible for development and commercialization globally of products resulting from the collaboration.

About Plexium

Plexium is the premier, next-generation Targeted Protein Degradation (TPD) company seeking to discover a wide range of monovalent target protein degraders that address the limitations of heterobifunctional degraders and cereblon IMiDs. The company is powered by its proprietary drug discovery platform designed to identify novel small molecules that induce selective degradation of drug target proteins through E3 ligase mediated proteasomal degradation. From molecular glues to monovalent degraders, Plexium is advancing a pipeline of novel targeted protein degraders for the treatment of cancer, neurodegeneration, and other diseases. Due to its expertise in TPD, Plexium has entered into strategic collaborations with Amgen and AbbVie to discover and develop a wide range of new therapies from cancer to neurological diseases. Supported by high quality investors, Plexium is well positioned to transform medicine.

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About AbbVie

AbbVie’s mission is to discover and deliver innovative medicines that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people’s lives across several key therapeutic areas: immunology, oncology, neuroscience, eye care, virology, women’s health and gastroenterology, in addition to products and services across its Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at Follow @abbvie on Twitter, Facebook, Instagram, YouTube and LinkedIn.

Forward-Looking Statements

Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “project” and similar expressions, among others, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, failure to realize the expected benefits from AbbVie’s acquisition of Allergan plc (“Allergan”), failure to promptly and effectively integrate Allergan’s businesses, competition from other products, challenges to intellectual property, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry and the impact of public health outbreaks, epidemics or pandemics, such as COVID-19. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie’s operations is set forth in Item 1A, “Risk Factors,” of AbbVie’s 2021 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its subsequent Quarterly Reports on Form 10-Q. AbbVie undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

Plexium Investor and Media Contact:
Amy Conrad
Juniper Point