AbbVie’s (NYSE:ABBV) ongoing collaborative project with BioMed X, which involves research on Alzheimer’s disease, is being extended. The collaborative effort of the American biopharma giant and an independent German biomedical research institute will now focus on immunology and tissue engineering research.
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The broadened partnership will also result in the launch of the first BioMed X Institute in the U.S., which will be located in New Haven, Connecticut. The immunology and tissue research will be carried out in the new facility. Interestingly, AbbVie will try to develop a new tissue engineering platform that will produce complex human ex vivo models from human tissues to study their inflammation.
“AbbVie is encouraged by the potential of this collaboration with BioMed X to change the paradigm in drug discovery and expand the understanding of human disease biology,” said Timothy Radstake, Executive Director and Head of Early Immunology Discovery at AbbVie.
Is AbbVie a Buy or Sell?
Wall Street is cautiously optimistic about ABBV stock, with a Moderate Buy rating based on seven Buys, six Holds, and one Sell. ABBV’s price target of $161.15 on average indicates an upside potential of almost 5% over the next year. The stock has increased 16.58% in the past 12 months.
