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UPDATE 1-AstraZeneca to stop developing Crohn's disease drug

Reuters
·1 min read

(Adds background on drug and AbbVie funding in paragraphs 3 and 4)

June 1 (Reuters) - British drugmaker AstraZeneca said on Thursday it would stop developing its drug brazikumab to treat inflammatory bowel diseases, including Crohn's disease and ulcerative colitis.

The company said the discontinuation was due to a delay in the drug's development timeline, affected by global events and "the context of a competitive landscape".

AstraZeneca regained the rights to brazikumab from Allergan in 2020 following U.S. drugmaker AbbVie's $63 billion tie-up with Allergan.

AbbVie will stop funding the drug's development, AstraZeneca said.

AbbVie's Skyrizi also treats Crohn's disease. (Reporting by Yadarisa Shabong in Bengaluru; Editing by Savio D'Souza)