AbbVie (NYSE: ABBV) faced disappointing news as the trading week began, causing a 12% decline in late-afternoon trading. The company’s schizophrenia drug, emraclidine, failed to meet its primary endpoint in a phase 2 trial, resulting in a significant setback for AbbVie.
Despite the setback, AbbVie remains committed to developing better treatments for psychiatric and neurological disorders. The company recently acquired Cerevel Therapeutics, the developer of emraclidine, in a deal valued at $8.7 billion. While emraclidine did not show promising results, Cerevel has other pipeline programs, including tavapadon for Parkinson’s disease, which has performed well in recent late-stage trials.
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