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Thursday, June 28, 2018

Galapagos hit as AbbVie eyes halting cystic fibrosis development plans


Galapagos NV GLPG, -0.48% shares plummeted more than 14% in after-hours trading Thursday after the company said that AbbVie Inc. ABBV, +1.01% was pulling out of development plans for a potential cystic fibrosis drug. Galapagos announced that AbbVie would not proceed with a previously contemplated study of a combination therapy for cystic fibrosis, and that “Galapagos was reviewing the future of its CF collaboration with AbbVie.” Galapagos also said that a study of one of the elements of the potential combination therapy reached its primary endpoint. Galapagos shares closed with a 0.5% decline at $95.81, and have gained 2.2% so far this year as the S&P 500 index SPX, +0.62% has increased 1%.

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