Pharma BD Deal Intelligence
A $595M upfront license for two Boehringer Ingelheim antibodies turned into Skyrizi, a $17.5B/year blockbuster now replacing Humira as AbbVie's growth engine—arguably the best-returning deal in the company's history, though it wasn't a true acquisition of Boehringer Ingelheim as sometimes labeled.
A $595M license payment turned into a $17.5B/year blockbuster that is single-handedly replacing Humira — arguably the best-returning deal in AbbVie's history.
Full analysis, sources & comparables →AbbVie handed over $595 million upfront for a Phase 3 anti-IL-23 with PASI 90 of 69% at week 36 versus 30% for ustekinumab — a clear bid to build a Humira…
AbbVie gained sole commercialization lead on a phase 3 IL-23 inhibitor plus rights to an anti-CD40 antibody, with Boehringer retaining co-promote rights in…
Skyrizi's FDA approval validated AbbVie's 2016 bet, with roughly 80% of phase 3 patients hitting PASI 90 — but the launch faced entrenched competition from…
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AbbVie and Boehringer Ingelheim entered a global immunology collaboration. AbbVie paid $595M upfront plus up to $1.6B in milestones for license to BI 655066 (risankizumab), an anti-IL-23 antibody in Phase 3 for psoriasis, plus rights to anti-CD40 antibody BI 655064. AbbVie became sole commercialization lead, with BI retaining co-promote option in asthma. Risankizumab approved as Skyrizi in 2019.
A $595M license payment turned into a $17.5B/year blockbuster that is single-handedly replacing Humira — arguably the best-returning deal in AbbVie's history.
Assessment window: 10yr post-close.
Plaque psoriasis is a chronic, immune-mediated skin disease driven by IL-23/IL-17 cytokine signaling, producing red, scaly plaques that affect roughly 7.5 million US adults. Beyond skin involvement, patients face elevated rates of psoriatic arthritis, cardiovascular comorbidity, and depression, making durable systemic control a major unmet need.
When AbbVie licensed BI 655066 in March 2016, the moderate-to-severe psoriasis market was anchored by AbbVie's own Humira (adalimumab, anti-TNF) and Janssen's Stelara (ustekinumab, anti-IL-12/23), with Novartis's Cosentyx (secukinumab, anti-IL-17A) and Lilly's Taltz (ixekizumab, anti-IL-17A) reshaping the standard of care. Phase 2 data showed BI 655066 achieved 69% PASI 90 vs 30% for Stelara at week 36, positioning it as a potential best-in-class IL-23p19 selective inhibitor that could leapfrog ustekinumab and challenge IL-17 agents on durability and dosing convenience. The deal gave AbbVie a Humira successor inside its own franchise, hedging the looming biosimilar cliff. Approved as Skyrizi in April 2019, the asset went on to compete head-to-head with Janssen's Tremfya (guselkumab) and Sun Pharma's Ilumya (tildrakizumab) in the IL-23p19 class, and now anchors AbbVie's post-Humira immunology growth strategy alongside Rinvoq.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| AbbVie Inc. / Boehringer Ingelheim GmbH (this deal) | 2016 | $2.2B | 95 |
| AbbVie Inc. / Genmab A/S | 2020 | $3.9B | 81 |
| AbbVie Inc. / Pharmacyclics Inc. | 2015 | $21.0B | 79 |
| AbbVie Inc. / Apogee Therapeutics, Inc. | 2026 | $10.9B | 72 |
| AbbVie Inc. / ImmunoGen Inc. | 2023 | $10.1B | 69 |
| AbbVie Inc. / Gilgamesh Pharmaceuticals Inc. | 2024 | $2.0B | 64 |
| AbbVie Inc. / MedinCell S.A. | 2024 | $1.9B | 61 |
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