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AbbVie Acquires Mavupharma For Undisclosed Amount

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AbbVie (NYSE: ABBV) said Monday it acquired Seattle-based biopharmaceutical company Mavupharma for an undisclosed amount.

Mavupharma is focused on approaches to target the STING (STimulator of INterferon Genes) pathway for the treatment of cancer.

"AbbVie's vision in oncology is to advance breakthrough areas of science leading to a strong pipeline of innovative cancer therapies," said Steve Davidsen, AbbVie's vice president of oncology discovery. "Mavupharma's platform has the potential to further our immuno-oncology portfolio and assist in the development of transformative medicines for patients."

AbbVie shares are around $70.28 on Monday. The stock has a 52-week high of $100.23 and a 52-week low of $65.06.

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