Abbott Partners with ALZpath for Alzheimer's Blood Test, Targeting 80% of IVD Market
ABT is trading near its 52-week low of $81.97 (11% above the low).
Summary
Abbott Laboratories has partnered with ALZpath to develop a blood-based Alzheimer's diagnostic test, aiming to offer a less invasive alternative to current methods. This licensing deal is significant as ALZpath's CEO states that with Abbott, their antibody will be used by partners covering roughly 80% of the in-vitro diagnostic market. This represents a material expansion of Abbott's diagnostics portfolio into a high-demand area. U.S. regulatory approvals for some partners are expected in the second half of the year.
At the time of this announcement, ABT was trading at $90.72 on NYSE in the Life Sciences sector, with a market capitalization of approximately $157.7B. The 52-week trading range was $81.97 to $139.06. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.