CollPlant announces termination of development agreement with AbbVie

The company said, “This morning, we announced the termination of our development agreement with AbbVie (ABBV). While this represents the close of an important chapter, we see it as the beginning of an even more promising journey. I’d like to share our vision for what lies ahead for CollPlant (CLGN) in 2026. As noted, Allergan Industrie SAS, an AbbVie company, notified us that it was exercising its right to terminate the development agreement, previously entered into in February 2021, upon 60 days’ advance notice. During the prior five years, AbbVie was developing a dermal and soft tissue filler product for commercialization in the medical aesthetics market, using the Company’s rhCollagen technology. We view this development as an opportunity, and we are moving forward with confidence. Interest in CollPlant’s collagen technology remains strong and we are actively pursuing entering into agreements with new partners, across all types of aesthetic products, including for dermal and soft tissue filler products. The market opportunity before us is significant, and we intend to capture it. Over the past few months, we have engaged with several leading strategic partners and Tier 1 corporations to explore potential joint development opportunities, primarily in the aesthetics sector. These collaborations focus on dermal filler products incorporating CollPlant’s technology, hyaluronic acid, and other key components. While these discussions naturally take time, we are actively working to accelerate the process and, while there is no guarantee, are optimistic about reaching a definitive agreement in the coming months.”