09:52 AM EDT, 06/27/2024 (MT Newswires) -- (Updates with further details starting from the second paragraph; Adds stock move in the fourth paragraph.)

AbbVie ( ABBV ) said Thursday it has acquired privately held biotechnology company Celsius Therapeutics for $250 million in cash, subject to certain customary adjustments.

Celsius' lead investigational asset is CEL383 to potentially treat inflammatory bowel disease, or IBD, AbbVie ( ABBV ) said, adding that CEL383 is a potential anti-TREM1 antibody that has completed an early-stage trial for the treatment of the disease.

"Given the potential relevance of TREM1 as a key driver of inflammation and pathology in IBD and other conditions, we are eager to advance the development of CEL383 with a goal of helping more patients with IBD achieve remission," said Kori Wallace, AbbVie's ( ABBV ) global head of immunology clinical development.

Abbvie ( ABBV ) shares were down 0.2% in recent trading.

Price: 170.98, Change: -0.18, Percent Change: -0.10