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Investing.com -- AbbVie Inc (NYSE:ABBV) stock surged 3.4% after announcing an exclusive licensing agreement with IGI Therapeutics for its lead investigational asset, ISB 2001, targeting oncology and autoimmune diseases.
The deal gives AbbVie exclusive rights to develop, manufacture, and commercialize ISB 2001 across North America, Europe, Japan, and Greater China. AbbVie will pay an upfront payment of $700 million to IGI Therapeutics, a subsidiary of New York-based Ichnos Glenmark Innovation, Inc.
The agreement also includes potential milestone payments totaling up to $1.225 billion for development, regulatory, and commercial achievements. Additionally, IGI will receive tiered, double-digit royalties on net sales of products developed through this partnership.
ISB 2001 was developed using IGI’s proprietary BEAT® protein platform. The asset represents a new approach in immuno-oncology, with AbbVie highlighting its potential to address unmet needs in multiple myeloma treatment.
"Multispecifics including trispecific antibodies represent a new frontier in immuno-oncology with the potential to deliver deeper, more durable responses by engaging multiple targets simultaneously," said Roopal Thakkar, M.D., executive vice president, research and development and chief scientific officer at AbbVie.
The partnership will allow AbbVie to expand its oncology portfolio while accelerating the development path for ISB 2001. The transaction is subject to regulatory clearance before the agreement can be finalized.
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