I-Mab (NASDAQ:IMAB) is seeing gains to IMAB stock on Friday after the biopharma company announced news of a deal with AbbVie (NYSE:ABBV).
According to a news release, the biopharma company has signed a deal to license its lemzoparlimab cancer treatment to AbbVie. That has ABBV paying $180 million upfront for the rights and a possible $20 million more based on Phase 1 study results.
I-Mab notes that its deal with AbbVie also includes several other milestone payment options. In total, the company could receive as much as $1.74 billion, which includes milestone payments based on clinical trial performance, regulatory approval and commercial sales performance.
The deal also sets I-Mab up to receive royalty-based payments from AbbVie. This will have it receiving royalty payment percentages in the low to mid-teens for sales outside of greater China.
Thomas Hudson, M.D., senior vice president of R&D and chief scientific officer at AbbVie, said this about the biopharma news.
“Cancer is the second-leading cause of death globally and the need for novel cancer therapies has never been more acute. The addition of I-Mab’s novel CD47 programs complements our global clinical strategy in hematology and immuno-oncology. We have been impressed with what I-Mab has been able to accomplish in research and clinical development and we look forward to working together to make a meaningful difference in the lives of millions of patients globally.”
IMAB stock was up 3.6% as of Friday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
