AbbVie Partners With I-Mab for Cancer Drug
AbbVie (NYSE: ABBV) has signed a collaboration agreement with Chinese clinical-stage biotechnology company I-Mab (NASDAQ: IMAB) for the development and commercialization of lemzoparlimab, a monoclonal antibody in early-stage clinical testing that could be used to treat various cancers. The antibody targets CD47, a protein that is overexpressed on the surface of many types of cancer cells and delivers a "don't eat me" signal to the body's immune system.
Under the terms of the agreement, AbbVie will pay I-Mab $200 million now and up to $1.74 billion in milestone payments in the future. AbbVie will get an exclusive license to commercialize lemzoparlimab globally excluding greater China, paying tiered royalties in low- to mid-teen percentages of sales. I-Mab will have the right to commercialize the drug in mainland China, Hong Kong, and Macau.
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Source Fool.com
