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AbbVie (NYSE:ABBV) and IGI Therapeutics SA, a unit of Ichnos Glenmark Innovation, entered into a licensing agreement for IGI’s lead research drug, ISB 2001, aimed at treating cancer and autoimmune conditions.
According to the agreement, AbbVie will have the exclusive rights to develop, produce, and sell ISB 2001 in North America, Europe, Japan, and Greater China.
If regulatory approvals are granted, the companies said IGI will receive an initial payment of $700M and could earn up to $1.225B in additional payments tied to development, regulatory approvals, and sales milestones. They will also receive a percentage of sales as royalties.
Currently, ISB 2001 is being tested in an early stage clinical trial for patients with relapsed or treatment-resistant multiple myeloma.
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