AbbVie and HotSpot Therapeutics, a biotechnology company pioneering the discovery and development of small molecule allosteric therapies for the treatment of cancer and autoimmune diseases, announced an exclusive worldwide collaboration and option to license agreement for HotSpot’s discovery-stage IRF5 program for the treatment of autoimmune diseases. HotSpot will receive an upfront cash payment of $40M and may be eligible to receive up to $295M in option fees and research and development milestones, with potential for further commercial milestones as well as tiered royalties on global net sales. Should AbbVie exercise its option to license, AbbVie will conduct all future clinical development, manufacturing and commercialization activities for the IRF5 inhibitor program. In addition, HotSpot would have a one-time option to share in global R&D costs in exchange for increased royalty payments.
Published first on TheFly
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