AbbVie and FutureGen Biopharmaceutical announced a license agreement to develop FG-M701, a next generation TL1A antibody for the treatment of inflammatory bowel disease, or IBD, currently in preclinical development. AbbVie will receive an exclusive global license to develop, manufacture and commercialize FG-M701. FutureGen will receive $150M in upfront and near-term milestone payments and will be eligible to receive up to an additional $1.56B in clinical development, regulatory and commercial milestones, as well as tiered royalties up to low-double digits on net sales.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ABBV:
- AbbVie’s mirvetuximab soravtansine meets Phase 2 efficacy endpoint
- AbbVie announces dosing first patient with ABBV-383 in the CERVINO Phase 3 study
- AbbVie upgraded to Buy from Hold at HSBC
- FDA to Decide on MDMA Therapy for PTSD
- AbbVie: Rinvoq available in U.S. for patients two and older with pJIA, PsA