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.
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