WASHINGTON (dpa-AFX) - AbbVie (ABBV) and IGI Therapeutics SA, a unit of Ichnos Glenmark Innovation, Inc. (IGI), Thursday announced partnership to develop IGI's ISB 2001 for oncology and autoimmune diseases.
As per the agreement, AbbVie will get rights to develop and sell ISB 2001 across North America, Europe, Japan and Greater China. IGI will receive an upfront payment of $700 million and is eligible to receive up to $1.225 billion on reaching certain development, regulatory, and commercial milestones. IGI is also entitled to get tiered, double-digit royalties on net sales.
A Phase 1 study of ISB 2001 is underway in patients with relapsed/refractory multiple myeloma (R/R MM).
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