WASHINGTON (dpa-AFX) - Monday, AbbVie Inc. (ABBV) announced a multi-year collaboration with Iambic, a clinical-stage life sciences and technology company, to accelerate the discovery and development of small molecule therapies with first-in-class and best-in-class potential across immunology, neuroscience and oncology.
The collaboration intends to combine Iambic's molecular superintelligence platform featuring purpose-built AI capabilities with the drug-hunting expertise of AbbVie scientists, expecting to design better molecules more efficiently and improve the probability of success.
As per the terms of the deal, Iambic will receive an upfront payment and is eligible to receive success-based milestone payments and tiered royalties on net sales from products generated from the collaboration.
In pre-market hours, ABBV was trading at $262.77, down 0.43 percent on the NYSE.
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