Michael Vi/iStock Editorial via Getty Images AbbVie ( NYSE: ABBV ) and Chinese biopharma FutureGen have signed a licensing agreement to jointly develop FG-M701, a potential treatment for inflammatory bowel disease, the companies announced Thursday. As part of the deal, North Chicago, Illinois-based AbbVie ( ABBV ) will receive an exclusive global license to develop, manufacture, and commercialize FG-M701 in exchange for $150M in upfront and near-term milestone payments to FutureGen. The Beijing-based firm is also eligible to receive additional clinical development, regulatory, and commercial milestones worth up to $1.
56B. IBD, which includes conditions such as Crohn's disease and ulcerative colitis, is characterized by severe stomach pain and diarrhea. FG-M70, designed to generate a higher efficacy level with a less frequent dosing regimen, is a monoclonal antibody targeting the proven IBD target TL1A.
More on AbbVie AbbVie, Inc. (ABBV) Goldman Sachs 45th Annual Global Healthcare Conference (Transcript) AbbVie: Turnaround Lurking After The Correction Pain (Upgrade) AbbVie: This Dividend Aristocrat Is Almost Buyable Again Now Cerevel Therapeutics gains after AbbVie says making good progress with FTC AbbVie-partnered therapy selected for FDA’s rare disease pilot program.
