AbbVie secures $700 million deal for new cancer drug
AbbVie just struck a $700 million deal with IGI Therapeutics, a Glenmark subsidiary, to develop and sell ISB 2001, a new treatment for tough-to-treat multiple myeloma.
While AbbVie gets rights in the US, Europe, Japan, and Greater China, Glenmark keeps control in most emerging markets.
ISB 2001 is still in early trials
ISB 2001 is an experimental antibody designed to target multiple points on cancer cells and activate T cells to fight back.
Built on IGI's BEAT platform for better stability, it's still in early trials but already has FDA orphan drug and fast-track status—so there's hope for faster progress.
Deal could be worth up to $1.9 billion
The deal could be worth up to $1.9 billion if milestones are hit, plus royalties down the line.
For AbbVie, this is part of their push into innovative cancer immunotherapies.
As Roopal Thakkar, MD, from AbbVie put it, they're committed to "advancing treatments for patients with difficult-to-treat cancers."