Harpoon Therapeutics rises on collaboration with AbbVie

Arix Bioscience

21/11/2019 13:18

** Drug developer's  HARP.O  shares rise 5.5% to $15.25
premarket
    ** HARP, a portfolio co of Arix Bioscience  ARIX.L , signs
two agreements with drugmaker AbbVie Inc  ABBV.N  and will
receive $50 mln in total upfront payment
    ** Co to also get $50 mln in milestone payments when its
experimental multiple myeloma treatment, HPN217, is first
administered on a patient
    ** Deal grants ABBV the option to license worldwide rights
to HPN217; HARP intends to approach FDA for permission to begin
trials in humans in 2019  urn:newsml:reuters.com:*:nGNX2DZ5g9
    ** HARP says deal for HPN217 could be valued at up to $510
mln, including milestone payments and royalties from sale
    ** Cos also expand previously-established discovery
collaboration to advance HARP's technology for up to six
additional targets selected by ABBV; co eligible for $310 mln
for each target, including milestone payments and royalties from
sale
    ** HARP stock had fallen 87.6% YTD as of Wednesday's close;
ABBV stock had fallen 5.4% over same period

 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com;))