Immunome up on pact with AbbVie to discover multiple oncology targets

Immunome

06/01/2023 19:34

** Shares of drug developer Immunome Inc  IMNM.O  up 2.1% at
$4.8
    ** Co enters into a multi-year collaboration and option
agreement with drugmaker AbbVie Inc  ABBV.N  
    ** The deal is for joint discovery of multiple
antibody-target pairs arising from three selected tumor types;
shares of ABBV up 1.6% at ~$166 
    ** The study uses IMNM's platform that identifies
therapeutic antibodies and their targets 
    ** Under agreement terms, IMNM will grant ABBV the option to
purchase worldwide rights for up to 10 antibody-target pairs 
    ** IMNM will receive an upfront payment of $30 mln and
additional platform access based payments of up to $70 mln, if
ABBV elects to continue research using Immunome's discovery
platform  
    ** IMNM also eligible to receive other development and first
commercial sale milestones of up to $120 mln, per product, that
ABBV opts to purchase 
    ** IMNM separately reports dosing completion in first cohort
of SARS-CoV-2 patients in early-stage trial for its experimental
antibody cocktail, IMM-BCP-01
    ** Co had decided to seek a partner in order to continue the
COVID trial and for any further development activities
    ** IMNM stock lost 10.8% in the past 12 months 
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))