AbbVie terminates deal with I-Mab to develop cancer drug (updated)

NovaBridge Biosciences

22/09/2023 22:03

(Adds details on I-Mab's plans and background in paragraphs
2-5)
       Sept 22 (Reuters) - China-based biotech company I-Mab
 IMAB.O  said on Friday that AbbVie  ABBV.N  has terminated a
2020 deal to co-develop and market I-Mab's lead cancer drug
candidate lemzoparlimab.
    AbbVie's decision to scrap the deal comes after it pulled
the plug on an early-stage study in August last year that was
testing lemzoparlimab in combination with two other drugs for
treating two types of blood cancers, myelodysplastic syndrome
and acute myelocytic leukemia.
    The deal termination will be effective Nov. 20 this year,
and will not affect upfront and milestone payments of $200
million that the company has received from AbbVie, according to
I-Mab.
    I-Mab said it will explore future development opportunities
with lemzoparlimab.
    In 2020, AbbVie acquired the rights to I-Mab's
antibody-based drug candidates, including lemzoparlimab, outside
China for $180 million upfront payment and additional $1.74
billion in milestone payments.

 (Reporting by Mariam Sunny in Bengaluru; Editing by Shounak
Dasgupta)
 ((Mariam.ESunny@thomsonreuters.com))