AbbVie, IGI Therapeutics announce licensing agreement for ISB 2001

AbbVie (ABBV) and IGI Therapeutics SA announced an exclusive licensing agreement for Ichnos Glenmark Innovation, IGI’s, lead investigational asset, ISB 2001, developed using IGI’s proprietary BEAT protein platform, for oncology and autoimmune diseases. Under the terms of the agreement, AbbVie will receive exclusive rights to develop, manufacture, and commercialize ISB 2001 across North America, Europe, Japan and Greater China. Subject to regulatory clearance, IGI will receive an upfront payment of $700 million and is eligible to receive up to $1.225 billion in development, regulatory, and commercial milestone payments, along with tiered, double-digit royalties on net sales.