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By Colin Kellaher
AbbVie Inc. (ABBV) on Monday said it reached an agreement with privately held biotechnology company Teneobio Inc. and its TeneoOne Inc. affiliate to develop and commercialize TNB-383B for the potential treatment of multiple myeloma.
The North Chicago, Ill., biopharmaceutical company said it will make a $90 million upfront payment to TeneoOne, which will continue developing TNB-383B through phase 1.
AbbVie said it will have the exclusive right to acquire TeneoOne and lead subsequent global development and commercialization of the immunotherapeutic.
AbbVie said TeneoOne's shareholders would also be eligible for regulatory and commercial sales milestones should AbbVie exercises its acquisition rights.
AbbVie said Teneobio will begin the clinical program for TNB-383B in the first half of 2019.
Write to Colin Kellaher at email@example.com
(END) Dow Jones Newswires
February 11, 2019 08:31 ET (13:31 GMT)
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