Harpoon, AbbVie Ink New, Expanded Agreements
21 November 2019 - 2:58PM
Dow Jones News
By Colin Kellaher
Harpoon Therapeutics Inc. (HARP) on Thursday said it signed a
license and option agreement with AbbVie Inc. (ABBV) for its HPN217
drug candidate and said it also agreed to expand its existing
discovery collaboration with AbbVie.
The South San Francisco, Calif., clinical-stage immunotherapy
company said it granted AbbVie an option to license worldwide
rights to HPN217 for the treatment of the blood cancer multiple
myeloma.
Harpoon said the two agreements provide for a total of $50
million in upfront payments, along with up to $50 million in a
contingent milestone payment for first patient treated with HPN217
in a clinical trial.
The company said the HPN217 license and option agreement
represents a potential transaction value of up to $510 million in
upfront, option and milestone payments, plus royalties on
sales.
As part of the expanded collaboration agreement, AbbVie will
receive worldwide exclusive rights to develop and commercialize two
new molecules engineered for two selected targets and has the
option to select up to four additional targets. Harpoon said is
eligible to receive up to $310 million in upfront and milestone
payments for each selected target.
Shares of Harpoon, which closed Wednesday at $14.46, rose 7.2%
in premarket trading Thursday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 21, 2019 08:43 ET (13:43 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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