AbbVie, Teneobio to Develop Multiple Myeloma Treatment
February 11 2019 - 8:46AM
Dow Jones News
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 colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 11, 2019 08:31 ET (13:31 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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