I-Mab, AbbVie to Collaborate on Cancer Treatment Lemzoparlimab
By Chris Wack
I-Mab and AbbVie Inc. said they have signed a broad, global
collaboration agreement for the development and commercialization
of lemzoparlimab, also known as TJC4, an anti-CD47 monoclonal
antibody discovered and developed by I-Mab for the treatment of
The collaboration provides AbbVie with an exclusive global
license, excluding the Greater China region, to develop and
commercialize lemzoparlimab, the companies said Friday. Both
companies will collaborate to design and conduct further global
clinical trials to evaluate lemzoparlimab in multiple cancers.
I-Mab will retain all rights to develop and commercialize
lemzoparlimab in mainland China, Macau and Hong Kong, the companies
said. The collaboration also allows for potential collaboration on
future CD47-related therapeutic agents.
Each party will have the opportunity subject to further licenses
to explore each other's related programs in their respective
territories, the companies said.
The companies said they will share manufacturing
responsibilities, with AbbVie being the primary manufacturer for
global supply. The collaboration will accelerate I-Mab's
establishment of commercial production operations in China.
AbbVie will pay I-Mab $180 million in an upfront payment to
exclusively license lemzoparlimab, along with $20 million in a
milestone payment based on the Phase 1 results, for a total of $200
million, they said.
In addition, I-Mab will be eligible to receive up to $1.74
billion in success-based milestone payments, of which $840 million
is based on clinical development and regulatory approval
milestones, with the remainder based on commercial milestones. Upon
commercialization of lemzoparlimab, AbbVie will also pay tiered
royalties from low to mid-teen percentages on global net sales
outside the Greater China region
I-Mab also said Friday it has entered into definitive
subscription agreements with a consortium of institutional
investors to raise $418 million through a private placement.
The consortium is led by Hillhouse Capital Group, which is
entitled to nominate one representative to I-Mab's board of
I-Mab said it will receive all proceeds from the private
placement and intends to use them to fund continuing and planned
research and clinical programs globally, as well as the development
of its commercialization capabilities in China.
I-Mab shares were up 10% to $39.25 in premarket trading.
Write to Chris Wack at firstname.lastname@example.org
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