ABBV - AbbVie Signs $3.9 Billion Oncology Deal with Genmab
The pace of development for a handful of next-generation cancer therapies is about to get a huge boost. AbbVie (NYSE: ABBV) and Genmab (NASDAQ: GMAB) signed a collaboration deal on Wednesday involving three clinical-stage cancer drug candidates, plus up to four additional candidates down the road.
AbbVie and Genmab will jointly develop and commercialize three bispecific antibodies that can target surface proteins found on cancer cells with one side while the other side attracts tumor-hungry immune cells. The partners also agreed to apply each other's proprietary technology to four additional cancer drug candidates that they might find lingering in their libraries.
Image source: Getty Images.