ABSI - Absci Almirall partner on dermatologic drug development

2023-11-14 07:33:17 ET

Spanish drugmaker Almirall and biotech Absci ( NASDAQ: ABSI ) have forged a partnership to develop AI-designed therapeutics for chronic dermatological diseases.

Leveraging its de novo generative AI technology, Absci ( ABSI ) will develop and commercialize therapeutic candidates for two dermatological targets as part of the deal.

The company will be eligible for product royalties as well as up to ~$650M in upfront fees, R&D, and post-approval milestone payments across the two programs if all milestones are successfully completed.

Absci Founder and CEO Sean McClain said, "Our partnership with Almirall marks an important leap forward for dermatologic drug development and is poised to transform the lives of millions managing skin conditions."

Shares of Absci ( ABSI ) gained as much as +19.2% premarket on Tuesday

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