CA - Week In Review: FutureGen Sells mAb For IBD To AbbVie In $1.7 Billion Deal
2024-06-24 08:40:00 ET
Summary
- FutureGen Biopharm (Beijing) out-licensed global rights for its next-gen TL1A antibody, a proposed therapy for inflammatory bowel disease, to AbbVie in a $1.7 billion agreement.
- Shanghai MabCare Therapeutics out-licensed global rights (ex-China) for its ADC targeting protein-tyrosine kinase 7 (PTK7) candidate to Day One Biopharma for $55 million upfront and $1.15 billion in milestones.
- Decheng Capital announced plans for a $700 million global life sciences fund, its fifth life sciences vehicle.
Deals and Financings
FutureGen Biopharm (Beijing) out-licensed global rights for its next-gen TL1A antibody, a proposed therapy for inflammatory bowel disease, to AbbVie ( ABBV ) in a $1.7 billion agreement (see story ). The candidate is in preclinical development. AbbVie, which will have exclusive rights to manufacture and commercialize FG-M701, will pay $150 million upfront and the rest in milestones, plus royalties. FG-M701 is a fully human monoclonal antibody targeting TL1A, a clinically validated target in IBD. FutureGen believes the unique engineering of FG-M701 will result in a best-in-class candidate with better efficacy and less frequent dosing than earlier TL1A antibodies....
Week In Review: FutureGen Sells mAb For IBD To AbbVie In $1.7 Billion Deal