Abbvie Inc has announced it is to collaborate with the Danish company Genmab AS to jointly develop and market cancer therapies, and Genmab shares rose 4.8% in Copenhagen trading on the back of the announcement. This agreement gives Abbvie access to three of Genmab's so-called bispecific antibodies to strengthen its cancer portfolio, and the company intends to combine antibodies being developed by both companies with its antibody drug conjugates. The deal will facilitate the authentication of a new technology that uses complex therapeutic proteins that can latch onto the body's immune cells and connect them with cancer cells.
“By combining the strengths of our two organizations, we can advance the treatment landscape for patients battling cancer“
Genmab will receive $750 million up front from Abbvie to jointly develop and commercialize three of Genmab's cancer-targeting antibody products, including its potential blood cancer treatment, epcoritamab, which is in a mid-stage study. Genmab could receive up to $3.15 billion in additional development, regulatory and sales milestone payments which will help Genmab to advance its clinical development candidates and also to start building its commercial infrastructure.