EvolveImmune Therapeutics Inc., a Branford-based bioscience company developing therapeutics to overcome cancer cell resistance to current immunotherapies, has signed a collaboration and option-to-license agreement with Illinois-based Abbvie, the companies announced recently.
Under terms of the agreement, EvolveImmune will receive $65 million in aggregate upfront fees and equity investment from AbbVie and is eligible for up to $1.4 billion in aggregate option fees and milestones, as well as tiered royalty payments on net sales.
Abbvie, based in North Chicago, is the sixth-largest biomedical company in the United States based on revenue. It is best known for its drug, Humira, which treats arthritis, psoriasis and Crohn’s disease and accounts for more than half of its annual sales.
According to a news release, the two companies agree to collaborate on developing multispecific biologics to target multiple cancer tumors, and will leverage EvolveImmune’s T-cell engager platform to develop novel antibody-based therapies for solid and hematologic tumors.
“This collaboration with AbbVie, a global leader in oncology, offers tremendous validation of the EVOLVE platform and the dedicated and creative work of the EvolveImmune team,” said Dr. Stephen Bloch, CEO of EvolveImmune.
EvolveImmune Therapeutics Inc., based at 23 Business Park Drive in Branford, is an immunotherapy platform company developing first-in-category, multifunctional biotherapeutics designed to overcome cancer-driven immunodeficiency in a range of solid tumors and hematological cancers.
The company said its first clinical trials for humans are anticipated in 2025.
