Why Is AbbVie Stock Trading Higher On Thursday?

IGI Therapeutics SA, a wholly owned subsidiary of New York-based Ichnos Glenmark Innovation Inc., and AbbVie Inc. (NYSE:ABBV), on Thursday, announced an exclusive licensing agreement for IGI’s lead investigational asset, ISB 2001, developed using IGI’s proprietary BEAT protein platform, for oncology and autoimmune diseases.

“Multispecifics including trispecific antibodies represent a new frontier in immuno-oncology with the potential to deliver deeper, more durable responses by engaging multiple targets simultaneously,” said Roopal Thakkar, AbbVie executive vice-president of research and development, and chief scientific officer.

AbbVie will receive exclusive rights to develop, manufacture and commercialize ISB 2001 across North America, Europe, Japan and Greater China.

IGI will receive an upfront payment of $700 million and is eligible to receive up to $1.225 billion in development, regulatory, and commercial ...