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AbbVie (ABBV) Signs New Cancer/Immunology Deal With Frontier

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AbbVie (ABBV - Free Report) announced a multi-year, multi-program R&D collaboration with precision medicines company, Frontier Medicines, Corp. to discover and develop innovative small molecule therapies against difficult-to-drug protein targets.

Per the deal, AbbVie will use Frontier's proprietary chemoproteomics platform to identify programs directed against E3 ligase, immunology and oncology targets, which can be developed into highly differentiated and efficacious therapeutics. For the deal, AbbVie will make an upfront payment of $55 million to Frontier while the latter will be entitled to receiveadditional milestone payments.

Per the agreement, while Frontier will take care of pre-clinical development up to a certain stage, AbbVie will re-imburse the R&D expenses. Thereafter, AbbVie will take over full responsibility for global development and commercialization activities and costs for the programs. Frontier retains an option to share development costs for some oncology programs through phase II.

AbbVie’s stock has risen 18.5% this year so far compared with an increase of 1.4% for the industry.



AbbVie has been actively pursuing partnership deals and collaborations for candidates across several therapeutic areas including oncology, immunology, neuroscience, cystic fibrosis and women’s health. Some partners include Roche (RHHBY - Free Report) for Venclexta, J&J (JNJ - Free Report) for Imbruvica and Boehringer Ingelheim for Skyriziamong others. In 2020, AbbVie signed oncology deals with Genmab (GMAB - Free Report) to jointly develop and commercialize Genmab's three early-stage investigational bispecific antibody therapeutics and China-based biotech I-Mab Biopharma for development and commercialization of lemzoparlimab for multiple cancers.

AbbVie currently has a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here

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