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SpringWorks (SWTX) & AbbVie Unite for Multiple Myeloma Drug

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SpringWorks Therapeutics, Inc. (SWTX - Free Report) announced that it is has entered into a clinical study collaboration agreeement with AbbVie (ABBV - Free Report) to evaluate a novel combination for the treatment of patients with relapsed or refractory multiple myeloma.

The clinical study will evaluate the combination of SpringWorks’ own investigational gamma secretase inhibitor, nirogacestat, in combination with ABBV-383, AbbVie’s investigational CD3 bispecific antibody directed against B-cell maturation agent (BCMA), in a phase Ib study that is expected to begin in first-half 2022.

Per the agreement terms, AbbVie will sponsor and conduct this phase Ib study and assume the entire study cost (excluding costs related to manufacturing of nirogacestat and certain expenses related to intellectual property rights). Both SpringWorks and AbbVie will form a joint steering committee to manage this clinical study.

SpringWorks’ stock has declined 3.4% so far this year in comparison with the industry’s 22.8% decline.

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Per the company, gamma secretase inhibition helps prevent the cleavage and shedding of BCMA from the surface of myeloma cell. Nirogacestat has demonstrated the enhancement of the activity of BCMA-targeted therapies in preclinical studies by increasing the levels of membrane-bound BCMA and decreasing the levels of soluble BCMA.

We note that this is the seventh clinical collaboration agreement entered by the company for BCMA. It has already announced collaborations with several big-wig pharma companies including Pfizer (PFE - Free Report) .

Last week, SpringWorks announced that it had dosed the first patient in a phase Ib/II study evaluating nirogacestat with elranatamab, Pfizer’s investigational BCMA, in patients with relapsed or refractory multiple myeloma.

The phase I/IIb study is one sub-study of Pfizer’sumbrella MagnetisMM-4 study (NCT05090566) to evaluate the safety, tolerability, and preliminary efficacy of the combinaton of nirogacestat and elranatamab in the given indication. Pfizer is sponsoring and conducting this study.

Zacks Rank & Stock to Consider

SpringWorks Therapeutics presently carries a Zacks Rank #3 (Hold). A better-ranked stock in the same sector is Precision BioSciences (DTIL - Free Report) , which currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Precision BioSciences’ loss per share estimates for 2021 have narrowed from $1.17 to $0.65 in the past 60 days. The same for 2022 has narrowed from $2.39 to $1.91 in the past 60 days. Shares of Precision BioSciences have risen 2.9% in the year so far.

Earnings of Precision BioSciences beat estimates in all the last four quarters, delivering a surprise of 76.9%, on average.