Infinity, AbbVie team on drug

Investor's Business Daily

Small biotech Infinity Pharmaceuticals (INFI) agreed to develop its blood cancer drug duvelisib, currently in trial stage, with big pharma AbbVie (ABBV). The deal includes an upfront payment of $275 mil to Infinity, and up to $530 mil in milestone payments. Infinity also agreed to test duvelisib with Roche's (RHHBY) Gazyva, approved in '13 to treat chronic lymphocytic leukemia. Infinity shares rocketed 44.1% to 15.73. AbbVie rose 0.8% to 55.51 and Roche rose 0.6% to 36.76.

View Comments (0)