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UPDATE 1-AbbVie, Regenxbio enter deal to develop retinal disease therapy

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(Adds details of deal)

Sept 13 (Reuters) - AbbVie and Regenxbio Inc entered a partnership to develop and commercialize RGX-314, a gene therapy candidate for the treatment of chronic retinal diseases, which would give the latter an upfront payment of $370 million.

Regenxbio may potentially receive up to $1.38 billion in milestone payments, the pharmaceutical companies said on Monday.

RGX-314 is currently in a pivotal trial for the treatment of wet age-related macular degeneration (AMD), an eye disorder causing blurred vision or a blind spot in the visual field. The trial is testing RGX-314 delivered under the retina.

It is also being studied in patients with wet AMD and diabetic retinopathy in two separate mid-stage clinical trials using a different type of delivery.

Regenxbio will be responsible for the completion of the ongoing studies of RGX-314. Both companies will share the costs of additional trials of RGX-314, they said.

AbbVie will lead the clinical development and commercialization of RGX-314 globally. (Reporting by Amruta Khandekar; Editing by Amy Caren Daniel)