UPDATE 1-AbbVie terminates deal with I-Mab to develop cancer drug
(Adds details on I-Mab's plans and background in paragraphs 2-5)
Sept 22 (Reuters) - China-based biotech company I-Mab said on Friday that AbbVie has terminated a 2020 deal to co-develop and market I-Mab's lead cancer drug candidate lemzoparlimab.
AbbVie's decision to scrap the deal comes after it pulled the plug on an early-stage study in August last year that was testing lemzoparlimab in combination with two other drugs for treating two types of blood cancers, myelodysplastic syndrome and acute myelocytic leukemia.
The deal termination will be effective Nov. 20 this year, and will not affect upfront and milestone payments of $200 million that the company has received from AbbVie, according to I-Mab.
I-Mab said it will explore future development opportunities with lemzoparlimab.
In 2020, AbbVie acquired the rights to I-Mab's antibody-based drug candidates, including lemzoparlimab, outside China for $180 million upfront payment and additional $1.74 billion in milestone payments. (Reporting by Mariam Sunny in Bengaluru; Editing by Shounak Dasgupta)
