I-Mab (NASDAQ: IMAB) disclosed in an SEC filing that AbbVie Inc (NYSE: ABBV) would discontinue the global Phase 1b study of lemzoparlimab combination therapy with azacitidine and venetoclax in myelodysplastic syndrome (MDS) and acute myelocytic leukemia (AML).
This decision was not based on any specific or unexpected safety concerns.
The study arose from the pact AbbVie and I-Mab inked in 2020 with $200 million upfront and more than a billion dollars in back-end payments.
The partnership will continue with "certain new anti-CD47 antibodies" or "other licensed products," I-Mab disclosed.
I-Mab stands to receive up to $1.295 billion in payments and tiered royalties under the amended deal.
I-Mab continues to develop lemzoparlimab with a near-term focus on initiating a Phase 3 trial in patients with MDS in China. To date, Phase 1 and Phase 2 clinical studies of lemzoparlimab in the U.S. and China with nearly 200 patients have shown a good safety profile without the need for a priming dosing regimen.
Price Action: IMAB stock is down 12.40% at $6.98 on the last check Wednesday. ABBV shares traded 1.14% lower at $140.93.
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