AbbVie and EvolveImmune Therapeutics Announce Collaboration and Option-to-License Agreement to Develop Next-Generation Cancer Biotherapeutics

Rhea-AI Summary

AbbVie (NYSE: ABBV) and EvolveImmune Therapeutics announced a collaboration and option-to-license agreement to develop multispecific biologics for cancer treatment. The partnership combines AbbVie's oncology expertise with EvolveImmune's proprietary EVOLVE T-Cell Engager Platform, designed to deliver potent T-cell co-stimulation to enhance tumor-killing capacity.

The agreement includes $65 million in upfront fees and equity investment from AbbVie, with potential earnings of up to $1.4 billion in option fees and milestones, plus tiered royalties on net sales. The platform aims to overcome therapeutic challenges in solid and hematologic tumors by bypassing low tumor immunogenicity and reducing T-cell dysfunction.

Positive

• Secured $65 million in upfront fees and equity investment
• Potential earnings of up to $1.4 billion in milestone payments
• Additional revenue stream through tiered royalties on net sales
• Strategic partnership with a global oncology leader

Negative

• None.

Insights

Financial Analyst

This collaboration deal represents a significant strategic investment for AbbVie in the oncology space. The $65 million upfront payment and potential $1.4 billion in milestone payments indicates a substantial commitment to expanding their cancer therapeutics pipeline. The deal structure, combining upfront fees with equity investment, helps mitigate risk while securing access to promising technology. For EvolveImmune, this partnership provides important funding and validation from a major pharmaceutical player. The tiered royalty structure on potential future sales adds significant long-term value potential. This type of deal is typical in biotech, where large pharma companies seek to access innovative platforms while sharing development risk.

Medical Research Analyst

The EVOLVE platform's focus on T-cell co-stimulation through CD2 represents an innovative approach in immuno-oncology. This technology could potentially address key limitations of current cancer immunotherapies, particularly in treating solid tumors where existing treatments often face resistance. The platform's ability to conditionally activate adaptive immunity while reducing T-cell dysfunction is particularly noteworthy. This collaboration aligns with the industry trend toward multispecific antibodies, which are showing promise in overcoming cancer resistance mechanisms. The technology's application across both solid and hematologic malignancies broadens its potential therapeutic impact and market opportunity.

Partnership to Combine AbbVie's Oncology Expertise with EvolveImmune's Proprietary EVOLVE T-Cell Engager Platform to Develop Novel Multispecific Therapeutic Antibodies for Cancer

NORTH CHICAGO, Ill. and BRANFORD, Conn., Oct. 31, 2024 /PRNewswire/ -- AbbVie (NYSE: ABBV) and EvolveImmune Therapeutics, an immuno-oncology company developing next-generation biotherapeutics to overcome the therapeutic challenges of cancer cell resistance to current immunotherapies, today announced a collaboration and option-to-license agreement to develop multispecific biologics for multiple targets in oncology. The discovery partnership will leverage EvolveImmune's T-cell engager platform to develop novel antibody-based therapies for solid and hematologic malignancies.

EvolveImmune's proprietary EVOLVE platform is designed to deliver potent, selective and integrated T-cell co-stimulation to amplify and sustain the tumor killing capacity of the T-cells. This approach aims to bypass low tumor immunogenicity, conditionally activate adaptive immunity and reduce T-cell dysfunction to overcome therapeutic challenges in solid and hematologic tumors.

"AbbVie is dedicated to advancing the understanding of devastating diseases like cancer and investing in groundbreaking technologies and therapeutic platforms, to deliver novel treatments for patients with high unmet needs," said Jonathon Sedgwick, Ph.D., senior vice president and global head of discovery research, AbbVie. "We are excited to collaborate with the talented team at EvolveImmune to further advance their novel T-cell engager platform technology."

"This collaboration with AbbVie, a global leader in oncology, offers tremendous validation of the EVOLVE platform and the dedicated and creative work of the EvolveImmune team," said Stephen Bloch, M.D., chief executive officer of EvolveImmune. "We believe that EVOLVE, with its differentiated CD2 co-stimulation strategy, represents a potential next-generation, best-in-class T-cell engager platform and that our technology may offer clinically meaningful benefits for patients."

Under terms of the agreement, EvolveImmune will receive $65 million in aggregate upfront fees and equity investment from AbbVie and is eligible for up to $1.4 billion in aggregate option fees and milestones, as well as tiered royalty payments on net sales.

About AbbVie

AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas – immunology, oncology, neuroscience, and eye care – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X (formerly Twitter), and YouTube.

About AbbVie in Oncology

At AbbVie, we are committed to transforming standards of care for patients living with difficult-to-treat cancers. We are advancing a dynamic pipeline of investigational therapies across a range of cancer types in both blood cancers and solid tumors. We are focusing on creating targeted medicines that either impede the reproduction of cancer cells or enable their elimination. We achieve this through various, targeted treatment modalities and biology interventions, including small molecule therapeutics, antibody-drug conjugates (ADCs), immuno-oncology-based therapeutics, multispecific antibody and in situ CAR-T platforms. Our dedicated and experienced team joins forces with innovative partners to accelerate the delivery of potential breakthrough medicines.

Today, our expansive oncology portfolio comprises approved and investigational treatments for a wide range of blood and solid tumors. We are evaluating more than 20 investigational medicines in multiple clinical trials across some of the world's most widespread and debilitating cancers. As we work to have a remarkable impact on people's lives, we are committed to exploring solutions to help patients obtain access to our cancer medicines. For more information, please visit http://www.abbvie.com/oncology.

About EvolveImmune Therapeutics

EvolveImmune Therapeutics, Inc. is an immunotherapy platform company developing first-in-category, multifunctional biotherapeutics designed to overcome cancer-driven immunodeficiency in a range of solid tumors and hematological cancers. First-in-human clinical trials are anticipated in 2025. The company is supported by a syndicate of top-tier life science industry investors including Pfizer Ventures, Solasta Ventures, Bristol Myers Squibb, Takeda Ventures, Inc., Yonjin Ventures and Elm Street Ventures.

For more information, please visit: www.evolveimmune.com.

Forward-Looking Statement

Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, and changes to laws and regulations applicable to our industry. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2023 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its subsequent Quarterly Reports on Form 10-Q. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law. 

 

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SOURCE AbbVie

FAQ

What is the value of AbbVie's (ABBV) upfront payment to EvolveImmune?

AbbVie (ABBV) will provide $65 million in aggregate upfront fees and equity investment to EvolveImmune Therapeutics.

What is the total potential value of the AbbVie (ABBV) and EvolveImmune deal?

The deal includes $65 million upfront and potential earnings of up to $1.4 billion in option fees and milestones, plus tiered royalties on net sales.

What technology is AbbVie (ABBV) accessing through the EvolveImmune partnership?

AbbVie is accessing EvolveImmune's proprietary EVOLVE T-Cell Engager Platform, designed to deliver T-cell co-stimulation for enhanced tumor-killing capacity.