Ablynx wins award for AbbVie deal at European Mediscience Awards

Belgian drug developer Ablynx (Euronext Brussels: ABLX) has won the Transaction of the Year Award for its deal with US drugmaker AbbVie (NYSE: ABBV) at the European Mediscience Awards 2014.

The deal is worth up to $840 million for the development and commercialisation of its anti-interleukin-6R Nanobody (ALX-0061) to treat inflammatory diseases. Ablynx also signed an exclusive collaboration and licensing agreement with pharma giant Merck & Co (NYSE: MRK) in February 2014, focused on the discovery and development of several predefined Nanobody candidates for the development of cancer immunotherapies. Under the terms of the agreement, Ablynx received an upfront payment of 20 million euros ($27 million) and will receive up to 10.7 million euros in research funding with the potential to accrue as much as 1.7 billion euros plus tiered royalties.

Ablynx chief executive Edwin Moses said the company is “delighted” with the win, adding: “These deals demonstrate the potential of our Nanobody platform and have not only provided us with substantial financial resources but will also enable us to further expand our expertise and capabilities in late-stage clinical development and in the immuno-oncology field. These deals were major landmarks for the Company and we are looking forward to fruitful and successful partnerships."