I-Mab regains global rights to lemzoparlimab

25 September 2023

China-based immuno-oncology-focussed biotech I-Mab Biopharma (Nasdaq: IMAB) revealed in a Securities and Exchange Commission (SEC) filing that US pharma major AbbVie (NYSE: ABBV) had totally terminated their September 2020 collaboration, relating to certain CD47 antibody compounds and products.

The termination of the potentially $2 billion agreement is entirely by AbbVie, I-Mab stressed, and is based on the previous program discontinuation and AbbVie’s strategic decision. The termination will take effect on November 20, 2023. Last month, AbbVie opted out of part of the pact, but I-Mab still had the potential to earn more than $1 billion.

As a result, I-Mab will regain the full global rights to develop and commercialize certain CD47 compounds and products under the accord, including lemzoparlimab. The termination will not affect the upfront and milestone payments of $200 million that the company has received from AbbVie.

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