AbbVie (ABBV) to Co-Develop Regenxbio Eye Disease Gene Therapy
AbbVie (ABBV) is set to co-develop Regenexbio's investigational gene therapy for chronic retinal diseases like wet age-related macular degeneration.
RGX-314 is being evaluated in a pivotal study for the treatment of wet age-related macular degeneration (wet AMD) utilizing the subretinal method of delivery. It is also being studied in phase II for diabetic retinopathy (DR) and wet AMD utilizing in-office suprachoroidal delivery. Interim data from the RGX-314 phase II study of wet AMD utilizing in-office suprachoroidal delivery is expected to be presented at a medical meeting later this month.
AbbVie will make a $370 million upfront payment to Regenxbio for rights to RGX-314. Additionally, Regenxbio will also be entitled to milestone payments of up to $1.38 billion. Per the deal, while Regenxbio will be responsible for the completion of the ongoing studies of RGX-314, AbbVie will share costs for future studies, which include a second pivotal study for wet AMD utilizing subretinal delivery. While AbbVie will lead the global clinical development and commercialization of RGX-314, the companies will share profits from future net sales of the drug in the United States, if approved. On outside U.S. sales, AbbVie will pay Regenxbio tiered royalties. The transaction is expected to close by the end of this year.
AbbVie’s stock has risen 0.3% this year so far compared with an increase of 10.1% for the industry.
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AbbVie has been actively pursuing partnership deals and collaborations for candidates across several therapeutic areas including immunology, oncology, aesthetics, neuroscience, eye care,and women's health.
In 2021, AbbVie announced a multi-year collaboration deal with private biotech, Caribou Biosciences for developing two CAR-T cell therapies for selected targets. In 2020, AbbVie signed oncology deals with Genmab GMAB to jointly develop and commercialize Genmab's three early-stage investigational bispecific antibody therapeutics and I-Mab IMAB for the development and commercialization of lemzoparlimab for multiple cancers.
AbbVie’s May 2020 acquisition of Allergan significantly expanded and diversified its revenue base with new therapeutic areas, enhancing its long-term growth potential. The acquisition strengthened AbbVie’s existing leadership position in immunology and hematological oncology while providing additional growth franchises in aesthetics and neuroscience.
AbbVie currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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