- Global license agreement to focus on the
development of FG-M701, a TL1A antibody, for the treatment of
inflammatory bowel disease (IBD)
NORTH
CHICAGO, Ill. and BEIJING, June 13,
2024 /PRNewswire/ -- AbbVie (NYSE: ABBV) and
FutureGen Biopharmaceutical (Beijing) Co., Ltd. today announced a license
agreement to develop FG-M701, a next generation TL1A antibody for
the treatment of IBD currently in preclinical development.
FG-M701 is a fully human monoclonal antibody targeting TL1A, a
clinically validated target in IBD. FG-M701 is uniquely engineered
with potential best-in-class functional characteristics compared to
first-generation TL1A antibodies with the goal to drive greater
efficacy and less frequent dosing as a therapy for IBD.
"The prevalence of IBD continues to increase, and many people
living with ulcerative colitis and Crohn's disease do not respond
to current therapies," said Jonathon
Sedgwick, Ph.D., senior vice president and global head of
discovery research, AbbVie. "AbbVie's mission to raise the standard
of care includes the pursuit of transformative therapies that help
more patients living with autoimmune diseases achieve remission. We
look forward to our collaboration with FutureGen in advancing
development of FG-M701 for the treatment of IBD."
"We are very pleased to partner with AbbVie, a world-leader in
the development and commercialization of innovative inflammation
and autoimmune therapies," said Zhaoyu
Jin, Ph.D., founder and chief executive officer, FutureGen
Biopharmaceutical (Beijing) Co.,
Ltd. "We believe that AbbVie is a great partner, with the ability
to apply their expertise and global scale to realizing FG-M701's
therapeutic potential and rapidly advancing this therapy for
patients suffering from IBD. The collaboration with AbbVie also
highlights FutureGen's ability to generate potential
best-in-class product candidates with our proprietary
Structure-based Targeted Evolution Platform (STEP) technology
platform."
Under the terms of the agreement, AbbVie will receive an
exclusive global license to develop, manufacture and commercialize
FG-M701. FutureGen will receive $150
million in upfront and near-term milestone payments and will
be eligible to receive up to an additional $1.56 billion in clinical development, regulatory
and commercial milestones, as well as tiered royalties up to
low-double digits 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 FutureGen
FutureGen Biopharmaceutical (Beijing) Co., Ltd. is an innovative
biopharmaceutical company committed to providing high-quality
innovative biologics for patients with cancer, immune diseases and
other diseases. FutureGen has developed the proprietary STEP by
integrating structural biology, advanced antibody
engineering, and AI technologies to enable highly efficient,
rapid and high-throughput drug screening and optimization.
FutureGen has utilized STEP to develop CLDN18.2 antibody-dependent
cellular cytotoxicity (ADCC) enhanced antibody (FG-M108), a
potential best-in-class product with excellent efficacy and
superior safety in the first-line treatment of advanced G/GEJ and
pancreatic cancer, currently in Phase 3. Additionally, FutureGen
possesses several innovative multi-specific antibodies
and antibody-drug conjugates (ADC) for immuno-oncology therapy,
including a CD40-PDL1 bi-specific antibody in clinical stage. For
more information, please
visit www.futuregenbiopharm.com.
AbbVie Forward-Looking Statements
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