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Immunome Stock Jumps On Discovery Pact With AbbVie

Published 06/01/2023, 15:35
Updated 06/01/2023, 16:40
© Reuters.  Immunome Stock Jumps On Discovery Pact With AbbVie
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Benzinga -

  • AbbVie Inc (NYSE: NYSE:ABBV) and Immunome Inc (NASDAQ: IMNM) announced a worldwide collaboration and option agreement to discover up to 10 novel antibody-target pairs arising from three specified tumor types using Immunome's Discovery Engine.
  • Immunome will receive an upfront payment of $30 million. It will be eligible to receive additional platform access payments in the aggregate amount of up to $70 million based on AbbVie's election for Immunome to continue research using its Discovery Engine.
  • Related: Immunome's COVID-19 Cocktail Retains Neutralizing Activity Against Omicron Subvariants.
  • Immunome is also eligible to receive development and first commercial sale milestones of up to $120 million per target with respect to certain products derived from target-antibody pairs that AbbVie elects to purchase, with potential for further sales-based milestones as well as tiered royalties on global sales.
  • Price Action: IMNM shares are up 5.52% at $4.97 on the last check Friday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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