AbbVie partnered with Zelgen Biopharma to develop and commercialize Alveltamig. The drug is currently under investigation as a treatment for various blood cancers.
The agreement grants AbbVie an exclusive option to license the drug.
Under the financial terms, Zelgen Biopharma will receive an upfront payment of $100 million.
If AbbVie exercises the exclusive license option, Zelgen is eligible for up to $1.1 billion in additional milestone payments. This brings the total potential value of the collaboration to $1.2 billion.