Infinity leaps on AbbVie deal

Infinity Pharmaceuticals Inc. (NASDAQ:INFI) jumped $4.82 (44%) to $15.74 on Wednesday after it partnered with AbbVie Inc. (NYSE:ABBV) to develop and commercialize duvelisib ( IPI-145), an oral inhibitor of phosphoinositide-3-kinase ( PI3K) delta and gamma. Infinity will receive $275 million up front and is eligible for $530 million in milestones.

AbbVie and Infinity plan to jointly commercialize duvelisib in the U.S., and will split profits equally. AbbVie will commercialize it outside the U.S., and will pay Infinity tiered royalties of 23.5-30.5% on ex-U.S. sales. ...