AbbVie gets option for argenx mAb
AbbVie Inc. (NYSE:ABBV) acquired an exclusive option from argenx N.V. (Euronext:ARGX) to license ARGX-115, a preclinical mAb against leucine-rich repeat containing 32 ( LRRC32; GARP), to treat cancer. argenx will be responsible for R&D through IND-enabling studies, after which AbbVie may exercise the option. If it does, AbbVie would be responsible for further development and commercialization.
argenx will receive $40 million up front to obtain the option, and can receive $20 million in two near-term preclinical milestones. SVP of Business Development Debbie Allen declined to disclose the milestones or say when argenx expects to complete IND-enabling studies of ARGX-115. argenx is eligible for $625 million in additional milestones, plus tiered double-digit royalties. argenx may co-promote ARGX-115-based products in the E.U. and Switzerland, and may combine ARGX-115 with its own future immuno-oncology programs. ...