WASHINGTON (dpa-AFX) - AbbVie (ABBV) and Simcere Zaiming, a subsidiary of Simcere Pharmaceutical Group Ltd, have entered into an option-to-license agreement to advance SIM0500, an investigational drug candidate currently in Phase 1 clinical trials for relapsed or refractory multiple myeloma in both China and the U.S.
The company explained that SIM0500 is a humanized trispecific antibody developed by Simcere Zaiming using its proprietary T-cell engager polyspecific antibody technology.
As per the terms of the deal, Simcere Zaiming will get an initial payment from AbbVie and could earn upto $1.055 billion in option fees and milestone payments, along with royalties on net sales outside the Greater China region.
Meanwhile, AbbVie will receive tiered royalties on net sales in the Greater China territory.
ABBV is currently trading at $176.57 up 0.80 percent or $1.43 on the New York Stock Exchange.
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