Sosei, AbbVie sign drug discovery deal worth up to $1 billion [Reuters]
AbbVie Inc. (ABBV)
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Source: Reuters
Sosei, AbbVie sign drug discovery deal worth up to $1 billion (Reuters) - Japan’s Sosei Group Corp will collaborate with AbbVie Inc on a drug discovery partnership that could be worth up to $1 billion. Sosei shares soared 12.4% in Tokyo trading, compared with a 1.2% slide in the broader market. The partnership will initially focus on the discovery of novel small molecules, targeting inflammatory and autoimmune diseases, the companies said in a news release on Thursday. Sosei is eligible to receive up to $32 million in upfront and near-term milestone payments, along with future commercial milestones of up to $377 million, plus tiered royalties on sales. The companies will work to discover and commercialise medicines that modulate G protein-coupled receptor (GPCR) targets. Chicago-based AbbVie has the option to expand the collaboration to a total of four targets. An expansion to four targets would put the total deal size “in a similar ballpark” to deals signed in 2019 with Genentech Inc
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