AbbVie (ABBV) and Simcere Zaiming, a division of Simcere Pharmaceutical Group Ltd, have signed an option-to-license agreement aimed at advancing the investigational drug candidate SIM0500. This drug is currently undergoing Phase 1 clinical trials targeting relapsed or refractory multiple myeloma in both China and the United States.
Simcere Zaiming has developed SIM0500 as a humanized trispecific antibody, utilizing its proprietary T-cell engager polyspecific antibody technology.
Under the terms of the agreement, Simcere Zaiming will receive an initial payment from AbbVie, with the potential to earn up to $1.055 billion in total, through option fees and milestone payments. Additionally, they will receive royalties from net sales outside of the Greater China region.
Conversely, AbbVie will benefit from tiered royalties on net sales within the Greater China territory.
As of the latest trading session, AbbVie shares are priced at $176.57, marking an increase of 0.80 percent or $1.43 on the New York Stock Exchange.
