iBio, Inc. (IBIO), a biotechnology company in the preclinical stage, announced on Thursday the acquisition of an in-licensed long-acting anti-myostatin antibody, IBIO-600, from AstralBio, Inc.
iBio has embarked on a bispecific antibody initiative aimed at addressing obesity and cardiometabolic disorders. This effort utilizes its proprietary drug discovery platform in conjunction with the IBIO-600 technology.
The IBIO-600, which AstralBio identified using iBio's exclusive technological framework, is designed for subcutaneous administration and potentially offers an extended half-life.
Under the terms of the agreement, iBio has made an upfront payment of $750,000 in the form of stock to AstralBio. Additionally, AstralBio is eligible to receive milestone payments that could amount to $28 million.
This new agreement is an extension of the drug discovery and development collaboration that the two companies initiated in March of the previous year.
