AbbVie, Harpoon Therapeutics in $820-Million Deal for ImmunotherapiesBy
AbbVie has signed two agreements with Harpoon Therapeutics, a clinical-stage immunotherapy company, in deals worth up to $820 million involving the discovery and development of T cell engagers targeting both solid tumors and hematologic malignancies.
Under a new agreement, AbbVie has agreed to an exclusive worldwide option and license transaction for Harpoon’s multiple myeloma treatment, HPN217, a B cell maturation antigen (BCMA)-targeting Tri-specific T cell Activating Construct (TriTAC). Under the agreement, Harpoon granted AbbVie an option to license worldwide exclusive rights to HPN217. Harpoon will be responsible for development of HPN217 through Phase I and II clinical trials. Upon exercise of the option, AbbVie will conduct all future clinical development, manufacturing and commercialization activities. AbbVie may exercise its option to license HPN217 after completion of the Phase I and II clinical trial. The license and option agreement represents a potential transaction value of up to $510 million in upfront, option and milestone payments, plus royalties on global commercial sales.
Under an expansion of the companies’ existing drug-discovery agreement, AbbVie will receive worldwide exclusive rights to develop and commercialize two new TriTAC molecules engineered for two selected targets. The TriTAC platform produces T cell engagers targeting both solid tumors and hematologic malignancies. AbbVie has the option to select up to four additional targets for a total of up to six new targets. For each selected target under the expanded agreement, Harpoon is eligible to receive up to $310 million in upfront and potential development, regulatory and commercial milestone payments, plus royalties on global commercial sales. As with the existing agreement, the companies will conduct certain initial research and discovery activities for each designated target, after which AbbVie will be solely responsible for further development and commercialization efforts.