Wednesday, Jazz Pharmaceuticals plc (JAZZ) announced a collaboration with AbCellera Biologics Inc. (ABCL) to discover and develop next-generation T-cell engaging multispecific antibodies.
The preclinical research collaboration, option and license agreement will leverage AbCellera's antibody discovery engine to deliver optimized development candidates for multiple gastrointestinal cancers and other solid tumors.
Under the agreement, AbCellera will conduct discovery and early research for two initial drug programs and has committed to starting a third program within the next 12 months.
Jazz will have the option to take over each program. If it chooses to do so and pays the required option fee, it will gain exclusive worldwide rights to develop and sell the treatment.
As per the terms of the deal, AbCellera will receive $56 million upfront for the first two programs and another $28 million when the third program begins. If Jazz moves forward with development, AbCellera could earn up to $792 million per program through option fees and milestone payments tied to development, regulatory approvals, and commercial sales. It will also receive royalties on future sales.
The two companies may also agree to launch up to two additional programs. AbCellera could further support the partnership by conducting studies needed before human testing and by manufacturing supplies for clinical trials.
In the pre-market hours, JAZZ is trading at $230.59, up 1.63 percent, and ABCL is trading at $5.25, up 3.14 percent on the Nasdaq.
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