Abbvie partners with Genmab in $750 mln cancer therapy deal

Abbvie Inc said on Wednesday it is partnering with Genmab AS to jointly develop and commercialize cancer treatment, as it looks to expand its cancer franchise.The U.S. based pharma giant will pay Genmab $750 million upfront to jointly develop and commercialize three of Genmab's cancer-targeting antibody products, including its potential blood cancer treatment epcoritamab, which is currently in a mid-stage study.

Abbvie Inc said on Wednesday it is partnering with Genmab AS to jointly develop and commercialize cancer treatment, as it looks to expand its cancer franchise.

The U.S. based pharma giant will pay Genmab $750 million upfront to jointly develop and commercialize three of Genmab's cancer-targeting antibody products, including its potential blood cancer treatment epcoritamab, which is currently in a mid-stage study. Genmab could receive up to $3.15 billion in additional development, regulatory, and sales milestone payments.

U.S.-listed shares of Genmab were up 5% at $30.40 in premarket trading.