On June 13, 2010, AbbVie and Future Gen Biopharm announced the signing of a license agreement to co-develop FG-M701, a next-generation TL1A antibody in preclinical development for the treatment of inflammatory bowel disease (IBD).

FG-M701 is a fully human monoclonal antibody targeting TL1A, a clinically validated target for inflammatory bowel disease. Uniquely engineered to have potentially best-in-class functional properties compared to first-generation TL1A antibodies, FG-M701 is designed to provide improved efficacy and reduced dosing frequency in the treatment of inflammatory bowel disease.

Dr. Jonathon Sedgwick, Senior Vice President and Global Head of Discovery Research at AbbVie, said that the prevalence of inflammatory bowel disease continues to rise, and many people with ulcerative colitis and Crohn's disease do not respond to current therapies.

AbbVie's mission is to raise the standard of care by pursuing transformative therapies to help more patients with autoimmune diseases achieve remission. We look forward to working with Future Gen Biopharm to advance the development of FG-M701 for the treatment of inflammatory bowel disease.

Future Gen Biopharm's Founder and Chief Executive Officer, Dr. Zhaoyu Jin, said, "We are very excited to collaborate with AbbVie, a global leader in developing and commercializing innovative therapies for inflammatory and autoimmune diseases. We believe that AbbVie is a great partner with the ability to leverage their expertise and global scale to realize the full therapeutic potential of FG-M701 and rapidly advance this therapy for the treatment of patients with inflammatory bowel disease. The collaboration with AbbVie also highlights Future Gen Biopharm's ability to develop potential best-in-class products with its proprietary STEP platform (Structure-based Targeted Evolutionary Screening Platform).

Under the terms of the agreement, AbbVie will receive an exclusive license to develop, manufacture and commercialize FG-M701 worldwide. Future Gen Genoph Biarm will receive $150 million as an upfront payment and near-term milestone payments, and will be eligible to receive up to an additional $1.56 billion in clinical development, regulatory registration and commercialization milestone payments, as well as tiered royalties up to a low double-digit percentage of net sales.

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