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AbbVie exercises option for HBM-backed Argenx antibody

AbbVie exercises option for HBM-backed Argenx antibody

AbbVie exercises option for HBM-backed Argenx antibody

Dutch/Belgian antibody company Argenx (Euronext & Nasdaq: ARGX), a top ten holding for Swiss-listed HBM Healthcare (HBMN, 2.6% of NAV) has disclosed that AbbVie has taken up its option to licence the preclinical stage immuno-oncology product ARGX-115.  Argenx and AbbVie, a US based pharmaceutical major, entered into an option deal covering ARGX-115 in April 2016 that provided for R&D and commercial milestone payments totalling up to $625m and tiered royalties on product sales. To date, it has received $60m: a $40m upfront in 2013 and two preclinical milestones of $10m each. In return, AbbVie obtains global products rights, with Argenx retaining the right to co-promote ARGX-115 in the EU and Switzerland.

ARGX-115 is an antibody targeting the novel immuno-oncology target glycoprotein A repetitions predominant (GARP), which believed to produce TGF-ß, which in turn selectively suppresses the immunosuppressive activity of activated regulatory T-cells, thereby allowing greater stimulation of the immune system to attack cancer cells.

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