Abbott announced recently that it has signed a licensing agreement with Mingji Biotechnology to jointly develop the next generation TL1A antibody FG-M701 for the treatment of inflammatory bowel disease (IBD), which is in the preclinical development stage.
According to the terms of the agreement, Abbott will obtain the exclusive license to develop, produce, and commercialize FG-M701 globally. Mingji Biotechnology will receive a prepayment of $150 million and recent milestone payments, and is eligible for an additional milestone payment of up to $1.56 billion for clinical development, regulatory registration, and commercialization, as well as a tiered royalty fee up to a double-digit lower proportion of net sales. (He Xinyi)