Genmab: announces oncology collaboration with AbbVie

(CercleFinance.com) - Danish biotech company Genmab unveiled on Wednesday a potential 3.
15 billion dollar oncology partnership with drug maker AbbVie, which has prompted its shares to jump by over 5% in Copenhagen.

Genmab and AbbVie have said that they have entered into a broad collaboration to jointly develop and commercialize three of Genmab's next-generation bispecific antibody products, including experimental cancer drug epcoritamab.

Genmab's next-generation bispecific antibody products, including experimental cancer drug epcoritamab.

Epcoritamab is designed to target CD20, which is expressed on a majority of B cell malignancies, such as chronic lymphocytic leukemia or mantle cell lymphoma.

Under the terms of the deal, AbbVie will make an upfront payment of 750 million dollars to Genmab, with the potential for Genmab to receive up to 3.15 billion dollars in additional milestone payments and royalties.

The deal prompted Genmab to raise its financial guidance for 2020, with the biotech company now forecasting operating profit of between 5.2 billion and 5.6 billion Danish kronor this year, up from a previous guidance of 850 million to 1.25 billion Danish kronor.

The Copenhagen-listed shares were up 5.8% on the news.

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