ABL Bio inks $1.06-billion deal with Sanofi for Parkinson's treatment
ABL Bio has inked a technology transfer deal worth up to $1.06 billion with Paris-based Sanofi for ABL301, its treatment candidate for degenerative brain diseases such as Parkinson’s disease, the Kosdaq-listed company said Wednesday.
Under the deal, Sanofi gets exclusive rights to develop and market the drug globally. ABL Bio is currently undergoing preclinical trials of the candidate. The Korean company will conclude preclinical trials and run Phase 1 clinical trials, after which Sanofi will take over development.
The size of the deal is worth up to $1.06 billion, including a $75 million up-front payment and up to $985 million in milestone payments. The Seongnam, Gyeonggi-based company will also get additional royalties based on future sales if Sanofi succeeds in marketing them.
“The deal with Sanofi proves the infinite potential that ABL Bio has,” Lee Sang-hoon, CEO of ABL Bio, said in Wednesday’s release.
ABL Bio shares hit the Kosdaq's maximum daily trading limit of 30 percent, or 26,150 won ($22), in less than 10 minutes after trading began on Wednesday morning.
BY SARAH CHEA [email@example.com]