Regenxbio Shares Jump After Collaborating With AbbVie on Eye Therapy
September 13 2021 - 11:25AM
Dow Jones News
By Robb M. Stewart
Regenxbio Inc.'s shares jumped Monday after the biotechnology
company struck an up to $1.75 billion deal that will see AbbVie
Inc. take on clinical development and commercialization of its
potential eye-disease gene therapy.
In morning trading, the stock was 23% higher at $40.62,
narrowing the loss since the end of last year to 10%. AbbVie's
shares were up 0.9% at $107.66.
AbbVie and Regenxbio said they will partner to develop RGX-314,
which is being evaluated in patients with wet age-related macular
degeneration in a trial using subretinal delivery, and in patients
with wet age-related macular degeneration and diabetic retinopathy
in two separate Phase II clinical trials using in-office
suprachoroidal delivery.
Regenxbio will be responsible for completing the ongoing trials
and the pair will collaborate and share costs on additional trials,
while AbbVie will lead the clinical development and
commercialization of RGX-314 globally, the companies said.
Abbvie will pay Regenxbio $370 million upfront, with the
potential for Regenxbio to receive up to $1.38 billion in
additional development, regulatory and commercial milestones. The
companies said they will share equally in profit from sales of
RGX-314 in the U.S., and AbbVie will pay Regenxbio tiered royalties
on sales outside the U.S.
Regenxbio will lead the manufacturing of RGX-314 for clinical
development and U.S. commercial supply, and AbbVie will lead
manufacturing of RGX-314 for commercial supply outside the country,
they said.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
September 13, 2021 11:10 ET (15:10 GMT)
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