- Collaboration to leverage BigHat's Artificial Intelligence
and Machine Learning (AI/ML) guided Milliner™ platform and AbbVie's
expertise in Oncology and Neuroscience to develop next-generation
antibodies
- BigHat to receive $30 million
upfront payment with potential for further milestone payments and
royalties
NORTH
CHICAGO, Ill. and SAN MATEO,
Calif., Dec. 5, 2023 /PRNewswire/ -- AbbVie Inc.
(NYSE: ABBV) and BigHat Biosciences, today announced a research
collaboration to discover and develop next-generation therapeutic
antibodies in oncology and neuroscience. Working closely with
AbbVie, BigHat will utilize its Milliner™ platform, a suite of
machine learning technologies integrated with a high-speed wet lab,
to guide the design and selection for high quality antibodies for
multiple therapeutic targets.
"This collaboration further demonstrates our commitment to
integrate AI/ML-based approaches in drug discovery and development,
as we strive to accelerate our oncology and neuroscience pipeline,
and deliver better medicines faster," said Jonathon Sedgwick, Ph.D., vice president and
global head of discovery research at AbbVie. "We look forward to
working with BigHat's team to design novel antibody-based therapies
that may help address persistent unmet needs faced by
patients."
"We are thrilled to collaborate with AbbVie, a global leader in
driving innovation in drug development, and look forward to
employing our Milliner™ platform to help design next-generation
therapeutic antibodies," said Mark
DePristo, CEO, BigHat. "Milliner™ allows rapid optimization
of multiple key parameters including functionality and
developability, to help deliver complex antibodies with improved
characteristics faster."
Under the terms of the agreement, BigHat will receive an upfront
payment of $30 million and may be
eligible to receive up to approximately $325
million in aggregate research and development milestones,
with potential for further commercial milestones as well as tiered
royalties on net sales.
About AbbVie
AbbVie's mission is to discover and
deliver innovative medicines and solutions that solve serious
health issues today and address the medical challenges of tomorrow.
We strive to have a remarkable impact on people's lives across
several key therapeutic areas – immunology, oncology, neuroscience,
and eye care – and products and services in our Allergan Aesthetics
portfolio. For more information about AbbVie, please visit us at
www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X
(formerly Twitter), and YouTube.
About BigHat Biosciences
BigHat Biosciences designs
safer, more effective biologic therapies for patients using machine
learning and synthetic biology. BigHat integrates a wet lab for
high-speed characterization with machine learning technologies to
guide the search for better antibodies. We apply these design
capabilities to develop new generations of safer and more effective
treatments for patients suffering from today's most challenging
diseases.
BigHat is a Series B biotech outside San Francisco with a team-oriented, inclusive,
and family-friendly culture. Our pipeline of wholly-owned and
partnered therapeutic programs focus on indications with high unmet
need, such as cancer and inflammation. BigHat has raised over
$100M from top investors, including
Section 32, a16z, and 8VC. To learn more about us, visit
https://www.bighatbio.com and follow @BigHatBio on LinkedIn
and Twitter.
Forward-Looking Statements
Some statements in this
news release are, or may be considered, forward-looking statements
for purposes of the Private Securities Litigation Reform Act of
1995. The words "believe," "expect," "anticipate," "project" and
similar expressions and uses of future or conditional verbs,
generally identify forward-looking statements. AbbVie cautions that
these forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from those expressed or implied in the forward-looking statements.
Such risks and uncertainties include, but are not limited to,
challenges to intellectual property, competition from other
products, difficulties inherent in the research and development
process, adverse litigation or government action, and changes to
laws and regulations applicable to our industry. Additional
information about the economic, competitive, governmental,
technological and other factors that may affect AbbVie's operations
is set forth in Item 1A, "Risk Factors," of AbbVie's 2022 Annual
Report on Form 10-K, which has been filed with the Securities and
Exchange Commission, as updated by its subsequent Quarterly Reports
on Form 10-Q. AbbVie undertakes no obligation, and specifically
declines, to release publicly any revisions to forward-looking
statements as a result of subsequent events or developments, except
as required by law.
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SOURCE AbbVie