Harpoon Therapeutics on Thursday said it signed a license and option agreement with AbbVie for its HPN217 drug candidate and said it also agreed to expand its existing discovery collaboration with AbbVie.
The South San Francisco, Calif., clinical-stage immunotherapy company said it granted AbbVie an option to license worldwide rights to HPN217 for the treatment of the blood cancer multiple myeloma.
Harpoon said the two agreements provide for a total of $50 million in upfront payments, along with up to $50 million in a contingent milestone payment for first patient treated with HPN217 in a clinical trial.
The company said the HPN217 license and option agreement represents a potential transaction value of up to $510 million in upfront, option and milestone payments, plus royalties on sales.
As part of the expanded collaboration agreement, AbbVie will receive worldwide exclusive rights to develop and commercialize two new molecules engineered for two selected targets and has the option to select up to four additional targets. Harpoon said is eligible to receive up to $310 million in upfront and milestone payments for each selected target.
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