Wednesday, April 17, 2024
Medincell (Paris:MEDCL) has announced a collaboration with AbbVie to jointly develop and commercialize up to six therapeutic products across various therapeutic areas and indications. The partnership aims to utilize Medincell's long-acting injectable technology platform to formulate innovative therapies. Medincell will lead formulation activities and preclinical studies, including supportive CMC work to advance candidates into clinical trials. AbbVie will finance and conduct the clinical development for each program and be responsible for regulatory approval, manufacturing, and commercialization.
Christophe Douat, CEO of Medincell, expressed excitement about the partnership, noting AbbVie's reputation as one of the most innovative and successful pharmaceutical companies. He highlighted Medincell's recent growth following FDA approval of the first product using their technology in April 2023 and the increasing recognition of long-acting injectable therapies' potential.
Sébastien Enault, Chief Business Officer of Medincell, emphasized the company's accelerated business development post-FDA approval and the transformative potential of their technology. He expressed readiness to ensure the success of the partnership.
Under the agreement covering up to six programs, Medincell will receive a $35 million upfront payment and may receive up to $1.9 billion in development and commercial milestones ($315 million for each program). Medincell will also be eligible for mid-single to low-double-digit royalties on net sales.
Source: businesswire.com
