HotSpot Therapeutics has managed to gain some steam financially in the past few years, as the company wrangled several multi-million dollar raises. But its latest deal not only puts more cash into its pockets, it also connects with a major name in pharma.
On Tuesday, AbbVie and HotSpot announced they have entered an “exclusive” global collaboration, with the option to license HotSpot’s IRF5 program, which is designed to treat autoimmune diseases. The deal will see AbbVie hand HotSpot $40 million upfront, with the biotech eligible to receive $295 million in “option fees” and R&D milestones.
The deal also has the potential for further commercial milestones and other royalties on global net sales. If AbbVie does exercise the option, the pharma will conduct all future clinical development, manufacturing and commercialization for the program. HotSpot would have a one-time option to share in the R&D costs in exchange for a boost to…
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