AbbVie, Infinity team up to develop cancer drug

SHARE AbbVie, Infinity team up to develop cancer drug

AbbVie Inc. will pay up to $800 million to drug developer Infinity Pharmaceuticals Inc. in a collaboration on a potential cancer treatment. Share of Infinity soared on the news.

AbbVie will pay $275 million upfront to Cambridge, Massachusetts-based Infinity plus up to $530 million in additional payments if the treatment, duvelisib, reaches certain development and commercial milestones. Infinity is studying duvelisib as a possible treatment for blood cancers such as leukemia and non-Hodgkin lymphoma.

The companies will both sell duvelisib in the United States and share any profits. AbbVie will be responsible for selling it outside the U.S., and Infinity would receive royalties on those sales.

Shares of Infinity soared about 44 percent, or $4.81, to $15.73. The drug developer has no products on the market and reported no revenue in this year’s second quarter.

Shares of North Chicago-based AbbVie, which sells the blockbuster anti-inflammatory drug Humira, rose 44 cents to $55.51.


Google’s health startup forges venture with AbbVie

AbbVie reports 2Q sales of $4.93B, up 5%

AbbVie, Shire agree on $55B combination

AbbVie blood cancer drug fast-tracked by FDA


THE ASSOCIATED PRESS

The Latest
The area recently made history by gaining its first Asian American City Council member, and this same area should make history by being allowed to have its own high school.
Cecilia Thomas was inside a car when another car approached and someone inside the second car opened fire, striking her in the head, police and the Cook County medical examiner’s office said.
Grandparent is holding back emotions out of fear of never seeing the boys again.
The man, 32, was leaving his car in the 1300 block of West Roosevelt Road about 4:30 a.m. when he was shot twice in the chest.
The fire began in the basement of a house in the 4000 block of West Potomac Avenue about 12:20 a.m., officials said.