Covington Represents IGI Therapeutics In Exclusive Global Licensing Agreement With AbbVie

Covington represents IGI Therapeutics in exclusive global licensing agreement with AbbVie

Covington represents IGI Therapeutics SA, a wholly owned subsidiary of New York-based Ichnos Glenmark Innovation, Inc. (IGI), in an exclusive licensing agreement with AbbVie for IGI’s lead investigational asset, ISB 2001, developed using IGI’s proprietary BEAT® protein platform, for oncology and autoimmune diseases.

Under the terms of the agreement, AbbVie will receive exclusive rights to develop, manufacture, and commercialize ISB 2001 across North America, Europe, Japan, and Greater China. Subject to regulatory clearance, IGI will receive an upfront payment of $700 million and is eligible to receive up to $1.225 billion in development, regulatory, and commercial milestone payments, along with tiered, double-digit royalties on net sales.

IGI is a global, fully integrated clinical-stage biotechnology company focused on developing innovative biologics in oncology. Headquartered in New York, IGI is advancing a robust pipeline of novel, first-in-class multispecifics™ aimed at addressing complex diseases and treating patients holistically.

The Covington team was led by J. D. Weinberg (Partner), Van Ellis (Partner), Winsome Cheung (Partner), and Jeff Tsai (Associate).

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