Dragonfly to receive payment for the first Opt-In from AbbVie as part of a multi-target collaboration launched just over 1 year ago.
WALTHAM, Mass., Jan. 12, 2021 /PRNewswire/ -- Dragonfly Therapeutics ("Dragonfly"), a biotechnology company developing novel immunotherapies that harness the innate immune system to treat disease, today announced that AbbVie (NYSE: ABBV), has licensed its first TriNKET™ drug candidate from Dragonfly, part of a multi-target collaboration initiated in November 2019 designed to advance a number of Dragonfly's novel NK cell engager-based immunotherapies for autoimmune and oncology indications.
"AbbVie is committed to delivering improved treatment options to our patients" said Tom Hudson, M.D. Senior Vice President, R&D and Chief Scientific Officer at AbbVie. "The collaboration with Dragonfly has been remarkable. Working together, the teams have made rapid progress to develop this first TriNKET in record time."
"AbbVie is a global leader in treating immune-mediated diseases" said Bill Haney, co-founder and chief executive officer of Dragonfly, "they are a terrific partner and this opt-in, so soon after launching our collaboration, is a great vote of confidence. We look forward to continued success and rapid progress with the AbbVie team to advance new treatment options for patients."
The opt-in grants AbbVie exclusive worldwide intellectual property rights to develop and commercialize products directed to this first specific target, developed using Dragonfly's TriNKET™ technology platform. Dragonfly will receive an opt-in payment, as well as potential future development milestone payments and royalties from the sales of any commercialized candidates.
About Dragonfly Dragonfly Therapeutics is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing therapies that use its novel TriNKET™ technology to harness the body's innate immune system to bring breakthrough cancer treatments to patients.