India's third largest drug firm Lupin on Monday said that it has signed an agreement with US-based biopharmaceutical company AbbVie to develop and commercialise Lupin's novel oncology drug to treat hematological cancers for an upfront fee of $30 million and up to $947 million on achieving certain milestones. The drug is currently in pre-clinical stage.
The potential of this drug is not for one hematological cancer, it is for multiple different hematological cancers, said Raj Kamboj, president -novel drug discovery and development, Lupin.
The upfront is due upon signing which has happened and development milestones will be achieved based on successfully reaching clinical and development milestone along the way, Kamboj said.
"As and when they will be achieved, for example, in the major markets such as US, Europe and Japan, Lupin will be entitled based on the successful completion and achievement of those development milestones and clinical milestones,” he said.
AbbVie has licensed Lupin's MALT1 (Mucosa-Associated Lymphoid Tissue Lymphoma Translocation Protein1) inhibitor programme. Through this partnership, AbbVie gains exclusive global rights to develop and commercialise Lupin's MALT1 inhibitors.
Shares of Lupin were trading 0.29 percent lower at Rs 854.85 apiece on BSE.