AbbVie Teams Up With Tentarix To Develop Multi-specific Biologics For Oncology, Immunology

(RTTNews) - Drug manufacturer AbbVie Inc. (ABBV) announced a collaboration with Tentarix Biotherapeutics on Thursday to use the latter's Tentacles platform for developing conditionally active, multi-specific biologic candidates in oncology and immunology.

The company said that it plans to expand its oncology and immunology portfolio with the partnership.

Under the partnership, Tentarix will receive an upfront payment of $64 million from AbbVie, which will in return receive an option to fully acquire the programs after candidate nomination for an additional undisclosed amount.

Currently, AbbVie's stock is trading at $174.56, down 0.33 percent on the New York Stock Exchange.