Shares of Cambridge biotech company Infinity Pharmaceuticals soared yesterday after it announced it has inked a partnership with pharmaceutical giant AbbVie to develop its blood cancer drug.
The companies will jointly develop the cancer drug duvelisib, which is undergoing clinical trials to treat a type of non-Hodgkin lymphoma and a type of leukemia. Shares of Infinity shot up 44 percent, closing at $15.73.
"This collaboration is an important step toward fulfilling Infinity's objective of bringing better treatments to patients," Adelene Perkins, president and CEO of Infinity, said in a statement. "AbbVie will be a wonderful partner for Infinity, bringing all of the expertise and scale of a successful, well-established company, together with the energy, drive, innovation and nimbleness of a young organization."
Under the agreement, Infinity will get an up-front payment of $275 million and up to $530 million in payments when certain milestones are met.
Infinity spokeswoman Jaren Irene Madden said the agreement will help fund future trials for the drug, which could lead to it being approved for treatment of other blood cancers.
"We have early data that shows that this drug is active across a broad range of blood cancers," Madden said. "Both the up-front and the milestone (payments) will enable us to fund these clinical studies."
AbbVie yesterday also announced a partnership with Google spin-out Calico that is developing drugs for cancer and diseases including Alzheimer's. Google executives have described Calico as a project that will enable people to live longer.
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