June 10, 2020 / 11:42 AM / a month ago

Abbvie partners with Genmab in $750 million cancer therapy deal

FILE PHOTO: A screen displays the share price for drugmaker AbbVie on the floor of the New York Stock Exchange July 18, 2014. REUTERS/Brendan McDermid/File Photo

(Reuters) - Abbvie Inc said on Wednesday it has entered into an agreement with Genmab AS to jointly develop and commercialize cancer treatment.

Under the terms of the agreement, AbbVie will pay Genmab $750 million in upfront payment and Genmab could receive up to $3.15 billion in additional development, regulatory and sales milestone payments.

Reporting By Mrinalika Roy in Bengaluru; Editing by Vinay Dwivedi

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