05:57 AM EST, 12/31/2025 (MT Newswires) -- AbbVie ( ABBV ) has entered into a collaboration and licensing agreement with Zelgen Biopharma for the development and commercialization of alveltamig, Zelgen Biopharma said Wednesday.

Under the agreement, AbbVie ( ABBV ) will receive exclusive rights to develop and commercialize alveltamig outside Greater China, while Zelgen Biopharma will retain development and commercialization rights in Greater China, according to a Google translation of the company's announcement.

Zelga Biopharma said it will receive an upfront payment of $100 million, along with up to $60 million in near-term milestone payments tied to clinical progress and licensing options.

If AbbVie ( ABBV ) exercises its licensing options, Zelgen Biopharma said it would be eligible for up to $1.08 billion in milestone payments and tiered royalties ranging from high single-digit to mid-double-digit percentages of net sales outside Greater China.

The company said the transaction has been approved by its board and does not require shareholder approval.