08:44 AM EDT, 06/13/2024 (MT Newswires) -- AbbVie ( ABBV ) and FutureGen Biopharmaceutical Beijing said Thursday they have entered into a license agreement to develop a potential next-generation therapy for inflammatory bowel disease.

They said that under the deal, AbbVie ( ABBV ) will get an exclusive global license to develop, manufacture and commercialize FG-M701, a TL1A antibody currently in preclinical development.

FutureGen will get upfront and near-term milestone payments of $150 million and may also receive up to an additional $1.56 billion in clinical development, regulatory and commercial milestones, as well as tiered royalties up to low-double digits on net sales, the companies said.

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