09:36 AM EST, 01/23/2025 (MT Newswires) -- AbbVie ( ABBV ) and Neomorph said Thursday they entered a collaboration and option-to-license deal to develop molecular glue degraders for various oncology and immunology targets.

Molecular glue degraders are small molecules designed to degrade proteins that drive cancer growth or immune system dysregulation, according to the companies.

The companies said that under the terms of the deal, Neomorph will get an upfront payment from AbbVie ( ABBV ) and is eligible to receive up to $1.64 billion in future option fees and milestones.

ABBV shares were edging 0.6% higher in early trading.

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