08:14 AM EDT, 07/10/2025 (MT Newswires) -- AbbVie ( ABBV ) and IGI Therapeutics said Thursday they agreed to an exclusive licensing deal for IGI's lead investigational therapy ISB 2001, which is currently being evaluated in a phase 1 trial in multiple myeloma patients.

Under the terms of the agreement, AbbVie ( ABBV ) will make a $700 million upfront payment to IGI and up to $1.23 billion in development, regulatory, and commercial milestone payments as well as tiered, double-digit royalties on net sales, the companies said.

AbbVie ( ABBV ) said it will receive exclusive rights to develop, manufacture, and commercialize ISB 2001 in North America, Europe, Japan, and Greater China.

IGI Therapeutics is a wholly-owned unit of Ichnos Glenmark Innovation.