11:40 AM EST, 01/13/2025 (MT Newswires) -- AbbVie ( ABBV ) and Simcere Zaiming said Monday they have entered an option-to-license agreement to develop a multiple myeloma bone marrow cancer treatment SIM0500.

SIM0500, which is currently undergoing phase 1 clinical trials, aims to treat patients with relapsed or refractory multiple myeloma in both China and the US, the companies said.

Under the agreement, AbbVie ( ABBV ) will pay Simcere Zaiming an upfront amount along with additional option fees and milestone payments for a total of up to $1.06 billion, they added.

Simcere Zaiming will receive tiered royalties on net sales outside Greater China, while AbbVie ( ABBV ) will get tiered royalties in Greater China, according to the companies.

Shares of AbbVie ( ABBV ) were up 1.3% in recent trading

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