11:10 AM EDT, 10/31/2024 (MT Newswires) -- AbbVie ( ABBV ) and EvolveImmune Therapeutics said Thursday that they signed a collaboration and option-to-license agreement to develop multispecific biologics for multiple targets in oncology.

The companies said the partnership will use EvolveImmune's T-cell engager platform to develop novel antibody-based therapies for solid and hematologic malignancies.

Under the deal, EvolveImmune will receive $65 million in upfront payment from AbbVie ( ABBV ) and be eligible for up to $1.4 billion in option fees, royalties, and milestone payments, according to the statement.

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