AbbVie and Teneobio announced a global strategic transaction to develop and commercialize TNB-383B, a BCMA-targeting immunotherapeutic for the potential treatment of multiple myeloma.
TNB-383B is Teneobio's first clinical candidate, which works by targeting BCMA using the California-based biotech's unique T-cell redirecting platform.
According to AbbVie, Teneobio's novel approach to T-cell redirection with TNB-383B "has the potential to be a treatment option that may offer new hope for myeloma patients."
Under the terms of the agreement, Teneobio affiliate TeneoOne will receive an upfront payment of $90 million and will continue developing TNB-383B through Phase 1. AbbVie will hold the exclusive right to acquire TeneoOne and lead subsequent global development and commercialization of TNB-383B.
Read the press release