On June 13, 2024, the international pharmaceutical giant AbbVie announced a BD cooperation agreement, with the counterparty being a Chinese Biotech company named MabGenesis BioPharmaceutical (Beijing) Co., Ltd.Under the terms of the agreement, AbbVie will obtain the exclusive global license rights for the development, manufacturing, and commercialization of FG-M701 from MabPlex Biopharma's pipeline.Mingji Biologics will receive an upfront payment and near-term milestone payments totaling $150 million and is eligible for subsequent clinical development, regulatory registration, and commercialization milestone payments of up to $1.56 billion, as well as tiered royalties of up to a low double-digit percentage of net sales.This is a transaction with a total amount of up to 1.71 billion US dollars, and its main character, MabPlex, is a Biotech company that does not have a high exposure rate in the pharmaceutical industry in China.The pipeline FG-M701 transferred to AbbVie this time is a fully human monoclonal antibody targeting TL1A, a clinically validated target for inflammatory bowel disease.Compared with the first-generation TL1A antibody, FG-M701 has undergone unique engineering modifications, demonstrating the potential to be the best-in-class in terms of functional characteristics. It aims to provide better efficacy for inflammatory bowel disease treatment and reduce dosing frequency.In the past 2 years,TL1A is a hot target,Multiple multinational pharmaceutical giants have reached several deals around the TL1A target.
In April 2023, Merck acquired Prometheus Biosciences for $10.8 billion, bringing the core pipeline TL1A antibody PRA023 under its umbrella.In October 2023, Sanofi collaborated with Teva on its TL1A monoclonal antibody - TEV574 for over $1.5 billion.In October 2023, Roche acquired Telavant for over $7 billion, bringing the core pipeline TL1A antibody RVT-3101 into its portfolio.Following the deal with Mingji Biotech, AbbVie has become the fourth multinational pharmaceutical company to target TL1A, after Merck, Roche, and Sanofi.According to public information, MabGenesis was founded in San Francisco, USA in 2014, and its Beijing R&D center was established in 2016.Jin Zhaoyu is the founder of Mingji Biotech. He graduated from the University of Pennsylvania with a Ph.D. in Pharmacology and has led project teams at biopharmaceutical companies such as Genentech. He has extensive experience in basic and translational medical research, large molecule drug development, and corporate operations management.。
From a historical data perspective,Mingji Biotech in 20Once each in 2018 and 2021Financing.
Among themThe Amount of This Financing in 2021For300 million RMB,By CICCQide led the investment,Lilly Asia, Sinopharm Capital, and many othersInstitutional follow-on investment.
The upfront payment for this transaction with AbbVie is as high as 150 million US dollars,After years of R&D investment, Mingji Biotech is highly likely to recoup its costs in one go through this transaction.
Pharmaceutical ResearchReportShare CampCollect and Share Mainstream Pharmaceutical Research Reports in the Entire Market
Only 0.8 yuan per day
EnjoyMore than 1,600 articlesSelected Pharmaceutical Research Reports
New additions in the next yearAdditional 500 Articles
