Tizona Lands $105M from AbbVie in Cancer Drug R&D Alliance
Summary
A cancer immunotherapy teed up for clinical trials by Tizona Therapeutics is now the centerpiece of a new partnership with AbbVie, which is paying the startup $105 million up front.In addition to the cash paid to South San Francisco, CA-based Tizona, AbbVie (NYSE: ABBV ) said Thursday that it has made an equity investment in its partner.Tizona develops drugs intended to inhibit the activity of enzymes on the surface of tumor cells that suppress the body’s immune response.After that study is complete, AbbVie, which is headquartered in North Chicago, IL, has the exclusive option to take over development of the drug.The company is also eligible for milestone payments tied to the progress of the drug, and royalties from sales if AbbVie is able to bring it to the market.