AbbVie, Caribou Biosciences Ink Licensing Agreement For (CAR)-T Cell Therapeutics

AbbVie Inc (NYSE: ABBV) and Caribou Biosciences have entered into a multi-year collaboration and license agreement to research and develop chimeric antigen receptor (CAR)-T cell therapeutics.
AbbVie will utilize Caribou's Cas12a CRISPR hybrid RNA-DNA genome editing and cell therapy technologies to research and develop two new CAR-T cell therapies directed to targets specified by AbbVie, and it will have exclusive rights to Caribou's genome editing and cell therapy technologies for the selected targets.
Caribou will conduct certain preclinical research, development, and manufacturing activities, and AbbVie will reimburse Caribou for all such activities under the collaboration. AbbVie is responsible for all clinical development, commercialization, and manufacturing efforts.
AbbVie has the option to pay a fee to expand the collaboration to include up to an additional two CAR-T cell therapies. Caribou will receive $40 million in an upfront cash payment and equity investment, along with up to $300 million in future milestone payments as well as global tiered royalties.
Price Action: ABBV shares inched lower by 0.44% at $104.93 on the last check Wednesday.