Immunome Stock Jumps On Discovery Pact With AbbVie

AbbVie Inc ABBV and Immunome Inc IMNM announced a worldwide collaboration and option agreement to discover up to 10 novel antibody-target pairs arising from three specified tumor types using Immunome's Discovery Engine.
Immunome will receive an upfront payment of $30 million. It will be eligible to receive additional platform access payments in the aggregate amount of up to $70 million based on AbbVie's election for Immunome to continue research using its Discovery Engine.
Related: Immunome's COVID-19 Cocktail Retains Neutralizing Activity Against Omicron Subvariants.
Immunome is also eligible to receive development and first commercial sale milestones of up to $120 million per target with respect to certain products derived from target-antibody pairs that AbbVie elects to purchase, with potential for further sales-based milestones as well as tiered royalties on global sales.
Price Action: IMNM shares are up 5.52% at $4.97 on the last check Friday.