AbbVie (ABBV) and Xilio Therapeutics (XLO) said Wednesday they are collaborating and have signed an option-to-license agreement to develop tumor-activated, antibody-based immunotherapies, including masked T-cell engagers.
The companies said they will combine Xilio's tumor-activation technology with AbbVie's research and development efforts in oncology.
As part of the deal, Xilio will receive $52 million upfront, including a $10 million equity investment, the companies said, adding that Xilio could also earn up to $2.1 billion in milestone payments plus royalties.
Shares of Xilio Therapeutics soared 120% in recent premarket activity, while AbbVie shares were up 0.1%.
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