South Korean clinical-stage biotech company ABL Bio (KOSDAQ:298380) signed a global licensing deal with British pharmaceutical and biotechnology firm GlaxoSmithKline to develop neurodegenerative disease treatments using its Grabody-B blood-brain barrier shuttle platform.
The agreement includes an upfront and near-term payment of up to 77.1 million pounds, with total milestone payments potentially reaching 2.075 billion pounds, ABL Bio said Sunday.
GlaxoSmithKline will lead the development, manufacturing, and commercialization efforts, while ABL Bio will receive tiered royalties on future sales, the release said.
ABL Bio hit the daily trading limit on Monday, soaring 29.96% to 44,250 won following the deal on Sunday, according to Pulse News.
Shares of the company jumped over 17% in recent trade on Tuesday.
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