IGI Therapeutics SA, a wholly owned subsidiary of clinical-stage biotechnology company Ichnos Glenmark Innovation Inc (IGI), and pharmaceutical company AbbVie (NYSE:ABBV) announced on Thursday an exclusive licensing agreement for IGI's lead investigational asset, ISB 2001, developed using IGI's proprietary BEAT protein platform, for oncology and autoimmune diseases.

Under the terms of the agreement, AbbVie will receive exclusive rights to develop, manufacture and commercialise ISB 2001 across North America, Europe, Japan and Greater China. Subject to regulatory clearance, IGI will receive an upfront payment of USD700m and is eligible to receive up to USD1.225bn in development, regulatory and commercial milestone payments, along with tiered, double-digit royalties on net sales.

Currently in a Phase 1 clinical trial for relapsed/refractory multiple myeloma, ISB 2001 is a first-in-class trispecific T-cell engager that targets BCMA and CD38 on myeloma cells and CD3 on T cells. The US Food & Drug Administration granted ISB 2001 Orphan Drug Designation in July 2023 and Fast Track Designation for the treatment of relapsed/refractory myeloma patients in May 2025.