Pharmaceutical company AbbVie Inc (NYSE: ABBV) and clinical-stage immunotherapy company OSE Immunotherapeutics (Mnemo: OSE) announced on Wednesday that the companies have entered a global partnership to develop OSE-230, a first-in-class monoclonal antibody designed for resolving chronic inflammation.

OSE Immunotherapeutics will receive an upfront payment of USD48m, with the potential for up to USD665m in milestone payments, along with tiered royalties on global net sales of OSE-230.

OSE-230, in pre-clinical development, activates ChemR23, presenting a novel mechanism for chronic inflammation resolution by modulating macrophages and neutrophils. The collaboration grants AbbVie exclusive global rights for development, manufacturing and commercialisation.

The agreement is contingent on customary closing conditions, including the Hart-Scott-Rodino Antitrust Improvements Act waiting period.