Latham & Watkins Advises AbbVie on US$1.925 Billion Licensing Agreement With Ichnos Glenmark Innovation

AbbVie (NYSE: ABBV) and IGI Therapeutics SA, a wholly owned subsidiary of New York-based Ichnos Glenmark Innovation, Inc. (IGI), has announced 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 commercialize ISB 2001 across North America, Europe, Japan, and Greater China. Subject to regulatory clearance, IGI will receive an upfront payment of US$700 million and is eligible to receive up to US$1.225 billion in development, regulatory, and commercial milestone payments, along with tiered, double-digit royalties on net sales.

Latham & Watkins LLP represents AbbVie with a Healthcare & Life Sciences team led by New York partner Aaron Gardner and San Diego counsel Robert Yeh, with associate Patrick Chew. Advice was also provided on antitrust matter by Washington, D.C. partner Ian Conner and Brussels partner Héctor Armengod, with associate Karen Kim; and on data privacy matters by Bay Area partner Heather Deixler.