REGENXBIO Inc. [NASDAQ: RGNX] has disclosed that it has inked a strategic collaboration agreement with AbbVie [NYSE: ABBV]. Both the firms have collaborated to develop and market RGX-314. RGX-314 is a one-time gene therapy for the cure of wet age-related macular degeneration (wet AMD), diabetic retinopathy (DR), and other chronic retinal diseases.
As per the partnership, REGENXBIO will be liable for the execution of the current studies of RGX-314. AbbVie and REGENXBIO will join forces and share costs on additional studies of RGX-314. It includes the scheduled second pivotal trial assessing subretinal delivery for the cure of wet AMD and future studies.
As per the strategic partnership agreement, AbbVie will head the clinical development and promotion of RGX-314 all around the globe. REGENXBIO shall take part in U.S. marketing efforts as stated under a mutually agreed upon marketing plan. Furthermore, RGX-314 is presently being assessed in sufferers with wet AMD in a pivotal study.
As per the partnership, AbbVie will pay REGENXBIO a $370 million upfront payment with the potential for REGENXBIO to get more than $1.38 billion in additional development, regulatory and commercial milestones. REGENXBIO and AbbVie will share the same in profits from net sales of RGX-314 in the U.S. AbbVie will give REGENXBIO tiered royalties on net sales of RGX-314 outside the U.S.