The stock of AbbVie (NYSE:ABBV) closed at $96.04 gaining 4.20% in yesterday’s trading session. This company is bringing onboard Harpoon Therapeutics in a partnership that will have the two engage in an immuno-oncology research collaboration. They will be aiming at incorporating AbbVie’s research-stage immuno-oncology targets with Harpoon’s tri-specific T-cell activating construct (TriTAC™) platform in a bid to develop novel cancer therapeutics.
The terms of the agreement provide that Harpoon will be engineering the TriTAC molecules set out against specific cancer targets and will be employing its proprietary platform in the evaluation of molecules for pharmacologic properties. AbbVie will be seeking out rights to pursue further commercialization and development of these particular molecules. The financial terms have not yet been disclosed to this point in time.
The chief executive officer for Harpoon Therapeutics, Jerry McMahon opined, “This collaboration is the first for Harpoon and highlights the high level of industry interest in best-in-class platform technologies.”
The company has expressed its excitement about partnering with AbbVie towards helping come up with novel T-cell engagers to help in facing out cancer based on the combination of T-cell receptors with TriTACs.
The vice president of a segment of AbbVie, Tom Hudson, stated that indeed T-cell therapies were a remarkable representation of the next wave of innovation targeting the treatment of cancer patients. The company remains committed to offering its services to each and every person struggling with the condition worldwide.
A spokesperson for AbbVie said that the company was happy about the fact that it had made tremendous steps forward in helping deal with the most critical and complex conditions. The company intends to employ its dedicated employees, expertise and unique approaches towards improving treatments across four fundamental therapeutic areas. These areas include oncology, immunology, neuroscience and virology.
The staff of AbbVie is currently working in more than 75 countries globally and they have been aiming to advance health solutions for struggling patients. Analysts have supported the recent move saying that it is a major step towards ensuring wellness globally.
