AbbVie has entered a strategic collaboration with biotechnology company Teneobio and its affiliate TeneoOne for the development and commercialisation of a multiple myeloma candidate TNB-383B.

TNB-383B is an immunotherapeutic designed to target B-cell maturation antigen (BCMA), which is considered as a good target for treating multiple myeloma.

The bispecific antibody uses Teneobio’s anti-CD3 platform to simultaneously target BCMA and CD3. This dual targeting is intended to stimulate the immune system to identify and kill BCMA expressing tumour cells.

Teneobio is planning to initiate a clinical programme to assess the product in the first half of this year.

AbbVie oncology early development vice-president and head Mohit Trikha said: “Multiple myeloma is one of the most common haematological cancers and an area of significant medical need.

“Teneobio’s novel approach to T-cell redirection with TNB-383B has the potential to be a treatment option that may offer new hope for myeloma patients.”

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According to the agreement, TeneoOne will receive $90m in upfront payments and continue to develop TNB-383B through Phase I.

AbbVie will have an exclusive right to acquire TeneoOne and carry out subsequent global development and commercialisation of the drug candidate.

“Combined with AbbVie’s commitment to bringing oncology products to the worldwide commercial market, we will be able to quickly progress the development of TNB-383B for patients in need.”

If the company decides to exercise the right to buy TeneoOne, former stockholders of TeneoOne will also be eligible to receive regulatory and commercial sales milestones.

Teneobio and TeneoOne CEO Roland Buelow said: “We are excited to partner with AbbVie on our first clinical candidate, TNB-383B, which targets BCMA using our unique T-cell redirecting platform.

“Combined with AbbVie’s commitment to scientific advancement and bringing oncology products to the worldwide commercial market, we will be able to quickly progress the development of TNB-383B for patients in need.”

AbbVie reported net revenues of $32.75bn for 2018. Its hematologic oncology portfolio generated $3.93bn in global net revenues in 2018, an increase of 46% on a reported basis.