AbbVie, Teneobio enter into strategic transaction to develop potential treatment for multiple myeloma

AbbVie, Teneobio, Inc. and its affiliate TeneoOne, Inc. announced today that they have entered a global strategic transaction to develop and commercialize TNB-383B, a BCMA-targeting immunotherapeutic for the potential treatment of multiple myeloma.

B-cell maturation antigen (BCMA) has emerged as an attractive target for multiple myeloma therapeutics. TNB-383B is a bispecific antibody that simultaneously targets BCMA and CD3, utilizing Teneobio's unique anti-CD3 platform. Through this dual targeting mechanism, TNB-383B is designed to direct the body's own immune system to target and kill BCMA expressing tumor cells. Teneobio is expected to begin the clinical program for TNB-383B in the first half of 2019.

Roland Buelow, CEO of Teneobio, Inc. and TeneoOne, Inc. added, "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 world-wide commercial market, we will be able to quickly progress the development of TNB-383B for patients in need."

"Developing novel targeted treatments for patients with cancer continues to be our key priority," said Mohit Trikha, Ph.D., vice president and head, oncology early development, AbbVie. "Multiple myeloma is one of the most common hematological 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."

Under the terms of the agreement, TeneoOne will receive an upfront payment of $90 million and will continue developing TNB-383B through Phase 1. AbbVie will hold the exclusive right to acquire TeneoOne and lead subsequent global development and commercialization of TNB-383B. If AbbVie exercises its right to acquire TeneoOne, the former stockholders of TeneoOne will also be eligible for regulatory and commercial sales milestones.