Development-stage biotech Infinity Pharmaceuticals (INFI) landed a key deal to develop its blood cancer drug duvelisib in partnership with big pharma AbbVie (ABBV), sending Infinity stock up 46% to a six-month high near 16 on the stock market today. The AbbVie-Infinity collaboration includes an upfront payment of $275 million, and up to $530 million in milestone payments if duvelisib passes successfully through development, approval and launch.
Development-stage biotech Infinity Pharmaceuticals (INFI) landed a key deal to develop its blood cancer drug duvelisib in partnership with big pharma AbbVie (ABBV), sending Infinity stock up 46% to a six-month high near 16 on the stock market today. The AbbVie-Infinity collaboration includes an upfront payment of $275 million, and up to $530 million in milestone payments if duvelisib passes successfully through development, approval and launch.
Shares of biotechs Celgene (CELG) and Infinity Pharmaceuticals (INFI) were both up in the stock market today on strong clinical data on their blood-cancer drugs presented at the American Society of Hematology conference over the weekend. Celgene reported details from its MM020 trial of Revlimid, which is already a blockbuster approved for treating relapsed multiple myeloma. The trial is studying the risk/benefit profile of Revlimid for long-term