Jacobio Earns $20M AbbVie Milestone

Jacobio Pharmaceuticals dosed the first two patients in the Phase 1/2a clinical trial of SHP2 inhibitor JAB-3312 in combination with PD-1 antibody Pembrolizumab and MEK inhibitor Binimetinib respectively, triggering a $20 million milestone payment from AbbVie.

This is the first milestone payment following the initial upfront fee of $45 million at the outset of the Jacobio/AbbVie's collaboration. In May 2020, the companies entered an agreement to develop and commercialize SHP2 inhibitors, including JAB-3068 and JAB-3312, on a worldwide basis. SHP2 inhibitors are Jacobio's in-house, small molecule anti-cancer drug candidates being investigated in clinical trials as either monotherapy or in combination therapy at more than 30 sites globally.

"Jacobio's SHP2 inhibitor JAB-3068 is the second SHP2 inhibitor drug candidate to receive investigational new drug (IND) approval from the U.S. FDA to enter clinical development. Since embarking on our collaboration with AbbVie, we have been working with AbbVie to accelerate the global development of SHP2 inhibitors, including JAB-3068 and JAB-3312. This clinical milestone provides financial support and injects confidence into our follow-up research and development," stated Dr. Yinxiang Wang, Chairman and CEO of Jacobio.