Latest News | Lupin Gets USD 25 Mn from AbbVie for Meeting Key Product Development Milestone

New Delhi, Jun 29 (PTI) Drug firm Lupin on Thursday said it has received USD 25 million (around Rs 205 crore) from AbbVie Inc for meeting a key development milestone for a product to treat hematological cancers.

The company has achieved a key milestone for its novel MALT1 (Mucosa-Associated Lymphoid Tissue Lymphoma Translocation Protein 1) inhibitor program that is partnered with AbbVie Inc towards treatment across a range of hematological cancers, the Mumbai-based drug maker said in a statement.

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As part of the agreement, Lupin has received USD 25 million from AbbVie for initiation of Phase 1 clinical studies successfully, it added.

The drug maker had earlier received USD 30 million from AbbVie for achievement of other milestones in the programme.

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"This achievement is further validation of our ability to successfully develop novel treatments for unmet needs. We look forward to continued successful development of this important treatment for patients with difficult-to-treat cancers," Lupin Managing Director Nilesh Gupta said in a statement.

Lupin and AbbVie inked the licensing, development, and commercialisation agreement in 2018 for a novel oncology drug to treat hematological cancers.

The company said its novel drug discovery and development (NDDD) team is focused on building a pipeline of highly differentiated and innovative new chemical entities in the oncology space.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)