Lupin gets $25 million from AbbVie for meeting key product development milestone

Drug firm Lupin on Thursday said it has received $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.

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

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

"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.