Global pharma Celgene Corp. is exercising an option to commercialize a locally developed neurological drug from San Diego’s Abide Therapeutics.
The local biotech will receive a $20 million payment from Celgene, adding to the $50 million upfront payment Abide Therapeutics received back in 2014 when the drug development deal was signed.
The agreement allows Celgene to commercialize Abide’s drug, called ABX-1431, outside the U.S., while Abide gets to keep U.S. rights. ABX-1431 may help manage the symptoms of multiple sclerosis, and work in combination with other drugs to suppress the underlying cause of the autoimmune disease.
Celgene will be responsible for development costs for all indications from Phase 2 clinical trials and beyond.