AbbVie Calls Off Early-Stage Trial For I-Mab's CD47-Targeted Blood Cancer Candidate - I-MAB (NASDAQ:IMAB), AbbVie (NYSE:ABBV)

I-Mab IMAB disclosed in an SEC filing that AbbVie Inc ABBV would discontinue the global Phase 1b study of lemzoparlimab combination therapy with azacitidine and venetoclax in myelodysplastic syndrome (MDS) and acute myelocytic leukemia (AML).
This decision was not based on any specific or unexpected safety concerns.
The study arose from the pact AbbVie and I-Mab inked in 2020 with $200 million upfront and more than a billion dollars in back-end payments.
The partnership will continue with "certain new anti-CD47 antibodies" or "other licensed products," I-Mab disclosed.
I-Mab stands to receive up to $1.295 billion in payments and tiered royalties under the amended deal.
The move comes days after Zai Lab Limited ZLAB shelved a Phase I program of its CD47 inhibitor ZL-1201 after scoping out the competitive landscape.
I-Mab continues to develop lemzoparlimab with a near-term focus on initiating a Phase 3 trial in patients with MDS in China. To date, Phase 1 and Phase 2 clinical studies of lemzoparlimab in the U.S. and China with nearly 200 patients have shown a good safety profile without the need for a priming dosing regimen.
Price Action: IMAB stock is down 12.40% at $6.98 on the last check Wednesday. ABBV shares traded 1.14% lower at $140.93.