- I-Mab IMAB reported significant changes to the company's collaboration on developing CD47 targeting agents.
- AbbVie Inc ABBV is discontinuing the development of lemzoparlimab in its territories. The company noted that the discontinuation was not related to safety or efficacy concerns but rather a strategic decision based on the evolving competitive landscape.
- Related Content: AbbVie Calls Off Early-Stage Trial For I-Mab's CD47-Targeted Blood Cancer Candidate.
- I-Mab will continue developing the drug candidate for the Chinese market, and Needham remains optimistic about the likelihood of lemzoparlimab becoming the first commercial anti-CD47 in China. The modified partnership will focus on novel anti-CD47 antibodies.
- In response to these updates, the analysts removed near-term AbbVie royalties on AML/MDS, postponed potential milestone payments, and decreased the pipeline value from $2 billion to $500 million.
- Needham maintains the Buy rating but decreased the price target to $41 from $72.
- Price Action: IMAB shares are down 15.8% at $6.71 on the last check Wednesday.
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