Suzhou Zelgen Biopharmaceuticals (SHA:688266) received $10 million in near-term milestone payments from AbbVie as part of its exclusive rights deal for the drug ZG006, or Alveltamig, according to a Shanghai bourse filing on Wednesday.
AbbVie obtained exclusive rights to develop and commercialize the drug outside Greater China.
The biopharmaceutical company is eligible to receive milestone payments of up to $1.08 billion.
Zelgen's shares rose 2% during the midday trade.
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