China-based biotech company I-Mab said on Friday that AbbVie has terminated a 2020 deal to co-develop and market I-Mab's lead cancer drug candidate lemzoparlimab. AbbVie's decision to scrap the deal comes after it pulled the plug on an early-stage study in August last year that was testing lemzoparlimab in combination with two other drugs for treating two types of blood cancers, myelodysplastic syndrome and acute myelocytic leukemia.

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The deal termination will be effective Nov. 20 this year, and will not affect upfront and milestone payments of $200 million that the company has received from AbbVie, according to I-Mab.

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I-Mab said it will explore future development opportunities with lemzoparlimab.

In 2020, AbbVie acquired the rights to I-Mab's antibody-based drug candidates, including lemzoparlimab, outside China for $180 million upfront payment and additional $1.74 billion in milestone payments.