AbbVie frontloads Morphic fibrosis development deal with $100M in cash
A few weeks ago Morphic Therapeutic came up with a big, $80 million round to advance its work into the clinic. Now they’re following up with a major discovery deal with AbbVie, where the deep-pocket pharma giant is paying a whopping $100 million for a line on a portfolio of oral fibrosis drugs.
Most preclinical deals start small and include some big milestones for success. It’s rare to see any discovery pact come with such a handsome upfront. But CEO Praveen Tipirneni tells me that the stars and the biotech’s platform were all aligned for this deal.
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