- Collaboration will combine AbbVie's oncology expertise and
Xilio's proprietary tumor-activation technology to develop novel
immunotherapies, including masked T-cell engagers
- Xilio to host investor conference call and webcast today at
8:30 am EST
NORTH
CHICAGO, Ill. and WALTHAM,
Mass., Feb. 12, 2025 /PRNewswire/ -- AbbVie
(NYSE: ABBV) and Xilio Therapeutics, Inc. (Nasdaq: XLO), a
clinical-stage biotechnology company discovering and developing
tumor-activated immuno-oncology therapies for people living with
cancer, today announced a collaboration and option-to-license
agreement to develop novel tumor-activated,
antibody-based immunotherapies, including masked T-cell
engagers, leveraging Xilio's proprietary technology.
Xilio has developed a proprietary, clinically-validated platform
technology for tumor-activated biologics. The company is advancing
a pipeline of novel, clinical and pre-clinical immunotherapies,
including masked multispecific molecules designed to achieve
tumor-selective activation by leveraging masking and other unique
components that are optimized for the specific target. This allows
focused activity within the tumor microenvironment with the goal of
minimizing systemic adverse events.
"AbbVie is committed to expanding our R&D efforts in
oncology. This includes investigation of novel immunotherapy
approaches that aim to generate improved next-generation cancer
treatments for patients in need," said Theodora S. Ross, M.D., Ph.D., vice president,
early oncology research and development, AbbVie. "This partnership
with the Xilio team further exemplifies our commitment."
"This collaboration with AbbVie, a global leader in developing
and commercializing oncology therapies, allows us to accelerate the
expansion of our technology to next-generation immunotherapies,
including T-cell engagers," said Uli
Bialucha, Ph.D., chief scientific officer of Xilio. "We look
forward to working with the AbbVie team to apply our deep protein
engineering expertise coupled with tumor-selective activation
through our novel formats for masked T-cell engagers."
Under the terms of the agreement, Xilio will receive
$52.0 million in total upfront
payments, including a $10.0M equity
investment, and will be eligible to receive up to approximately
$2.1 billion in total contingent
payments for option-related fees and milestones plus tiered
royalties.
Xilio Investor Conference Call Information
Xilio will host a conference call and webcast today at
8:30 am EST. Viewers can access the
webcast by using this link. Listeners who require dial-in access
should register here to receive a unique PIN and information to
join the call. Listeners are encouraged to join at least 15 minutes
prior to the scheduled start time. The webcast will also be
accessible under "Events & Presentations" in the Investors
& Media section of the Xilio Therapeutics website at
https://ir.xiliotx.com. A replay of the webcast will be archived on
the website for 30 days following the presentation.
About AbbVie
AbbVie's mission is to discover and deliver innovative medicines
and solutions that solve serious health issues today and address
the medical challenges of tomorrow. We strive to have a remarkable
impact on people's lives across several key therapeutic areas –
immunology, oncology, neuroscience, and eye care – and products and
services in our Allergan Aesthetics portfolio. For more information
about AbbVie, please visit us at www.abbvie.com. Follow
@abbvie on LinkedIn, Facebook, Instagram, X
(formerly Twitter), and YouTube.
About AbbVie in Oncology
At AbbVie, we are committed to transforming standards of care
for patients living with difficult-to-treat cancers. We are
advancing a dynamic pipeline of investigational therapies across a
range of cancer types in both blood cancers and solid tumors. We
are focusing on creating targeted medicines that either impede the
reproduction of cancer cells or enable their elimination. We
achieve this through various, targeted treatment modalities and
biology interventions, including small molecule therapeutics,
antibody-drug conjugates (ADCs), immuno-oncology-based
therapeutics, multispecific antibody and in
situ CAR-T platforms. Our dedicated and experienced team
joins forces with innovative partners to accelerate the delivery of
potential breakthrough medicines.
Today, our expansive oncology portfolio comprises approved and
investigational treatments for a wide range of blood and solid
tumors. We are evaluating more than 20 investigational medicines in
multiple clinical trials across some of the world's most widespread
and debilitating cancers. As we work to have a remarkable impact on
people's lives, we are committed to exploring solutions to help
patients obtain access to our cancer medicines. For more
information, please visit http://www.abbvie.com/oncology.
About Xilio Therapeutics
Xilio Therapeutics is a clinical-stage biotechnology company
discovering and developing tumor-activated immuno-oncology (I-O)
therapies with the goal of significantly improving outcomes for
people living with cancer without the systemic side effects of
current I-O treatments. The company is using its proprietary
platform to advance a pipeline of novel, tumor-activated clinical
and preclinical I-O molecules that are designed to optimize the
therapeutic index by localizing anti-tumor activity within the
tumor microenvironment, including tumor-activated cytokines,
antibodies, bispecifics and immune cell engagers. Learn more by
visiting www.xiliotx.com and follow us on LinkedIn (Xilio
Therapeutics, Inc.).
AbbVie Forward-Looking Statements
Some statements in this news release are, or may be
considered, forward-looking statements for purposes of the Private
Securities Litigation Reform Act of 1995. The words "believe,"
"expect," "anticipate," "project" and similar expressions and uses
of future or conditional verbs, generally identify forward-looking
statements. AbbVie cautions that these forward-looking statements
are subject to risks and uncertainties that may cause actual
results to differ materially from those expressed or implied in the
forward-looking statements. Such risks and uncertainties include,
but are not limited to, challenges to intellectual property,
competition from other products, difficulties inherent in the
research and development process, adverse litigation or government
action, and changes to laws and regulations applicable to our
industry. Additional information about the economic, competitive,
governmental, technological and other factors that may affect
AbbVie's operations is set forth in Item 1A, "Risk Factors," of
AbbVie's 2023 Annual Report on Form 10-K, which has been filed with
the Securities and Exchange Commission, as updated by its
subsequent Quarterly Reports on Form 10-Q. AbbVie undertakes no
obligation, and specifically declines, to release publicly any
revisions to forward-looking statements as a result of
subsequent events or developments, except as required by
law.
Xilio Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended, including, without limitation, statements
regarding the development of novel tumor-activated, antibody-based
immunotherapies, the expansion of Xilio's platform technology,
Xilio's receipt of future contingent milestones, option fees and/or
royalties; and Xilio's strategy, goals, business plans and
focus. The words "aim," "may," "will," "could," "would," "should,"
"expect," "plan," "anticipate," "intend," "believe," "estimate,"
"predict," "project," "potential," "continue," "seek," "target" and
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Any forward-looking statements in this
press release are based on management's current expectations and
beliefs and are subject to a number of important risks,
uncertainties and other factors that may cause actual events or
results to differ materially from those expressed or implied by any
forward-looking statements contained in this press release,
including, without limitation, general market conditions; risks and
uncertainties related to ongoing and planned research and
development activities, including initiating, conducting or
completing preclinical studies and clinical trials and the timing
and results of such preclinical studies or clinical trials; the
delay of any current or planned preclinical studies or clinical
trials or the development of Xilio's current or future product
candidates; Xilio's ability to obtain and maintain sufficient
preclinical and clinical supply of current or future product
candidates; Xilio's advancement of multiple early-stage immune cell
engager programs; interim or preliminary preclinical or clinical
data or results, which may not be replicated in or predictive of
future preclinical or clinical data or results; Xilio's ability to
successfully demonstrate the safety and efficacy of product
candidates and gain approval of product candidates on a timely
basis, if at all; results from preclinical studies or clinical
trials for product candidates, which may not support further
development of such product candidates; actions of regulatory
agencies, which may affect the initiation, timing and progress of
current or future clinical trials; Xilio's ability to obtain,
maintain and enforce patent and other intellectual property
protection for current or future product candidates; Xilio's
ability to obtain and maintain sufficient cash resources to fund
its operations; the impact of international trade policies on
Xilio's business, including U.S. and China trade policies; Xilio's ability to
maintain its collaboration and partnership agreements with Roche,
Gilead and AbbVie. These and other risks and uncertainties are
described in greater detail in the sections entitled "Risk Factor
Summary" and "Risk Factors" in Xilio's filings with the U.S.
Securities and Exchange Commission (SEC), including Xilio's most
recent Quarterly Report on Form 10-Q and any other filings
that Xilio has made or may make with the SEC in the future. Any
forward-looking statements contained in this press release
represent Xilio's views only as of the date hereof and should not
be relied upon as representing its views as of any subsequent date.
Except as required by law, Xilio explicitly disclaims any
obligation to update any forward-looking statements.
This press release contains hyperlinks to information that is
not deemed to be incorporated by reference in this press
release.
AbbVie Investor and Media Contacts
Media
Sourojit (Jit)
Bhowmick, Ph.D.
jit.bhowmick@abbvie.com
Investors
Liz Shea
liz.shea@abbvie.com
Xilio Investor and Media Contact
Scott Young
Vice President, Investor Relations and Corporate Communications
investors@xiliotx.com
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SOURCE AbbVie
