On September 22, 2023 I-Mab (Nasdaq: IMAB) (the "Company") received a notice on September 21, 2023, from AbbVie Global Enterprises Ltd ("AbbVie"), terminating the license and collaboration agreement between the parties dated September 3, 2020, and subsequently amended on August 15, 2022, (the "Collaboration Agreement") relating to certain CD47 antibody compounds and products. The termination of the Collaboration Agreement in its entirety by AbbVie is based on the previous program discontinuation and AbbVie’s strategic decision. The termination will take effect on November 20, 2023. As a result, the Company will regain the full global rights to develop and commercialize certain CD47 compounds and products under the Collaboration Agreement, including lemzoparlimab. The termination will not affect the upfront and milestone payments of $200 million that the Company has received from AbbVie.
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Lemzoparlimab is a novel CD47 antibody designed to offer unique advantages in drug safety without compromising efficacy. The Company is currently conducting a Phase 3 registrational study of lemzoparlimab in combination with azacitidine (AZA) as a first-line treatment of patients with higher-risk myelodysplastic syndrome (HR-MDS) in China to evaluate its clinical efficacy and safety. Lemzoparlimab has the potential to be the first-in-class CD47 antibody for hematologic malignancies in China.
The Company will continue to review follow-up data from the Phase 2 study of lemzoparlimab in HR-MDS, as well as all available and upcoming data from other investigational CD47 therapies, to explore future development opportunities with lemzoparlimab.