(Yicai) Sept. 25 -- AbbVie Global has terminated a nearly USD3 billion deal that would have allowed the US pharmaceutical giant to co-develop and market the novel cancer drug of I-Mab with the Chinese biotech company.

On Sept. 21, AbbVie notified I-Mab that it would terminate the contract on Nov. 20, based on the previous program discontinuation and AbbVie’s strategic decision, the Shanghai-based firm announced on Sept. 22.

According to the deal the pair signed in September 2020, I-Mab would get tiered loyalties equivalent to a double-digit percentage on the global net sales of Lemzoparlimab, a novel CD47 antibody designed to offer unique advantages in drug safety without compromising efficacy.

“The termination will not affect the upfront and milestone payments of USD200 million that I-Mab received from AbbVie,” I-Mab noted.

The USD3 billion deal set a record for the largest Chinese first-in-class drug license-out deal ever.

In July, AbbVie also ended an authorization deal with Jacobio Pharmaceuticals Group, another Chinese biotech firm.

AbbVie does not lack funds, nor does it want to weaken cooperation with Chinese firms, an executive at a Chinese innovative drugmaker told Yicai, adding that it probably just felt the partnerships did not meet expectations.

Multinational pharmaceutical giants will definitely seek cooperation chances to fill the income gaps created by the expiration of drug patents, David Preston, managing director at biomedicine investment firm BFC Group, told Yicai. This will bring Chinese innovative drug firms lots of opportunities for overseas authorization, Preston added.

Editors: Xu Wei, Futura Costaglione