In June 2020, we entered into an option and license agreement with AbbVie, which grants AbbVie the option to license worldwide rights to ALPN-101, a phase 2-ready, first-in-class dual CD28/ICOS costimulation antagonist, building on AbbVie’s commitment to developing novel therapies in Immunology. During the option period, we will conduct a Phase 2 study in systemic lupus erythematosus. Upon exercise of the option, AbbVie will conduct all future clinical development, manufacturing, and commercialization activities for ALPN-101. Under the terms of the agreement, we will receive an upfront payment of $60 million and will also be eligible to receive up to an aggregate of $805 million for exercise of the option and success-based development, regulatory, and commercial milestones. In addition, we are eligible to receive tiered royalties on net sales of ALPN-101.

Adaptimmune Therapeutics

In May 2019, we entered into a collaboration and license agreement with Adaptimmune Therapeutics to develop next-generation SPEAR™ T-cell products which incorporate our secreted and transmembrane immunomodulatory protein (termed SIP™ and TIP™) technology. Together, our companies will collaborate on a number of programs to develop SIP and TIP candidates with tailored affinities and modulatory activities potentially enhancing the anti-tumor responses seen with Adaptimmune’s SPEAR™ T-cells. For each program, Adaptimmune has an option to take a worldwide exclusive license for development and commercialization of SPEAR™ T-cell products incorporating our SIP or TIP technology for the treatment of cancer. We received an upfront payment and Adaptimmune will provide research funding for ongoing programs. In addition, there are potential downstream development and commercialization milestones up to $288 million, if all pre-specified milestones for each program are achieved and low-single digit royalties on worldwide net sales of the applicable products.

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