• AbbVie Inc (ABBV) and Cugene Inc have announced an exclusive worldwide license option agreement for CUG252 for the potential treatment of autoimmune and inflammatory diseases.

• Cugene's lead candidate, CUG252, is an engineered IL-2 mutein designed to selectively activate and expand immune-suppressive Treg cells while reducing undesired IL-2 activity on other IL-2 receptor-expressing cells for autoimmune diseases.

• CUG252 is currently in a Phase 1 study in healthy volunteers.

• Cugene will receive an upfront payment of $48.5 million and be eligible to receive development and regulatory milestones and a license option exercise payment if AbbVie exercises the option.

• In addition, Cugene may also receive commercialization and sales-based milestones and tiered royalties.

• AbbVie will receive an option to obtain an exclusive license for certain IL-2 muteins, including CUG252.

• Cugene will conduct a Phase 1b study in patients with autoimmune/inflammatory disease during the option period.

• Upon exercising the option, AbbVie will conduct all future clinical development, manufacturing, and commercialization activities for CUG252.

• Price Action: ABBV shares are up 1.42% at $155.69 during the market session on the last check Monday.

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