RTTNews | Sep 13, 2021 01:11PM EDT

13:10 Monday, September 13, 2021 (RTTNews.com) - Shares of REGENXBIO Inc. (RGNX) is up over 25% on Monday morning after the company announced a collaboration deal with AbbVie to develop and commercialize RGX-314, a gene therapy candidate for the treatment of chronic retinal diseases. AbbVie will give REGENXBIO an upfront payment of $370 million.

With the potential for REGENXBIO to receive up to $1.38 billion in additional development, regulatory and commercial milestones.

RGNX is currently trading at $41.40, up $8.32 or 25.14%, on the Nasdaq.

REGENXBIO and AbbVie will share equally in profits from net sales of RGX-314 in the U.S. AbbVie will pay REGENXBIO tiered royalties on net sales of RGX-314 outside the U.S.

In addition, REGENXBIO will lead the manufacturing of RGX-314 for clinical development and U.S. commercial supply, and AbbVie will lead manufacturing of RGX-314 for commercial supply outside the U.S.

The transaction is expected to close by the end of 2021.

Read the original article on RTTNews ( https://www.rttnews.com/3225245/regenxbio-jumps-25-on-collaboration-deal-with-abbvie-for-eye-disease-gene-therapy.aspx)

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