Immunome Up 16% On Partnering With AbbVie To Leverage New Drug Discovery Potential

(RTTNews) - Shares of Immunome, Inc. (IMNM) are rising more than 16% Friday morning after AbbVie (ABBV) and Immunome announced partnership to develop up to 10 novel antibody-target pairs leveraging Immunome's Discovery Engine.

As per the multi-year collaboration agreement, Immunome will grant AbbVie the option to purchase worldwide rights for up to 10 novel target-antibody pairs arising from the selected tumors.

Immunome will receive $30 million upfront, with further milestone payments on achieving certain targets.

"This collaboration fits well within Immunome's strategy to maximize the new drug discovery potential of our Discovery Engine through partnerships across multiple therapeutic segments, in addition to advancing our own proprietary pipeline," said Purnanand Sarma, president and CEO of Immunome.

IMNM, currently at $5.50, has traded in the range of $2.09-$12.35 in the last 1 year.