India, Feb. 12 -- AbbVie Inc. (ABBV) and Xilio Therapeutics, Inc. (XLO), a clinical-stage biotechnology company, Wednesday announced collaboration and option-to-license agreement to develop novel tumor-activated immunotherapies leveraging Xilio's proprietary technology. Following the news, Xilio shares were rising more than 100 percent in pre-market.
Xilio, who has developed a clinically-validated platform technology for tumor-activated biologics, is advancing a pipeline of clinical and pre-clinical immunotherapies.
As per the deal, Xilio will receive $52 million in upfront payments, including a $10 million equity investment. The company is also eligible to receive up to about $2.1 billion in contingent payments for option-related fees an...