AbCellera Up 5% Following Deal With AbbVie

(RTTNews) - Shares of AbCellera Biologics Inc. (ABCL) are rising more than 5% Thursday morning after the company announced partnership with AbbVie Inc. (ABBV) to advance new antibody therapies.

As per the deal, AbbVie has the right to develop and commercialize therapeutic antibodies resulting from the partnership. AbCellera will receive research payments, milestone payments on reaching certain targets, and royalties on sales.

"Together with AbbVie, we aim to tackle some of the most difficult antibody discovery problems to help address patients' most serious health issues," said Carl Hansen, Ph.D., founder and CEO of AbCellera.

ABCL is at $10.66 currently. It has traded in the range of $5.42-$15.90 in the last 52 weeks.