AbbVie Secures $1.1B Deal for Zelgen's DLL3-Targeting Cancer Therapy
核心洞察
AbbVie (搜索) has signed a $1.1 billion licensing deal with China's Zelgen Biopharmaceuticals (搜索) for global rights to alveltamig (搜索) (ZG-006), a trispecific T-cell engager targeting DLL3 (搜索)-expressing tumors.
The agreement includes a $100 million upfront payment and up to $1.075 billion in potential milestone payments, with Zelgen retaining commercialization rights in Greater China.
Alveltamig (搜索) is currently in Phase I/II trials for small cell lung cancer (搜索) and neuroendocrine carcinoma (搜索), targeting DLL3 (搜索) which is expressed in over 70% of small cell lung cancers.
AbbVie (搜索) Inc. has entered into a $1.1 billion licensing agreement with China's Zelgen Biopharmaceuticals (搜索) Co. Ltd. for the global development and commercialization rights to alveltamig (搜索) (ZG-006), a next-generation trispecific T-cell engager targeting delta-like ligand 3 (搜索) (DLL3 (搜索)). The deal, announced on New Year's Eve, grants AbbVie exclusive rights outside of Greater China while Zelgen retains full commercialization rights within the region.
Deal Structure and Financial Terms
Under the agreement, AbbVie (搜索) will pay Zelgen an upfront fee of $100 million, with an additional $60 million available in near-term milestones and option-related payments. Should AbbVie exercise its licensing option, Zelgen could receive up to $1.075 billion in additional development, regulatory, and commercial milestones, alongside tiered royalties ranging from high single-digit to mid-double-digit percentages on net sales outside China.
The upfront payment of $100 million (approximately 699 million yuan) represents a significant financial boost for Zelgen, equivalent to 1.8 times the company's total R&D expenses in 2024, which totaled 388 million yuan. In the first three quarters of 2025, Zelgen achieved operating revenue of 593 million yuan, representing a 54.49% year-on-year increase, though the company reported a net loss of 93.42 million yuan.
Targeting DLL3 in Cancer Therapy
Alveltamig (搜索) is designed to engage T cells while targeting DLL3 (搜索), a protein that has re-emerged as a focal point in oncology following renewed interest in T-cell engager and multispecific antibody approaches. DLL3 is a Notch pathway ligand that is largely absent from healthy adult tissue but highly expressed in aggressive cancers, making it an attractive therapeutic target. The ligand is upregulated in more than 70% of small cell lung cancers.
The drug is currently undergoing Phase I and II clinical trials to investigate safety and tolerability in participants with advanced small-cell lung cancer or neuroendocrine carcinoma (搜索). Alveltamig (搜索) has received clinical trial approval from both the U.S. Food and Drug Administration (FDA) and China's National Medical Products Administration (NMPA). The therapy has been designated as a breakthrough therapy by the NMPA Center for Drug Evaluation for recurrent or advanced small cell lung cancer (搜索) and DLL3 (搜索)-positive neuroendocrine carcinoma, and has received orphan drug designation from the U.S. FDA.
Growing Interest in DLL3 Targets
The DLL3 (搜索) target has attracted significant industry attention, with multiple major licensing deals completed in recent years. In December 2024, Hengrui Pharma licensed the global exclusive development, manufacturing, and commercialization rights of SHR-4849 to IDEAYA Biosciences for a potential total transaction amount of $1.045 billion. Earlier in 2025, Innovent Bio (搜索) granted global exclusive rights of IBI3009 to Roche, receiving an upfront payment of $80 million with eligibility for milestone payments of up to $1 billion.
The FDA's approval of tarlatamab-dlle (Imdelltra) last year marked a significant milestone for DLL3 (搜索)-targeting therapies. Similar to alveltamig (搜索), Imdelltra is designed to activate a patient's own T cells to attack DLL3-expressing tumor cells and represents the first approved therapy of its kind for small cell lung cancer (搜索) treatment.
Strategic Implications
Zelgen stated that this collaboration is expected to support the expansion of alveltamig (搜索) into international markets across multiple indications, providing more treatment options for patients globally while enhancing the company's innovative profile and international influence. AbbVie (搜索)'s global R&D resources and commercialization network may help alveltamig quickly expand into overseas markets.
However, the company cautioned that new drug R&D and commercialization processes remain fraught with uncertainties. There is inherent risk regarding whether alveltamig (搜索) will ultimately gain regulatory approval and achieve successful commercialization overseas, with subsequent milestone payments contingent upon achieving specific R&D and sales targets.