AbbVie ($ABBV) announced that it has signed a new agreement with Johns Hopkins University School of Medicine. The five-year long collaboration will focus on developing medical oncology research and discovery at both organizations.
Both the organizations will launch a joint steering committee for deciding on the projects to be undertaken. Researchers from both the organizations will also take part in an annual symposium for discussing their joint research and for the purpose of evaluating their new projects.
Under the terms of the agreement, AbbVie will provide its new therapies to the researchers from the Johns Hopkins University School of Medicine. The company will also have the option of securing exclusive license to some of the discoveries made by Hopkins School under this contract.
AbbVie stock is currently trading 0.62% higher at $61.24. It has gained over 3% this year so far. The stock also offers strong dividend yield of 4.18%, making it a strong contender for long term investment.
The company also announced strong results for its cancer drug Imbruvica at the annual meeting of the American Society of Hematology (ASH). The company is developing the drug in collaboration with Janssen, Johnson & Johnson’s JNJ pharmaceuticals subsidiary. The results for phase II study (n=63) showed that nearly half of the patients with relapsed/refractory marginal zone lymphoma (MZL) had a complete or partial response when treated with Imbruvica.