US biopharma AbbVie has agreed a deal with Teneobio, a California-based biotech, to develop and commercialize an immunotherapeutic that targets B-cell maturation antigen (BCMA) for treating multiple myeloma, a type of blood cancer.

Under the terms of the transaction, AbbVie will pay $90 million upfront to develop Teneobio’s TNB-383B, a bispecific antibody.

AbbVie said BCMA has emerged as an attractive target for multiple myeloma therapeutics. TNB-383B simultaneously targets BCMA and the CD3 antigen, using Teneobio’s unique anti-CD3 platform. Through the dual targeting mechanism, TNB-383B is designed to direct the body’s own immune system to target and kill BCMA expressing tumor cells.

“Developing novel targeted treatments for patients with cancer continues to be our key priority,” said Mohit Trikha, vice president and head, oncology early development at AbbVie. “Multiple myeloma is one of the most common hematological cancers and an area of significant medical need. Teneobio’s novel approach to T-cell redirection with TNB-383B has the potential to be a treatment option that may offer new hope for myeloma patients.”

Teneobio is expected to begin the clinical program for TNB-383B in the first half of 2019.