Shares of AbbVie Inc. ABBV, +1.81% were up 0.8% in premarket trading on Monday after the drug maker announced a potential billion-dollar deal to develop and commercialize Regenxbio Inc.’s RGNX, +28.43% experimental gene therapy, which is being tested as a treatment for several eye diseases. Regenxbio’s stock jumped 18.2% on the news. AbbVie will make an initial payment of $370 million, with additional potential milestone payments worth up to $1.4 billion. The deal is expected to close by the end of this year. So far this year, AbbVie’s stock is down 0.4% and shares of Regenxbio have dropped 27.0%. The S&P 500 SPX, +0.35% has gained 18.7%.
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