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AbbVie’s deal to develop Regenxbio’s investigational gene therapy could be worth $1.8 billion

Shares of AbbVie Inc.
ABBV,
+0.69%

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,
+25.34%

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,
+0.12%

has gained 18.7%.

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