South Korea's biotech company ABL Bio Inc. said Wednesday it has entered a global license agreement worth $1.06 billion with pharmaceutical giant Sanofi to develop and commercialize an antibody candidate to treat Parkinson's disease.

ABL301 is a preclinical antibody therapeutic under development as a potential treatment of synucleinopathy, including Parkinson's disease.

Under the agreement, ABL will receive $75 million in upfront payments and is eligible to receive up to $985 million based on the achievement of commercialization milestones, including $45 million in near-term milestones.

ABL is also eligible to receive royalties on net sales if the product from the collaboration is commercialized, the South Korean firm said.

In return, the France-based drug giant will receive global exclusive development and commercialization rights to ABL301, according to ABL.

ABL said it will lead the preclinical development and phase one clinical trial of ABL301, while Sanofi will be responsible for further clinical development, regulatory approval and global commercialization.

ABL301 is developed based on using ABL's Grabody-B platform technology to maximize blood-brain barrier (BBB) penetration. ABL301 effectively carries the anti-alpha-synuclein antibody across the BBB to enhance therapeutic efficacy against Parkinson's disease.

"This groundbreaking partnership with Sanofi proves the immense possibilities of ABL's innovative antibody technology," ABL Bio CEO Lee Sang-hoon said in a press release. "We will continue to develop our Grabody-B platform and expand its applicability in other neurodegenerative diseases, such as Alzheimer's." (Yonhap)