ABL Bio said Thursday that it has signed a strategic agreement with I-Mab Biopharma to research three bispecific antibodies that combine PD-L1 and a classified material jointly.

The two companies plan to divide their licensing rights and development costs among China, Korea and the rest of the world. ABL Bio has also acquired a global license for another dual antibody, except for China.

According to the company, bispecific antibodies are more efficient than a combination treatment of two antibodies making it an ideal candidate for immunotherapy. It also has fewer side effects, which lowers the pain and financial burden for patients.

“The partnership with I-Mab Biopharma has allowed us to develop the industry's first and best dual antibodies and accelerate the development of innovative immunotherapies,” ABL Bio CEO Lee Sang-hoon said. “Collaboration between the two companies will create strong synergies and become a great example in the global biotechnology industry.”

I-Mab Biopharma also showed its enthusiasm about the strategic agreement.

“We are pleased to collaborate with ABL Bio, which has the world's best dual antibody development technology,” I-Mab Biopharma CEO Jingwu Zang said. “Bi-specific antibody truly represents the next wave biologics in cancer immunotherapy for its unique modality to create target synergy.”