SAN DIEGO, March 13, 2013 /PRNewswire/ -- Receptos Inc. announced today that it has entered a Development License and Option Agreement to in-license a humanized anti-interleukin-13 (IL-13) antibody asset from AbbVie (NYSE: ABBV). The asset, designated RPC4046 by Receptos, has completed a first-in-human Phase I study. Under the agreement, Receptos will conduct a Phase 2 clinical study to demonstrate proof-of-concept in Eosinophilic Esophagitis (EoE), an indication designated as an Orphan Disease by the US FDA. AbbVie holds an exclusive option to enter into a global co-development collaboration for RPC4046 with Receptos following results of the planned Phase 2 study and regulatory discussions with the FDA. "We are honored that AbbVie has entrusted a promising Phase 2-ready therapeutic candidate to the Receptos development team to pursue proof-of-concept in EoE, an Orphan Disease growing in prevalence for which there are no approved treatment options," said Faheem Hasnain, President and Chief Executive Officer of Receptos. "We believe that AbbVie's exceptional track record in immunology will be a strong asset in this collaboration." Upon exercise of the co-development option, AbbVie and Receptos would enter into a collaboration agreement in which the parties would equally share costs of the Phase 3 clinical program and future development on a global basis. Receptos would retain a right to co-promote RPC4046 and share equally in profits in the United States. Outside of the US, AbbVie would hold sole commercial rights and Receptos would be eligible for double digit royalties on net sales. Additional indications may be pursued under the collaboration, as the mechanism of action has been shown to have potential in various immunological and allergic disorders. Should AbbVie decline to exercise its co-development option for RPC4046, Receptos would obtain a worldwide exclusive commercial license to all indications for RPC4046.