Abbott buys PanGenetics' PG110 anti-NGF antibody for treatment of chronic pain
Abbott buys PanGenetics' PG110 anti-NGF antibody for treatment of chronic pain
13 November 2009 - Netherlands-based antibody development company PanGenetics said yesterday it has inked an agreement with US-based Abbott (NYSE: ABT), under which Abbott will acquire the global rights to PG110, a humanised antibody to Nerve Growth Factor (NGF).
PG110 is currently in a Phase I clinical trial in patients with osteoarthritis and represents a promising new therapeutic for the treatment of chronic pain, PanGenetics said. The agreement includes an upfront payment of USD170m (EUR114m) plus additional milestone payments, for a total of up to USD190m.
This transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of this year.
(USD1 = EUR0.671)
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