PanGenetics
PanGenetics Announces Acquisition by Abbott of PG110 anti-NGF Antibody to Treat Chronic Pain
Published in Medical Verdicts and Law Weekly, November 26th, 2009
PanGenetics, an antibody development company which is developing PG110, a humanized antibody to Nerve Growth Factor (NGF), announced it has entered into an agreement with Abbott (NYSE: ABT) under which Abbott will acquire the global rights to this novel biologic. PG110 is currently in a Phase 1 clinical trial in patients with osteoarthritis and represents a promising new therapeutic for the treatment of chronic pain. The agreement includes an upfront payment of $170 million plus additional milestone payments, for a total of up to $190 million.
Kevin Johnson, CEO of PanGenetics, commented: "We are very pleased to hand the keys of the development of our anti-NGF antibody...
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