Press Release
Abbott to Acquire Novel Investigational Biologic to Treat Chronic Pain
Anti-NGF Compound Adds to Company's Early-Stage Pain Care Pipeline
November 12, 2009
Abbott Park, Illinois (NYSE: ABT)
— Abbott announced today a definitive agreement to acquire the global rights to
PanGenetics BV's PG110 fully humanized antibody to Nerve Growth Factor (NGF),
expanding the company's pain care portfolio and leveraging its expertise in
biologics. PG110 is a novel biologic in Phase I
clinical trial development that targets NGF for the treatment of chronic pain.
NGF is released at sites of tissue damage and inflammation, and plays a
significant role in the transmission of pain signals by the central nervous
system.
"The goal for treatment of chronic pain continues to be potent,
long-lasting analgesia that is tolerable for patients without the potential for
dependence and abuse," said John Leonard, M.D., senior vice president,
global research and development, Abbott. "NGF blockers have demonstrated
the potential to address all of these needs, making them a promising treatment
for chronic pain patients."
Pain is the number one reason people go to see a doctor. There are an
estimated 72 million diagnosed chronic pain patients in the U.S. and EU, and up
to 30 percent of chronic pain patients get
inadequate relief. Current treatments consist of NSAIDs, selective Cox-2
inhibitors, opioids and other analgesics that are dosed daily and have various
tolerability and safety issues, including the potential for abuse and
addiction.
PG110 is currently being studied in a Phase I clinical trial in patients
with osteoarthritis. If the Phase I trial is successful, Abbott anticipates
evaluating the compound in a number of other pain states, including chronic
lower back pain, cancer pain and diabetic neuropathic pain.
This new NGF inhibitor complements Abbott's robust early-stage pipeline of
candidates in development for chronic pain, which spans multiple mechanisms,
including vanilloid cellular receptors (TRPV1), cannabinoid receptors (CB2),
Histamine H3 receptors and preclinical work on a number of promising ion
channel targets.
The agreement includes an upfront payment of $170 million plus additional
milestone payments, for a total of up to $190
million. This transaction is subject to customary closing conditions and
regulatory approvals and is expected to close in the fourth quarter of 2009.
Abbott would expect to incur one-time specified items upon the closing of the
acquisition, primarily related to in-process research and development. This
transaction does not impact Abbott's previously issued ongoing
earnings-per-share guidance for 2009.
About Abbott
Abbott (NYSE: ABT)
is a global, broad-based health care company devoted to the discovery,
development, manufacture and marketing of pharmaceuticals and medical products,
including nutritionals, devices and diagnostics. The company employs more than
72,000 people and markets its products in more than 130 countries.
Media:
Kelly Morrison |
847-937-3802 |
Financial:
Larry Peepo |
847-935-6722 |
