Abbott buys pain drug candidate for up to $190M
NORTH CHICAGO, Ill. — Abbott Laboratories said Thursday it is buying
a potential chronic pain drug from PanGenetics BV for as much as $190
million.Abbott said the drug is in early-stage clinical testing
as a treatment for pain cause by arthritis. If that trial is
successful, Abbott may test it against chronic lower back pain, cancer
pain, and diabetic nerve pain. It said the drug blocks a chemical
called nerve growth factor, or NGF, which is released at sites where
tissues are damaged or inflamed.PanGenetics, based in the
Netherlands, will receive $170 million upfront from Abbott, and $20
million in milestone payments if the drug advances through development.
Abbott said the deal will close before the end of 2009, and while it
will take one-time charges related to the deal, the company said it
does not need to change its profit guidance for the year.In morning trading, Abbott stock rose a penny to $53.27.
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