PanGenetics, Abbott deal

Abbott will acquire worldwide rights to PG110 from PanGenetics for an upfront payment of $170 million, plus up to $20 million in potential milestones. The humanized antibody that binds to nerve growth factor (NGF) is in Phase I testing to treat chronic pain in patients with osteoarthritis. PanGenetics is not eligible for royalties. PanGenetics originally licensed PG110 from Lay Line Genomics S.p.A. (Roma, Italy) in 2006. JPMorgan advised PanGenetics on the deal, which is expected to close this quarter (see BioCentury, Dec. 11, 2006). ...