PanGenetics, developing PG110, a humanised antibody to Nerve Growth Factor (NGF), has entered into an agreement with Abbott. Under the agreement 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 $170m plus additional milestone payments, for a total of up to $190m.
If the Phase 1 trial is successful, Abbott anticipates evaluating PG110 in a number of other pain states including, chronic lower back pain, cancer pain and diabetic neuropathic pain. This transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2009.
Kevin Johnson, CEO of PanGenetics, said: “We are very pleased to hand the keys of the development of our anti-NGF antibody to such an outstanding organization as Abbott and one which is fully committed to bringing breakthrough new therapies to the marketplace.”
In addition, PanGenetics has received funding from a number of leading European investors, including Index Ventures, Forbion Capital Partners, Edmond de Rothschild Investment Partners (EdRIP) and Credit Agricole Private Equity. Fortis Private Equity Belgium and Biogen-Idec New Ventures also participated in the company’s last funding round.