Abbott is acquiring global rights to an antibody aimed at deadening chronic pain.
The Illinois pharmaceutical company will pay $170 million initially plus subsequent payments, for a total of $190 million maximum, to PanGenetics BV, a Netherlands business. It developed a fully humanized antibody that blocks Nerve Growth Factor. NGF helps transfer pain signals from tissue damage and inflammation to the brain.
A humanized antibody is one that’s from a non-human source, such as mice, and then altered to make it more like those normally found in people. That reduces chances it would be rejected by a body’s immune system.
Closing on the deal is expected by the end of the year. The purchase helps Abbott expand its pain care offerings and expertise in biologics.
John Leonard, Abbott global research and development senior vice president, said NGF blockers have the potential as a long-lasting analgesia without risk of addiction or abuse, according to a company press release.
The release said pain is the major reason people visit a doctor. There are an estimated 72 million diagnosed chronic pain patients in the United States and the European Union. The release said as many as 30 percent receive inadequate relief.
The antibody, called PG110, is being studied in a clinical trial in osteoarthritis patients. Abbott anticipates evaluating the compound to fight chronic lower back pain, cancer pain and diabetic neuropathic pain, among other situations.
Can someone tell me why one company should own sole rights to something as important and all encompassing as pain management? The rich get richer and the rest get screwed.I watched my mother die a slow painful death to cancer, and to see something as crucial as this sold to the highest bidder sickens me.
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