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PanGenetics Announces Acquisition by Abbott of PG110 anti-NGF Antibody to Treat Chronic Pain.

Article Excerpt
UTRECHT, Netherlands & CAMBRIDGE, England -- PanGenetics, an antibody development company which is developing PG110, a humanized antibody to Nerve Growth Factor (NGF), today announced it has entered into an agreement with Abbott (NYSE: ABT) under which 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 $170 million plus additional milestone payments, for a total of up to $190 million.

Kevin Johnson, CEO of PanGenetics, commented: "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."

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.

Index Ventures partner and Chairman...

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