Abbott to acquire rights to chronic pain treatment
ABBOTT PARK, Ill. Abbott is banking on a biotech drug in early-stage clinical trials to treat chronic pain, the drug company announced Thursday.
Abbott said it would acquire global rights to PanGenetics BV’s drug PG110, a monoclonal antibody that works by blocking nerve growth factor, which the body releases at sites of tissue damage and inflammation and plays a significant role in the transmission of pain signals through the nervous system. Abbott will pay PanGenetics $170 million upfront and milestone payments of up to $190 million.
“The goal for treatment of chronic pain continues to be potent, long-lasting analgesia that is tolerable for patients without the potential for dependence and abuse,” Abbott SVP global research and development John Leonard said in a statement. “NGF blockers have demonstrated the potential to address all of these needs, making them a promising treatment for chronic pain.”