Abbott Gains Pain-Relief Drug In $190M Deal

Law360, New York (November 12, 2009, 5:09 PM EST) -- Looking to expand its pain treatment portfolio and boost its expertise in biologics, Abbott Laboratories has snapped up PanGenetics BV’s experimental drug for chronic pain in a deal worth up to $190 million.

Abbott Park, Ill.-based Abbott said Thursday it has agreed to acquire the global rights to PG110 from the European biotechnology firm for an upfront payment of $170 million, plus additional milestone payments of up to $20 million if the drug hits development targets.

While the biologic is still in early-stage clinical testing as...
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