NORTH CHICAGO, Ill. (AP) – Abbott Laboratories will spend $110 million to buy a potential kidney treatment from the privately held Danish company Action Pharma, the company said.
The drug, labeled AP214, is in mid-stage clinical testing and is designed to prevent acute kidney injury in patients undergoing major cardiac surgery. The molecule targets systemic inflammation and cellular death caused by a lack of blood flow that can occur during surgery.
Abbott said the deal will improve its pipeline of renal care drugs under development, which includes two potential chronic kidney disease treatments.
Abbott will receive all global rights to develop and sell AP214 to prevent acute kidney injury. It will not make milestone or royalty payments to Action Pharma. Abbott expects to incur a second-quarter charge tied to its payment.
Date: May 3, 2012
Source: Associated Press
Filed Under: Drug Discovery