PanGenetics sells antibody to Abbott in $190M deal

Acquisition

PanGenetics NV, the Anglo-Dutch antibody development company, has sold its lead product, PG110, a humanised antibody to Nerve Growth Factor to the US pharmaceutical firm, Abbott.

PG110 is currently in a Phase I clinical trial in treating chronic pain caused by osteoarthritis. The agreement with Abbott includes an upfront payment of $170 million plus additional milestone payments, for a total of up to $190 million.

Kevin Johnson, CEO of PanGenetics, said, “We are very pleased to hand the keys of the development of our anti-NGF antibody to such an outstanding organisation 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 and Credit Agricole Private Equity. Fortis Private Equity Belgium and Biogen-Idec New Ventures also participated in the company’s last funding round.

Pain is the number one reason people go to see a doctor and there are an estimated 72 million diagnosed chronic pain patients in the US and EU. Up to 30 per cent of chronic pain patients get inadequate relief.

If the Phase I trial is successful, Abbott anticipates evaluating PG110 in a number of other pain states including, chronic lower back pain, cancer pain and diabetic neuropathic pain.

PG110 binds to Nerve Growth Factor, a member of the family of neurotrophin growth factors, which are involved in the growth and survival of nervous tissue.  PG110 prevents the interaction of NGF with its receptors, an interaction that plays a key role in pain transduction mechanisms in the adult peripheral nervous system.

The antibody does not cross-react with other neurotrophins and therefore is highly specific in blocking the function of Nerve Growth Factor.

PanGenetics is a clinical development company based in Utrecht, the Netherlands, with an office in Cambridge, UK. Apart from PG110, the company’s other clinical programme is PG102, a CD40 antagonist for treatment of autoimmune diseases which is currently being evaluated in a clinical study in psoriatic arthritis patients.