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Addition strengthens neuroscience pipeline, company says.
AbbVie announced that it has exercised its exclusive right and completed the acquisition of Mitokinin, a biotech company focused on developing treatments for Parkinson’s disease. Under terms of the acquisition, AbbVie will pay Mitokinin shareholders $110 million at closing for the acquisition of Mitokinin, with shareholders remaining eligible for potential additional payments of up to $545 million upon the achievement of certain development and commercial milestones related to Pink1, Mitokinin’s lead compound designed to address mitochondrial dysfunction that is believed to be a major contributing factor to Parkinson's disease pathogenesis and progression.
"Parkinson's disease continues to be a major unmet medical need, impacting patients, caregivers and society. With this acquisition, we are excited to grow our neuroscience portfolio and explore a potential new treatment option for PD," said Jonathon Sedgwick, PhD, VP, global head of discovery research, AbbVie. "While current PD treatments may alleviate the symptoms of parkinsonism, there are currently no available therapies that prevent progression of the disease. Targeting PINK1 offers a novel approach that may alter disease pathogenesis."
Reference: AbbVie Exercises Exclusive Right to Acquire Mitokinin, Further Strengthening Neuroscience Pipeline. AbbVie. October 5, 2023. Accessed October 6, 2023. https://news.abbvie.com/news/press-releases/abbvie-exercises-exclusive-right-to-acquire-mitokinin-further-strengthening-neuroscience-pipeline.htm