Abbott Laboratories (ABT) took another step to enhance its renal-care pipeline by agreeing to acquire AP214, a hormone analogue that may prevent acute kidney injury during cardiac surgery, from Action Pharma A/S for $110 million in cash.
The health-care company has been on a buying spree in recent years in order to reduce its dependence on the anti-inflammatory Humira as the drug's U.S. patent expires in late 2016. Abbott also is in the midst of separating into two publicly traded companies: a medical-products business and a pharmaceutical company to be named AbbVie.
Abbott will acquire all global rights to develop and market AP214, and will be responsible for funding all future development and commercialization activities. No later milestone payments or royalties will be paid to the Danish biotech company Action Pharma.
Abbott currently has two investigational treatments in development for chronic kidney disease: Bardoxolone, which is in Phase 3 development with Reata Pharmaceuticals, and Atrasentan, a compound discovered by Abbott being evaluated in a Phase 2b study.
-By Melodie Warner, Dow Jones Newswires; 212-416-2283; email@example.com