Abbott Buys AP214 Hormone From Action Pharma For $110 Million

Date : 05/03/2012 @ 10:33AM
Source : Dow Jones News
Stock : Abbott Laboratories (ABT)
Quote : 44.13  0.6 (1.38%) @ 4:02PM

Abbott Buys AP214 Hormone From Action Pharma For $110 Million

Abbott labs (NYSE:ABT)
Historical Stock Chart

5 Years : From Apr 2012 to Apr 2017

Click Here for more Abbott labs Charts.

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; melodie.warner@dowjones.com 
 



Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.