ABBV AbbVie Inc

By Colin Kellaher

AbbVie has exercised its exclusive right to buy discovery-stage biotechnology company Mitokinin in a deal that bolsters the biopharmaceutical company's neuroscience pipeline.

AbbVie on Thursday said it paid $110 million at closing for Mitokinin, which is developing a potentially first-in-class disease-modifying treatment for Parkinson's disease.

AbbVie, based in North Chicago, Ill., said Mitokinin's investors are also eligible for up to $545 million in milestone payments tied to the company's lead program, along with royalties on product sales.

AbbVie said Mitokinin's lead compound is designed to address mitochondrial dysfunction, which is believed to be a major contributing factor to Parkinson's disease pathogenesis and progression.

AbbVie in 2021 acquired the exclusive right to buy Mitokinin, whose investors include Mission BioCapital, Pfizer Ventures and Samambaia Investments.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

October 05, 2023 08:38 ET (12:38 GMT)

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