PanGenetics gets $170M upfront for promising pain drug

The Dutch biotech PanGenetics has forged a $190 million licensing pact with Abbott Laboratories for a promising early-stage pain therapy--and it's getting $170 million of that upfront.

The antibody binds to nerve growth factor, blocking a chemical released at the site of injuries. And the early-stage trial of PG110 for chronic pain could be supplemented with new trials for lower back pain, cancer pain and diabetic nerve pain.

"We are very pleased to hand the keys of the development of our anti-NGF antibody to such an outstanding organization as Abbott and one which is fully committed to bringing breakthrough new therapies to the marketplace," said PanGenetics CEO Kevin Johnson.

- check out the PanGenetics release