PanGenetics, a Netherlands-headquartered biotech company, has sold a phase 1 biologic to Abbott Laboratories of the US for up to US$190m.
The drug, PG110, is an antibody for the treatment of chronic pain. It is currently being trailed on patients with osteoarthritis, and if successful, could be used in treating chronic lower back pain, cancer pain and diabetic neuropathic pain.
The deal sees Abbot pay US$170m upfront with an extra US$20m by way of milestone payments.
PanGenetics, which also has an office in Cambridge, UK, is backed by a number of venture capital firms. Index Ventures was the sole participant in a 2005 series A round, before €13m was raised the following year in a series B package led by ABN AMRO Capital (now Forbion Capital Partners) with involvement from Crédit Agricole Private Equity and Index Ventures. The company’s last funding round came in 2008, raised €23m and was led by Edmond de Rothschild Investment Partners with participation of Biogen Idec New Ventures, Fortis Private Equity and existing investors.