PanGenetics Sells PG110 to Abbott
alarmClock Nov 13 09PanGenetics, a therapeutic antibody development company with offices in UK and Netherlands has agreed to sell PG110 to Abbott, which will market this antibody worldwide. The agreement amounting $190M (€127M) includes an upfront payment of $170M (€114M) and additional milestone payments. JP Morgan is the financial advisor for this transaction, which is expected to close in the fourth quarter of 2009. Kevin Johnson, CEO of PanGenetics is buoyant after this successful deal and is looking forward to bringing breakthrough new therapies to the marketplace. Leading European investors including Index Ventures, Forbion Capital Partners, Edmond de Rothschild Investment Partners (EdRIP) and Credit Agricole Private Equity participated in earlier rounds of funding for PanGenetics. Full story...
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