AbbVie Exercises Exclusive Right, Completes Acquisition Of Mitokinin

(RTTNews) - Biopharma major AbbVie Inc. (ABBV) announced on Thursday that it had exercised its exclusive right and completed the acquisition of Mitokinin, a biotechnology company.

Under the agreement terms, AbbVie will pay shareholders of Mitokinin $110 million at the closing of the deal.

Mitokinin shareholders will also remain eligible for potential additional payments of up to $545 million contingent on the achievement of certain development and commercial milestones related to the success of the PINK1 program, plus tiered royalties based on net sales.

PINK 1 activator is Mitokinin's lead compound that is designed to address mitochondrial dysfunction believed to be a contributing factor to Parkinson's disease pathogenesis and progression.

"Collaboration with AbbVie's world-class Neuroscience and External Innovation teams added significant value and resources to help accelerate the program to investigational new drug (IND) enabling studies," said Daniel de Roulet, Chief Executive Officer, Mitokinin.

In premarket activity, shares of AbbVie are trading at $147.62 down 0.05% on the New York Stock Exchange.