The deal includes Mitokinin's lead asset, a selective PINK1 activator, which is designed to mitigate mitochondrial dysfunction factor that is believed to support PD pathogenesis and progression
AbbVie corporate headquarter in US. (Credit: AbbVie Inc.)
American pharmaceutical major AbbVie has acquired Mitokinin, a biotechnology company engaged in the development of Parkinson’s Disease (PD) treatment, by exercising its exclusive right.
The deal includes Mitokinin’s lead asset, a selective PINK1 activator that is designed to mitigate mitochondrial dysfunction factor that is believed to support PD pathogenesis and progression.
As per the terms of the agreement, AbbVie will give Mitokinin shareholders $110m upon closing of the acquisition.
In addition, biotech’s shareholders will remain eligible for potential additional payments of up to $545m plus tiered royalties based on net sales.
This payment is subject to specific development and commercial milestones related to the success of the PINK1 programme in PD.
AbbVie discovery research global head and VP Jonathon Sedgwick said: “Parkinson’s disease continues to be a major unmet medical need, impacting patients, caregivers and society. With this acquisition, we are excited to grow our neuroscience portfolio and explore a potential new treatment option for PD.
“While current PD treatments may alleviate the symptoms of Parkinsonism, there are currently no available therapies that prevent the progression of the disease. Targeting PINK1 offers a novel approach that may alter disease pathogenesis.”
This acquisition is expected to bolster AbbVie’s neuroscience portfolio.
According to AbbVie, PINK1 maintains a healthy mitochondrial system by enabling the turnover of dysfunctional mitochondria.
When activated, the candidate is said to have the potential to restore mitochondrial function and remediate mitochondrial damage.
Mitokinin co-founder and chief scientific officer Nicholas Hertz said: “Our pre-clinical data demonstrate that our PINK1 activator compound can selectively enhance the active form of PINK1, which is found on damaged mitochondria, without impacting PINK-1 regulation broadly.
“We believe this approach could potentially deliver significant clinical benefit to Parkinson’s patients.”
Last month, the pharmaceutical giant secured conditional marketing authorisation from the European Commission for Tepkinly to treat adult patients with relapsed or refractory (R/R) diffuse large B-cell lymphoma.