Pharmaceutical company AbbVie has purchased biotech Mitokinin for $110 million upfront, potentially adding $545 million in milestone payments. The deal dates back to March 2021 when Mitokinin completed IND-enabling studies for its PINK1 activator, designed to correct mitochondrial dysfunction— a leading cause of neurodegenerative diseases like Parkinson’s. MitoKinin’s compound aims to dispose of broken mitochondria cells and reenergize healthy ones to manage inflammation associated with neurodegenerative disease. Further details of the preclinical data remain sparse. Following AbbVie’s collaboration with Mission Therapeutics in August 2021, this purchase aligns with its ongoing efforts to shape its neuroscience pipeline, particularly Parkinson’s.
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[Source: Fierce Biotech, October 5th, 2023]