AbbVie has completed its acquisition of Mitokinin, a biotech focused on developing a novel treatment for Parkinson's disease, the drugmaker announced this week.
Under the terms of the agreement, AbbVie will make a $110 million payment to Mitokinin shareholders at closing, with potential additional payments of up to $545 million contingent on the success of the PINK1 program, along with royalties based on net sales.
The deal dates back to March 2021, when AbbVIe purchased an exclusive right to acquire Mitokinin following completion of IND enabling studies on Mitokinin’s lead PINK1 compound.
The compound, a selective PINK1 activator, is designed to tackle mitochondrial dysfunction, a key contributor to PD progression and onset. PINK1 plays a critical role in maintaining healthy mitochondria by eliminating damaged ones. Mutations in PINK1 are associated with familial PD cases, so activating PINK1 presents a potentially significant treatment approach for both familial and sporadic PD by enhancing mitochondrial health and addressing dysfunction.
AbbVie's VP of Discovery Research, Jonathon Sedgwick, reiterated the company's interest in expanding its neuroscience portfolio and exploring this innovative PD treatment. For its part, Mitokinin's chief scientific officer, Nicholas Hertz, shared their pre-clinical data, demonstrating the selective enhancement of active PINK1 on damaged mitochondria with their compound.
