Nov 12, 2009 (SmarTrend(R) News Watch via COMTEX) --
11/12/2009 - Abbott Laboratories (NYSE:ABT) announced today an agreement to acquire the global rights to PanGenetics BV's PG110 fully humanized antibody to Nerve Growth Factor. PG110 is a novel biologic that targets NGF for the treatment of chronic pain in Phase I clinical trial development. Under the terms of the agreement, Abbott will pay $170 million upfront plus additional milestone payments, for a total of up to $190 million. The agreement is subject to customary closing conditions and regulatory approvals and is expected to close in Q4. Senior vice president of global research and development for Abbott John Leonard, M.D., said, "The goal for treatment of chronic pain continues to be potent, long-lasting analgesia that is tolerable for patients without the potential for dependence and abuse. NGF blockers have demonstrated the potential to address all of these needs, making them a promising treatment for chronic pain patients."
Write to Chip Brian at cbrian@tradethetrend.com
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SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.TradeTheTrend.com.
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Companies: Abbott Laboratories (ABT)
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Nov 11, 2009 (SmarTrend(R) Spotlight via COMTEX) --
Abbott Laboratories (NYSE:ABT) is trading 1% higher (up $0.52 to $53.32) today on volume of 3,035,328 shares. The stock is trading near its 52-week high of $57.39. We are watching for a close above that level.
Abbott Laboratories is currently above its 50-day moving average of $49.00 and above its 200-day moving average of $47.23.
SmarTrend is bullish on shares of ABT and our subscribers received an Uptrend alert on May 12, 2009 at $45.38, which has returned 17.5% to date.
Write to Chip Brian at cbrian@tradethetrend.com
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SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.TradeTheTrend.com.
Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.TradeTheTrend.com/signup.html
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Tags: market nyse securities
Companies: Abbott Laboratories (ABT)
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Nov 13, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
PanGenetics B.V., a Netherlands-based antibody development company, has entered into an agreement with Abbott Laboratories, under which Abbott will acquire the global rights to a nerve growth factor humanized antibody, PG110. Abbott is a US-based company engaged in the discovery, development, manufacturing, and sale of pharmaceutical and nutritional products.
PG110 is currently in a phase I clinical trial in patients with osteoarthritis and represents a promising new therapeutic for the treatment of chronic pain.
The agreement includes an upfront payment of $170 million plus additional milestone payments, for a total of up to $190 million.
J. P. Morgan is acting as a financial advisor to PanGenetics.
Deal Type Partnership
Sub-Category Licensing Agreement
Deal Status Announced: 2009-11-12
Deal Participants
Partner 1 (Company) Abbott Laboratories
Partner 2 (Company) PanGenetics B.V.
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Tags: acquisition clinical manufacturing netherlands partnership pharmaceuticals products trial
Companies: Abbott Laboratories (ABT)
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Nov 12, 2009 (Fresh Brewed Media via COMTEX) --
Abbott Laboratories (NYSE: ABT) opened at $53.39. So far today, the stock has hit a low of $53.01 and a high of $53.80. ABT is now trading at $53.23, down $0.04 (-0.08%). Over the last 52 weeks the stock has ranged from a low of $41.27 to a high of $57.39. Wedbush Morgan initiated ABT at Outperform this morning, giving the stock a $62 price target. Technical indicators for the stock are bullish and S&P gives ABT a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on ABT the stock seems like it could be a candidate for a February out-of-the-money bull-put credit spread below the 48 range.
ABR-Seven Summits Strategic Investments NewsBite
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Companies: Abbott Laboratories (ABT)
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