Dechert’s London office has won a role advising new client PanGenetics on its $190m (£114m) sale of global rights for an experimental drug to US pharmaceutical company Abbott Laboratories.
The US firm has been drafted in to advise antibody engineering company PanGenetics on the sale of a drug used for chronic pain called PG110. The sale will see Abbott acquire the rights to the drug for an upfront payment of $170m (£102m), with additional milestone payments taking the figure to $190m (£114m). The deal equates to selling off part of the company that will house the drug for Abbott.
