10/4/2010 8:25:58 AM
Dallas Business Journal - by Bill Hethcock Staff Writer -- An $800 million deal between North Texas drug development firm Reata Pharmaceuticals Inc. and Illinois-based Abbott Laboratories will create up to 100 new jobs and could eventually position the region as a biopharmaceutical hub, Reata’s chief executive said this week.
Warren Huff, CEO of Irving-based Reata, said the company has doubled to 100 employees since January, and plans to add 50 to 100 more over the next 12 to 18 months to complete development and prepare for the launch of bardoxolone, the firm’s drug for chronic kidney disease.
Reata recently added more than 20,000 square feet at its Gateway Drive headquarters in Irving to prepare for the growth, taking its total space to about 40,000 square feet, Huff said.
Reata announced Sept. 23 that the firm reached an agreement with Abbott Park, Ill.-based Abbott Laboratories that includes a $450 million cash payment to Reata plus $350 million in milestone payments as drug development progresses. Abbott took a minority stake of an undisclosed size in Reata as part of the deal. The agreement gives Abbott exclusive rights to market bardoxolone outside the United States, excluding certain Asian markets.
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