Abbott Laboratories (JOBS) Enters Into Cancer Pact with France's Pierre Fabre; Abbott to Pay $25 Million
ABBOTT PARK, Ill. and CASTRES, France, Feb. 1 /PRNewswire-FirstCall/ -- Abbott (NYSE: ABT) announced today an exclusive worldwide licensing agreement with Pierre Fabre SA to develop and commercialize h224G11, a pre-clinical monoclonal antibody identified at the Centre d'Immunologie Pierre Fabre (CIPF) in France and targeting the cMet receptor for the treatment of cancer. cMet protein plays a role in the progression of a range of solid tumors including, prostate, lung and gastric cancers and mediates resistance to chemotherapy. As part of the agreement, the companies also intend to collaborate on research to explore next-generation cMet antibodies.
"cMet is a compelling cancer target and the early research on this compound looks promising," John Leonard, M.D., senior vice president, global research and development, Abbott. "We look forward to adding to our strong oncology pipeline, which includes exploration of multiple mechanisms to treat cancer."
H224G11 works by specifically binding to cMet protein and interrupting the signaling pathway, which leads to cancer cell death and the prevention of tumor growth. The antibody also inhibits cancer cell migration and angiogenesis. "Using the strengths of its dedicated research team in biotechnology, Pierre Fabre SA has been able to develop potent and protein specific inhibitors of the cMet receptor. We are delighted to partner this important asset with Abbott scientists," declared Jean-Pierre Garnier, Chief Executive Officer of Pierre Fabre SA.
Under the terms of the collaboration and license agreement, Abbott will lead the development and commercialization of monoclonal antibodies targeting the cMet receptor. Pierre Fabre SA will receive an initial $25 million upfront payment and research funding to support further discovery efforts for two years. Additional terms of the agreement, including milestones and royalty payments, remain confidential.
About Pierre Fabre Pierre Fabre SA is the second largest independent French Pharmaceutical company with a 2009 turnover of euro 1.8 billion. It employs around 10,000 people, including 1,400 employees dedicated to R&D activities. In 2009, Pierre Fabre Medicament dedicated over 30% of its annual turnover to R&D in major therapeutic fields. To learn more about Pierre Fabre SA, please refer to the company's Web site at www.pierre-fabre.com.
About Abbott Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs more than 72,000 people and markets its products in more than 130 countries. Abbott's news releases and other information are available on the company's Web site at www.abbott.com.
SOURCE Abbott RELATED LINKS http://www.abbott.com http://www.pierre-fabre.com