Abbott Labs Invests $28 Million In Biorex
Abbott Laboratories has signed an R&D and licensing agreement withHungarian biotechnology group Biorex, a wholly-owned subsidiary of BRX of the UK, for the joint development and commercialization of bimoclomol, Biorex' lead compound for diabetic complications.
Under the terms of the agreement, Biorex will grant Abbott an exclusive worldwide license for bimoclomol, which recently completed Phase II trials, as well as certain rights with respect to other compounds currently under development.
Abbott, which holds a 19% stake in Biorex (Marketletter October 13), will invest approximately $28 million in BRX, which includes the purchase of shares. Peter Rona, chairman of Biorex, commented that the agreement "could speed the development of an important new therapy for people with diabetes."
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