Abbott Labs acquires drug candidate from Action Pharma

US health care group Abbott Laboratories (NYSE: ABT) and Action Pharma A/S, a privately-owned company based in Denmark, have entered into an agreement in which Abbott will acquire AP214, which is being developed AP214, which is being developed by the Danish firm to prevent acute kidney injury (AKI) associated with major cardiac surgery in patients at increased risk and has further potential in adjacent indications.

Under the terms of the accord, Abbott will acquire all global rights to develop and commercialize AP214 for the prevention of AKI and other relevant indications. Abbott will provide a cash payment of $110 million to Action Pharma and will be responsible for funding all future development and commercialization activities regarding AP214. No later milestone payments or royalties will be paid to Action Pharma. Abbott expects to incur a one-time specified item in the second quarter of 2012, related to this payment.

Will enhance Abbott’s renal care pipeline