AbbVie completes the acquisition of Mitokinin

AbbVie announced that it has exercised its exclusive right and completed the acquisition of Mitokinin, a discovery-stage biotechnology company developing a potentially first-in-class disease-modifying treatment for Parkinson’s Disease. Mitokinin’s lead compound, a selective PINK1 activator, is designed to address mitochondrial dysfunction that is believed to be a major contributing factor to Parkinson’s disease pathogenesis and progression. Under the terms of the agreement, AbbVie will pay Mitokinin shareholders $110M at closing for the acquisition of Mitokinin. Mitokinin shareholders remain eligible for potential additional payments of up to $545M upon the achievement of certain development and commercial milestones related to the success of the PINK1 program, plus tiered royalties based on net sales.