Abbott to acquire kidney drug from Action Pharma

Abbott has agreed a deal to acquire a promising new kidney drug, AP214, from manufacturer Action Pharma for $110 million (68.17 million pounds).

The purchased compound is in development to prevent acute kidney injury among major cardiac surgery patients who are at increased risk, with data from a phase IIb trial showing its safety, efficacy and tolerability.

Under the terms of the deal, Abbott will gain all global rights to develop and commercialise AP214 for this and other relevant indications, joining products such as bardoxolone and atrasentan in its renal care pipeline.

An additional phase IIb trial of the drug will be carried out by Abbott later this year.

Dr John Leonard, senior vice-president for pharmaceuticals research and development at Abbott, said: "This acquisition complements and broadens Abbott's late-stage renal care pipeline and builds on our existing experience in treating kidney disease."

Last month, the company announced a first-quarter sales total of $3.72 billion, which was up by six percent year on year and exceeded Abbott's expectations.