Mitokinin, a US-based neurodegenerative disease drug developer backed by Pfizer, sold an exclusive buyout option to another pharmaceutical firm, AbbVie, on Tuesday.
AbbVie made an upfront payment of undisclosed size for the right to acquire Mitokinin once it has completed investigational new drug-enabling studies for its lead asset, a potential therapy for Parkinson’s disease for which the companies have negotiated a collaborative research plan.
Mitokinin’s approach relies on increasing the activity of Pink1, a gene linked to Parkinson’s disease, in a bid to address the mitochondrial dysfunction that plays a contributing factor in the condition’s pathogenesis and progression.
The company raised $4.5m in funding in 2017 according to a regulatory filing, with the latest announcement indicating it was a series A round led by venture capital firm Mission Bay Capital. It then added $5m the following year, according to another filing.
Pfizer’s corporate venture capital arm, Pfizer Ventures, is listed by Mitokinin as a shareholder, as is private equity firm Samambaia Investments. Al-Hallaq, a senior director and principal at Pfizer Ventures, sits on the company’s board of directors.
The original version of this article appeared on our sister site, Global University Venturing.
