Press Release
May 8, 2012

Goodwin Procter Represents Action Pharma in Acquisition of Kidney Drug Compound by Abbott Laboratories

Abbott Laboratories purchased the rights to develop and commercialize kidney drug compound AP214 from Goodwin Procter client, Danish company Action Pharma A/S, for $110 million. The acquisition will enhance Abbott's pipeline in renal care.

AP214 is in development to prevent acute kidney injury (AKI) associated with major cardiac surgery in patients at increased risk and has further potential in adjacent indications.

Action Pharma has for almost ten years focused on developing novel drug candidates targeting melanocortin receptors and bringing these to the stage of clinical proof of concept for subsequent partnering. Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics.

The Goodwin Procter deal team was led by partner Lawrence Wittenberg on the corporate side and partner Duncan Greenhalgh on the IP side.

Goodwin Procter's Life Sciences Practice represents more than 400 life science companies worldwide, using an integrated approach that combines the firm’s deep corporate, licensing, patent and FDA expertise to serve the needs of its industry clients.