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.

Mitokinin, a US-based developer of treatments for neurodegenerative diseases based on research at University of California, San Francisco, sold an exclusive buyout option to pharmaceutical firm AbbVie on Tuesday.
AbbVie has made an upfront payment, though financial terms were not disclosed. It will have the right to acquire Mitokinin once the spinout has completed investigational new drug-enabling studies for its lead asset, a potential therapy for Parkinson’s disease.
The two companies have also negotiated a collaborative research plan for the product candidate, though further details were not revealed.
Mitokinin’s approach relies on increasing the activity of Pink1, a gene linked to Parkinson’s disease. The spinout hopes this will address the mitochondrial dysfunction that plays a contributing factor in the condition’s pathogenesis and progression.
The company is based on research by co-founders Prof Kevan Shokat and his then-PhD candidate Nicholas Hertz, who now serves as chief scientific officer.
Mitokinin raised $4.5m in funding in September 2017, according to a regulatory filing, with the latest announcement indicating this was a series A round led by Mission Bay Capital.
The spinout then raised $5m in November 2018, according to another securities document.
Its shareholders also include Pfizer Ventures, the corporate venture capital arm of pharmaceutical firm Pfizer, and private equity firm Samambaia Investments, but it is unclear when either invested.
Al-Hallaq, a senior director and principal at Pfizer Ventures, sits on Mitokinin’s board of directors.
Hertz said: “It is a testament to the quality of our science and the strength of our scientific team that we were able to attract a partner of AbbVie’s calibre.
“I am excited to continue to demonstrate the therapeutic potential of our specific Pink1 targeting compounds and to push towards the clinic with the AbbVie team.”