Abbott Laboratories has agreed to pay at least $450 million for international rights to develop and commercialize Reata Pharmaceuticals Inc.’s experimental chronic kidney-disease drug bardoxolone.
Drug makers have been looking for ways to bolster their product pipelines to replace lost revenue as patents on a host of blockbuster treatments are set to expire in the next several years.
Abbott has been in acquisition mode lately, agreeing in May to buy Piramal Healthcare Ltd.’s branded generic-drugs unit for $3.7 billion. It has weathered the downturn better than some because of its broad product base.
Abbott said in July its second-quarter core earnings rose higher than expected as sales jumped 18%.
Abbott is also acquiring a minority equity stake in Reata, the Irving, Texas, drug maker.
Bardoxolone, Reata’s lead drug candidate, was shown in a midstage study to significantly improve kidney function in patients with advanced chronic kidney disease and Type-2 diabetes.
