With Generous Partner Abbott Back For More, Reata Aims High Again
This article was originally published in Start Up
Texas biotech Reata can add another $400 million license deal, its second with Abbott, to the $178 million it has raised from venture backers. But this time it's for preclinical assets.
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After implementing a major workforce reduction in January, Abbott Laboratories re-organized its diversified company into three units – proprietary pharmaceuticals, durable growth products and innovation-driven devices. Its latest announcement cements that change: Abbott will divide into a diversified medical products company.
Further Phase II data show biomarker evidence, and Reata will now look to a 1,600-patient Phase III trial to prove the drug can lead to improved kidney function.
Funding will allow Reata to complete the second of two pivotal trials for its lead product candidate in development for advanced chronic kidney disease.