The Medicines Company said today it has completed its acquisition of Annovation Biopharma for an undisclosed price.
The deal expands the buyer’s portfolio with Annovation compounds that include lead candidate ABP-700, an experimental intravenous anesthetic being developed for procedural sedation and general anesthesia in patients undergoing diagnostic or therapeutic procedures.
ABP-700 is a potent positive allosteric modulator of the γ–aminobutyric acid (GABA) receptor, a ligand-gated ion channel, discovered by the laboratory of Douglas Raines, M.D., of Massachusetts General Hospital (MGH).
ABP-700 has demonstrated “potent and rapidly reversible anesthetic effects” in Phase I clinical studies, according to The Medicines Company. The company and principal investigators are expected to present data from the completed Phase I trials this fall. Ongoing clinical studies have expanded for ABP-700 and additional clinical trials are expected to launch in the second half of this year, the acquiring company said.