Abbott Buys Extra $4 Million Of LJP Stock
Abbott Laboratories has purchased an additional $4 million in La JollaPharmaceutical common stock at $4.81 per share as part of its worldwide strategic alliance to develop the lupus drug LJP 394, which is currently in Phase II/III clinical trials.
Abbott has global marketing rights for the drug, which is designed to specifically reduce the levels of double-stranded DNA antibodies that promote lupus nephritis, a principal cause of mortality in lupus patients. La Jolla claims that more than 500,000 people in the USA are afflicted by the disease.
Announcing the news, La Jolla's chairman and chief executive, Steven Engle, noted that while ongoing funding from the alliance with Abbott had enabled the group to expand the LJP 394 program, the latest investment "strengthens our financial position and increases our ability to develop other products."
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