Angelini Pharma, a Rome, Italy-based international pharmaceutical company which is a part of the private Italian Angelini Group, acquired Arvelle Therapeutics, a Swiss-based biopharmaceutical company focused on bringing innovative treatments to patients suffering from CNS disorders.
Under the definitive merger agreement, Angelini Pharma will acquire Arvelle Therapeutics in an all cash transaction for a total aggregate valuation of up to $960m. Following regulatory approval, $610M will be paid. Subsequently, and subject to cenobamate reaching certain revenue targets, a further $350M will be paid.
Following Angelini Pharma’s acquisition of Arvelle Therapeutics, Angelini Pharma will have the exclusive license to commercialize cenobamate in the European Union and other countries in the European Economic Area (Switzerland and the United Kingdom). The company plans to launch cenobamate after receiving approval from the European Medicines Agency (EMA), which is expected in 2021.
SK Biopharmaceuticals, a global innovative pharmaceutical company listed on the Korea Stock Exchange, also announced that it has agreed to sell its 12 percent stake in Arvelle Therapeutics to Angelini Pharma. SK Biopharmaceuticals will remain eligible to receive all payments inherited by the license agreement signed between Arvelle Therapeutics and SK Biopharmaceuticals in February 2019. In addition, revenue share payments due to certain of the Arvelle shareholders will be assumed by Angelini Pharma.
Arvelle Therapeutics is responsible for the development and commercialization of cenobamate, an investigational anti-seizure medicine, in the European market. The company is headquartered in Switzerland and received startup financing of $207.8m with investments from a global syndicate including NovaQuest Capital Management, BRV Capital Management, LSP, H.I.G. BioHealth Partners, Andera Partners, F-Prime Capital and KB Investments. Since its founding in 2019, Arvelle’s management team – led by Mark Altmeyer, President & CEO – has focused on bringing cenobamate to people with epilepsy in Europe, whilst also creating value for shareholders. They have worked in close collaboration with the European regulators to advance the marketing authorization application (MAA), and they have prepared for launch by building an organization throughout Europe and ensuring launch readiness across key areas of the business.
Cenobamate is a Promising Innovative Medicine by the UK’s MHRA for the treatment of drug-resistant focal-onset seizures in adults. Cenobamate is a small molecule with a unique dual complementary mechanism of action. It acts positively modulating the γ-aminobutyric acid (GABAA) ion channel and inhibiting voltage-gated sodium currents.
Led by Pierluigi Antonelli, CEO, Angelini Pharma is an international pharmaceutical company, part of the Italian privately-owned Angelini Group, committed to helping patients in the therapeutics areas of Mental Health (including Pain), Rare Diseases and Consumer Healthcare. The company operates directly in 15 countries employing almost 3.000 people and commercializes its products in more than 50 countries through strategic alliances with leading international pharmaceutical groups.