AbbVie (NYSE: ABBV) completed the acquisition of Syndesi Therapeutics SA, a Belgium-based clinical stage biotechnology company pioneering the development of novel therapeutics that modulate synaptic function to relieve the symptoms of cognitive impairment.
Under the terms of the agreement, AbbVie will pay Syndesi shareholders a $130m upfront payment with the potential for shareholders to receive additional contingent payments of up to $870m based on the achievement of certain predetermined milestones.
Syndesi will help to expand AbbVie’s neuroscience portfolio. This acquisition gives AbbVie access to Syndesi’s portfolio of novel modulators of the synaptic vesicle protein 2A (SV2A), including its lead molecule SDI-118. The mechanism is currently being evaluated for the potential treatment of cognitive impairment and other symptoms associated with a range of neuropsychiatric and neurodegenerative disorders, such as Alzheimer’s disease and major depressive disorder.
The lead molecule, SDI-118, is a small molecule currently in Phase 1b studies, which is being evaluated to target nerve terminals to enhance synaptic efficiency. Synaptic dysfunction is believed to underlie the cognitive impairment seen in multiple neuropsychiatric and neurodegenerative disorders.
Founded in December 2017 and led by Jonathan Savidge, chief executive officer, Syndesi Therapeutics was created through a partnership between UCB Biopharma SRL and a syndicate of Belgian and international investors to further develop novel SV2A modulators that had been originally discovered by UCB. Syndesi’s Series A financing was co-led by Novo Holdings together with Fountain Healthcare Partners, with participation from Johnson & Johnson Innovation – JJDC, Inc., SRIW (Société Régionale d’Investissement de Wallonie), V-Bio Ventures and Vives Fund, along with UCB Ventures. The company has also benefited from support from the Walloon Region.
The lead molecule, SDI-118, was discovered by UCB before being out-licensed to Syndesi as of 2018.
FinSMEs
05/03/2022