The acquisition will expand AbbVie's neuroscience portfolio with Syndesi’s synaptic vesicle protein 2A (SV2A) modulators, including its lead molecule SDI-118
AbbVie corporate and US headquarters. (Credit: AbbVie Inc)
US-based AbbVie has closed the acquisition of Syndesi Therapeutics, a Belgian biotechnology company developing novel treatments for cognitive impairment, to expand its neuroscience portfolio.
Under the terms of the agreement, AbbVie is expected to make an upfront payment of $130m, along with potential milestone payments of up to $870m.
Through the acquisition, the US biopharmaceutical company will obtain Syndesi’s portfolio of novel synaptic vesicle protein 2A (SV2A) modulators.
Its drug molecules are said to enhance synaptic efficiency by modulating the function of SV2A, which plays a key role in regulating neurotransmission.
The portfolio includes its lead candidate SDI-118, a small molecule therapy currently being evaluated in Phase 1b studies, to enhance synaptic function by targeting nerve terminals.
AbbVie R&D senior vice president, chief scientific officer Tom Hudson said: “There is a major unmet need for new therapies that can help improve cognitive function in patients suffering from difficult-to-treat neurologic diseases.
“With AbbVie’s acquisition of Syndesi, we aim to advance the research of a novel, first-in-class asset for the potential treatment of cognitive impairment associated with neuropsychiatric and neurodegenerative disorders.”
According to AbbVie, synaptic dysfunction is thought to drive the cognitive impairment related to multiple neuropsychiatric and neurodegenerative disorders.
The mechanism of SV2A modulators is currently being studied for the potential treatment of cognitive impairment and other neuropsychiatric and neurodegenerative disorders.
Established in 2017, Syndesi is engaged in developing novel therapeutics that modulate synaptic function to treat the symptoms of cognitive impairment.
The company was created through a partnership between biopharmaceutical company UCB and a syndicate of Belgian and global investors, to further develop novel SV2A modulators originally discovered by UCB.
Its lead molecule SDI-118 was originally discovered by UCB, and was out-licensed in 2018.
Syndesi Therapeutics CEO Jonathan Savidge said: “We have been impressed with the vision of AbbVie’s neuroscience R&D team, who share our view on the therapeutic potential of SDI-118 in a range of neurologic diseases.
“I am delighted with the closing of this deal. It has been a pleasure to partner with our investors to investigate the potential of SDI-118 in early clinical studies. Now, as part of AbbVie, the program is well-positioned to move into later stages of clinical development.”
Cleary Gottlieb Steen & Hamilton served as legal counsel to AbbVie on the transaction. Goodwin Procter acted as lead legal counsel, along with Deloitte Legal, Belgium, and Lazard served as the exclusive financial adviser to Syndesi.