Angelini Pharma has acquired Swiss biopharmaceutical company Arvelle Therapeutics for a total consideration of up to $960m.
Arvelle specialises in developing treatment for patients with central nervous system (CNS) and mental health disorders.
The key focus of the acquisition is Arvelle’s CNS asset cenobamate, which has been deemed a Promising Innovative Medicine by the UK’s Medicines and Healthcare products Regulatory Agency (MHRA) for the treatment of drug-resistant focal-onset seizures in adults.
Following Angelini’s acquisition of Arvelle, the company will gain exclusive licensing rights to commercialise cenobamate in the European Union and other countries in the European Economic Area (including Switzerland and the UK).
In a clinical study of cenobamate, the drug’s clinical efficacy was demonstrated after it showed a significant greater reduction in seizure frequency.
In addition, more patients achieved a 50% or greater reduction in seizure frequency compared to the placebo group.
“I am very proud of the team we have built at Arvelle and the progress we have made over the last two years in helping bring cenobamate to people suffering with epilepsy in Europe” said Mark Altmeyer, president and chief executive officer of Arvelle Therapeutics.
“We think there is an excellent strategic fit with Angelini Pharma and believe the acquisition of Arvelle, and the launch of cenobamate can help accelerate their goal of becoming a leading CNS industry player,” he added.
As part of the acquisition, SK Biopharmaceuticals has agreed to sell its 12% stake in Arvelle to Angelini.
SK will, however, remain eligible to receive all payments inherited by the license agreement it originally signed with Arvelle in February 2019.