Portfolio company to life sciences investor Novo Holdings, Syndesi Therapeutics, has been acquired by AbbVie in a deal worth a potential $1 billion.
Syndesi was created in 2018 as the result of a close collaboration between Novo Seeds, the company creation arm of Novo Holdings, and UCB Pharma, the Belgium-based global pharmaceutical company.
Syndesi has developed a portfolio of novel synaptic vesicle protein 2A (SV2A) modulators to treat synaptic transmission deficits associated with cognitive dysfunction across a range of neuropsychiatric and neurodegenerative disorders such as Alzheimer’s Disease, Parkinson’s Disease, schizophrenia, and depression.
Syndesi’s lead molecule SDI-118, is a small molecule currently in Phase 1b studies. It 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.
The deal will see AbbVie pay Syndesi shareholders a $130 million in an upfront payment with an additional $870 million available depending on if certain milestones are met.
"There is a major unmet need for new therapies that can help improve cognitive function in patients suffering from difficult-to-treat neurologic diseases," said Tom Hudson, senior vice president, R&D, chief scientific officer, AbbVie. "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."
"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," said Jonathan Savidge, chief executive officer, Syndesi Therapeutics. "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."
Morten Graugaard Døssing, board director of Syndesi and Partner at Novo Holdings, said: “Spin-out ventures from pharmaceutical companies are an integrated part of Novo Seeds’ company creation strategy, where we aim to add significant strategic and operational support to the spin-out process. AbbVie’s acquisition of Syndesi is a testament to our strategy as well as to the leadership team, the assets they developed and the strategy they executed. We worked closely with the Syndesi team and our co-investors through the Company’s early development and we are incredibly proud of the progress made. As one of the leading pharmaceutical companies in CNS drug development globally, AbbVie makes the perfect partner to maximize the potential benefit of Syndesi’s lead candidate, SDI-118, for the treatment of cognitive impairment across multiple diseases.”