AbbVie Acquires V-Bio Ventures’s Portfolio Company Syndesi TherapeuticsMarch 1, 2022
V-Bio Ventures has announced the completion the acquisition of its portfolio company Syndesi Therapeutics SA by AbbVie (NYSE: ABBV), which 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, V-Bio Ventures said in its press release.
Under the terms of the agreement, AbbVie will pay Syndesi shareholders a $130 million upfront payment with the potential for Syndesi shareholders to receive additional contingent payments of up to $870 million based on the achievement of certain predetermined milestones, the company 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,” said Tom Hudson, M.D., 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.”
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.
“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.”
Christina Takke, Managing Partner at V-Bio Ventures, commented: ”This transaction strongly validates V-Bio’s strategy to invest early in newly formed ventures based on outstanding science and to support their management teams through the initial value creating milestones. We are extremely pleased with this acquisition by Abbvie, whom we regard as an ideal partner to further develop this program.”