NORTH CHICAGO, Ill.,
March 1, 2022 /PRNewswire/ -- AbbVie
(NYSE: ABBV) today announced it has completed the acquisition of
Syndesi Therapeutics SA, 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.
"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."
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.
Advisors
Cleary Gottlieb Steen &
Hamilton LLP acted as legal counsel to AbbVie. Goodwin Procter LLP
acted as lead legal counsel, along with Deloitte Legal,
Belgium, and Lazard acted as the
exclusive financial adviser to Syndesi.
About AbbVie
AbbVie's mission is to discover and deliver innovative medicines
that solve serious health issues today and address the medical
challenges of tomorrow. We strive to have a remarkable impact on
people's lives across several key therapeutic areas: immunology,
oncology, neuroscience, eye care, virology, women's health and
gastroenterology, in addition to products and services across its
Allergan Aesthetics portfolio. For more information about AbbVie,
please visit us at www.abbvie.com. Follow @abbvie on Twitter,
Facebook, Instagram, YouTube and LinkedIn.
About Syndesi Therapeutics
Founded in December 2017 and based
in Belgium, Syndesi is a clinical
stage biotechnology company pioneering the development of novel
therapeutics that modulate synaptic function to relieve the
symptoms of cognitive impairment. Syndesi's unique molecules act
pre-synaptically to enhance synaptic efficiency by positively
modulating the function of synaptic vesicle protein 2A (SV2A),
which plays a central role in regulating neurotransmission.
Syndesi 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.
Forward-Looking Statements
Some statements in this news release are, or may be
considered, forward-looking statements for purposes of the Private
Securities Litigation Reform Act of 1995. The words "believe,"
"expect," "anticipate," "project" and similar expressions, among
others, generally identify forward-looking statements. AbbVie
cautions that these forward-looking statements are subject to risks
and uncertainties that may cause actual results to differ
materially from those indicated in the forward-looking statements.
Such risks and uncertainties include, but are not limited to,
failure to realize the expected benefits from AbbVie's acquisition
of Allergan plc ("Allergan"), failure to promptly and effectively
integrate Allergan's businesses, competition from other products,
challenges to intellectual property, difficulties inherent in the
research and development process, adverse litigation or government
action, changes to laws and regulations applicable to our industry
and the impact of public health outbreaks, epidemics or pandemics,
such as COVID-19. Additional information about the economic,
competitive, governmental, technological and other factors that may
affect AbbVie's operations is set forth in Item 1A, "Risk Factors,"
of AbbVie's 2021 Annual Report on Form 10-K, which has been filed
with the Securities and Exchange Commission, as updated by its
subsequent Quarterly Reports on Form 10-Q. AbbVie undertakes no
obligation to release publicly any revisions to forward-looking
statements as a result of subsequent events or developments, except
as required by law.
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SOURCE AbbVie