AbbVie Buys Syndesi Therapeutics for Up to $1 Billion

By Colin Kellaher

AbbVie Inc. on Tuesday said it acquired Belgian clinical-stage biotechnology company Syndesi Therapeutics SA for up to $1 billion in a deal that expands its neuroscience portfolio.

AbbVie said it is making an upfront payment of $130 million, and Syndesi's shareholders could receive additional contingent payments of up to $870 million based on the achievement of certain milestones.

AbbVie said the deal adds Syndesi's portfolio of novel modulators of the synaptic vesicle protein 2A, including its lead molecule SDI-118. The North Chicago, Ill., biopharmaceutical company said 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.

Novo Holdings A/S, a Danish life-sciences investor that controls healthcare giant Novo Nordisk A/S, and Belgian biopharmaceutical company UCB S.A. formed Syndesi in 2018 with a syndicate of Belgian and international investors to further develop novel SV2A modulators originally discovered by UCB.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

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