Amylyx acquires Phase 3-ready avexitide from Eiger for $35.1M plus

Amylyx Pharmaceuticals announced the acquisition of avexitide from Eiger BioPharmaceuticals … Avexitide has been studied for the potential treatment of hyperinsulinemic hypoglycemia to date. “Since Amylyx was founded, we have been guided by a rigorous approach to our science to bring potential treatments to communities with high unmet needs. When we reviewed all the compelling data supporting avexitide, it clearly aligned with our strategic scientific criteria, expertise, and community values, and we are excited to build upon the important work done to date to study this asset,” said Joshua Cohen and Justin Klee, Co-CEOs of Amylyx. Avexitide is an investigational, first-in-class glucagon-like peptide-1 GLP-1 receptor antagonist that has been evaluated in five clinical trials for post-bariatric hypoglycemia PBH and has also been studied in congenital hyperinsulinism , two indications characterized by hyperinsulinemic hypoglycemia. The U.S. Food and Drug Administration has granted avexitide Breakthrough Therapy Designation for both indications, Rare Pediatric Disease Designation in congenital HI, and Orphan Drug Designation for the treatment of hyperinsulinemic hypoglycemia . Avexitide is designed to bind to the GLP-1 receptor on pancreatic islet beta cells and block the effect of GLP-1 to mitigate hypoglycemia by decreasing insulin secretion and stabilizing glucose levels. In PBH, excessive GLP-1 can lead to the hypersecretion of insulin and subsequent severe hypoglycemic events, including autonomic and neuroglycopenic symptoms if left unaddressed.On July 9, Amylyx completed the acquisition of substantially all of the rights, title and interests in, to and under those assets and interests used by the seller in the development, manufacture and commercialization of avexitide from Eiger for $35.1M plus the aggregate amount of determined cure costs and assumed liabilities. As part of the transaction, Amylyx assumed certain contractual obligations from Eiger, including a 3% royalty on future sales of avexitide in PBH, if approved, to certain academic institutions.