Angelini Pharma has agreed to acquire Swiss biopharmaceutical company Arvelle Therapeutics in a deal valued up to $960m.
Arvelle Therapeutics is involved in the development of advanced solutions to treat patients suffering from central nervous system (CNS) disorders.
The company is currently engaged in the development and commercialisation of an investigational anti-seizure medicine, called cenobamate, in the European market.
Arvelle Therapeutics president and CEO Mark Altmeyer said: “We think there is an excellent strategic fit with Angelini Pharma and believe the acquisition of Arvelle, and the launch of cenobamate can help accelerate their goal of becoming a leading CNS industry player.”
Upon receiving regulatory approval, Arvelle Therapeutics will secure $610m from Angelini Pharma. The company will also receive an additional $350m based on the achievement of certain revenue targets related to cenobamate.
Once the deal concludes, Angelini Pharma will be provided with an exclusive licence to commercialise cenobamate in the European Union and other countries in the European Economic Area – Switzerland and the UK.
Angelini aims to introduce cenobamate after securing approval from the European Medicines Agency (EMA), which is expected later this year.
Cenobamate, a small molecule with a unique dual complementary mechanism of action, is said to be a promising innovative medicine by the UK’s MHRA to treat drug-resistant focal-onset seizures in adults.
Cenobamate secured approval from the US Food and Drug Administration (FDA) as an anti-seizure medication (ASM) to treat partial-onset (focal-onset) seizures in adults. It is marketed under the brand name Xcopri (cenobamate tablets) CV.
Angelini Pharma CEO Pierluigi Antonelli said: “At Angelini Pharma, we are thrilled to sign this promising agreement and are enthusiastic about the commitment and work that our colleagues at Arvelle have put into the business during the last years. We share the same patient-centric culture and agility attitude.”
Centerview Partners UK is serving as a sole financial advisor to Arvelle for the transaction, while Sidley Austin is serving as legal counsel. NautaDutilh is also acting as legal counsel to Arvelle.
White & Case (Europe) is serving as a legal counsel to Angelini Pharma for the transaction. White & Case is taking the support of KMPG for the due diligence tax and accounting.