Axovant spin-off launched in Basel with an initial funding of over CHF100m

15.02.2019 09:30

Related tags

Basel

Axovant Sciences, a clinical-stage company developing innovative gene therapies, has announced the formation of Arvelle Therapeutics and the strategic transition of its legacy small molecule team into the newly-formed company. Arvelle raised more than $100 million from a global syndicate of biotechnology investors.

 

Arvelle Therapeutics is a biopharmaceutical company with the mission of bringing innovative solutions to patients suffering from CNS (central nervous system) disorders. The newly created company received one of the largest initial financing commitments for a European-focused biopharmaceutical company from a global syndicate of investors that include NovaQuest, LSP, BRV Capital Management, Andera Partners, and H.I.G. BioHealth Partners.

The funds enabled Arvelle to enter into an exclusive licensing agreement with SK Biopharmaceuticals to develop and commercialize cenobamate in Europe. Cenobamate is a novel, small molecule investigational antiepileptic drug for the potential treatment of partial-onset seizures in adult patients. Under the agreement, SK Biopharmaceuticals will receive an upfront payment of $100 million and is eligible to receive up to $430 million upon achievement of certain regulatory and commercial milestones.

Arvelle Therapeutics is a spin-off from Axovant. Axovant was involved in the origination, diligence and structuring of the cenobamate license. Axovant is not contributing any capital to the initial financing of Arvelle, and the financing will be non-dilutive to Axovant’s shareholders.

Mark Altmeyer will step down from his current role at Axovant to become president and chief executive officer of Arvelle. Altmeyer brings more than 30 years of global biopharmaceutical experience to Arvelle. As President and CEO of Otsuka America Pharmaceutical, Inc., Altmeyer oversaw the growth of Abilify into a multi-billion-dollar product. Most recently, he served as President and Chief Commercial Officer of Axovant Sciences and previously led the neuroscience business unit at Bristol-Myers Squibb Company. Altmeyer is joined by a talented team of colleagues from Axovant with deep experience in CNS drug development and global commercialization. Arvelle intends to file a Marketing Authorization Application (MAA) for cenobamate for partial-onset seizures in adult patients based on the data generated from SK Biopharmaceuticals’ global clinical trial program.

“We launched Arvelle to bring truly innovative CNS products to patients suffering from serious neurological conditions and cenobamate is the perfect first pipeline product,” said Altmeyer. “Given the data generated in clinical trials and the FDA acceptance of the NDA, we believe cenobamate has the potential to be an important antiepileptic drug treatment option for adult patients suffering from partial-onset seizures. We appreciate the support and validation of our investors and are very enthusiastic about our potential in the European market.”

(Press release - SK)
Please login or
register to comment

Please login or sign up to comment. Commenting guidelines

Please login or
register to use the
bookmark feature

Related tags

Read more about

More news about Arvelle Therapeutics
Please login or
register to use the
bookmark feature

Related tags

Read more about

Please login or
register to comment

Please login or sign up to comment. Commenting guidelines

 

Principal

A showcase for female CEOs


Startupticker has recorded Swiss start-ups with female CEOs and ranked them by sector. The map which includes links to 80+ companies can be downloaded in our article.

Partners

Contributors

By continuing to use this website you agree with our TERMS AND CONDITIONS