Arvelle Therapeutics exits at a valuation of $960 million

Arvelle Therapeutics is responsible for developing and commercialising cenobamate in the European market. Cenobamate is an investigational antiepileptic drug for treating patients suffering from CNS disorders and was discovered by SK Biopharmaceuticals and SK life science. It is a FDA-approved antiseizure medication (ASM) for the treatment of partial-onset seizures in adults.

The European Medicines Agency has already accepted the Marketing Authorization Application for Cenobamate in the European market. Last year, the German Federal Institute for Drugs and Medical Devices (BfArM) approved cenobamate as an adjunctive therapy.

Arvelle Therapeutics has now been acquired by Angelini Pharma, an international pharmaceutical company, part of the Italian privately-owned Angelini Group. The acquisition comes after the two companies concluded a definitive merger agreement under which Angelini Pharma will acquire Arvelle Therapeutics in an all-cash transaction for a total aggregate valuation of up to $960 million. Following regulatory approval, $610M will be paid. Subsequently, and subject to cenobamate reaching certain revenue targets, a further $350M will be paid.

Angelini Pharma will have the exclusive license to commercialise cenobamate in the European Union and other countries in the European Economic Area (Switzerland and the United Kingdom). Angelini plans to launch cenobamate after receiving approval from the European Medicines Agency (EMA), which is expected in 2021.

Shareholders sell shares to Angelini Pharma
SK Biopharmaceuticals, a global innovative pharmaceutical company, listed on the Korea Stock Exchange, announced that it has agreed to sell its 12 percent stake in Arvelle Therapeutics to Angelini Pharma. SK Biopharmaceuticals will remain eligible to receive all payments inherited by the license agreement signed between Arvelle Therapeutics and SK Biopharmaceuticals in February 2019. In addition, revenue share payments due to certain of the Arvelle shareholders will be assumed by Angelini Pharma.

With this acquisition, Angelin Pharma plans to open direct affiliates in France, UK, Nordics and Switzerland by 2022.

Arvelle Therapeutics was founded in 2019 and received an investment of $207.8 million, one of the largest initial financing commitments for a European-focused biopharmaceutical company, with investments from a global syndicate including NovaQuest Capital Management, BRV Capital Management, LSP, H.I.G. BioHealth Partners, Andera Partners, F-Prime Capital and KB Investments.

(Press release/RAN)