phototechno Amylyx Pharmaceuticals ( NASDAQ: AMLX ) has signed an agreement with Eiger BioPharmaceuticals ( OTC:EIGRQ ) to acquire the rights to the latter’s Phase 3-ready GLP-1 receptor antagonist, Avexitide. Cambridge, Massachusetts-based Amylyx ( AMLX ) has agreed to pay $35.1M plus other payments for the acquisition, the company announced in an SEC filing late Friday.
The experimental peptide therapy designed to bind with GLP-1 receptor on pancreatic cells has already undergone Phase 2 trials for the metabolic diseases congenital hyperinsulinism (HI) and post-bariatric hypoglycemia (PBH). The FDA has granted Avexitide rare pediatric disease designation in addition to breakthrough therapy designation in HI, and orphan drug designation in hyperinsulinemic hypoglycemia, which includes HI. The agreement is subject to multiple conditions, including approval from a Texas bankruptcy court, where Eiger ( OTC:EIGRQ ) has filed for Chapter 11 bankruptcy protection.
More on Amylyx, Eiger, etc. Amylyx Pharmaceuticals, Inc. (AMLX) Q1 2024 Earnings Call Transcript Amylyx Pharmaceuticals Q1 2024 Earnings Preview Amylyx down 6% despite encouraging phase 2 data on rare disorder drug Seeking Alpha’s Quant Rating on Amylyx Pharmaceuticals Historical earnings data for Amylyx Pharmaceuticals.
