spawns Amylyx Pharmaceuticals ( NASDAQ: AMLX ) traded sharply higher on Wednesday after the drug developer announced the acquisition of avexitide, a GLP-1 receptor antagonist developed by Eiger BioPharmaceuticals ( OTC:EIGRQ ). The transaction was completed on July 9 after Amylyx ( AMLX ) emerged as the winning bidder in an auction held to sell Avexitide under Eiger’s ( OTC:EIGRQ ) ongoing bankruptcy proceedings taking place in Texas. Designed to target GLP-1 receptors on pancreatic cells and address low blood glucose levels (hypoglycemia), Avexitide has undergone five clinical trials for post-bariatric hypoglycemia (PBH) and congenital hyperinsulinism.
Amylyx ( AMLX ) said it would begin a Phase 3 program for the candidate in PBH in Q1 2025, with its data expected in 2026. The transaction builds on a deal signed in late June under which Amylyx ( AMLX ) agreed to buy most of the rights related to Avexitide for $35.1M and other considerations.
More on Amylyx, Eiger, etc. Amylyx Pharmaceuticals, Inc. (AMLX) Avexitide Acquisition Conference Call Transcript Amylyx Pharmaceuticals: Potential To Redeem Itself With Data Readouts And Possible GLP-1 Acquisition Amylyx Pharmaceuticals, Inc.
(AMLX) Q1 2024 Earnings Call Transcript Amylyx inks deal to buy Eiger’s GLP-1 targeting drug Amylyx Pharmaceuticals Q1 2024 Earnings Preview.
