LSP portfolio company Arvelle Therapeutics acquired by Angelini Pharma for $1 billion



  • Angelini Pharma and Arvelle Therapeutics have agreed on a definitive merger agreement valuing Arvelle Therapeutics at up to $960 million
  • Angelini Pharma will become a leading playeramongst companies focused on Central Nervous System (CNS) and mental health disorder treatments.
  • LSP led the Series A financing which was part of the $207.8 million start-up financing of Arvelle Therapeutics in February 2019, investing from its LSP 6 fund.
     
Amsterdam, January 5, 2021 – LSP, the leading European life sciences investor, announces the definitive merger agreement between Angelini Pharma and LSP portfolio company Arvelle Therapeutics in an all cash transaction for a total aggregate valuation of up to $960 million. Subject to regulatory approval, Angelini will pay an initial $610 million and subject to cenobamate reaching certain revenue targets, a further $350 million will be paid.
 
Following Angelini Pharma’s acquisition of Arvelle Therapeutics, Angelini Pharma will have the exclusive license to commercialize 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.
Cenobamate is a small molecule with a unique dual complementary mechanism of action for the
treatment of drug-resistant focal-onset seizures in adults. Key study findings documented cenobamate’s clinical efficacy by showing a significant greater reduction in median seizure frequency and more patients achieving a 50% or greater reduction in seizure frequency compared to the placebo group. Cenobamate is approved by the Food and Drug Administration (FDA) in the United States.
 
“I am very proud of the team we have built at Arvelle and the progress we have made over the last
 two years in helping bring cenobamate to people suffering with epilepsy in Europe” said Mark
 Altmeyer, President & CEO of Arvelle Therapeutics. “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.”
 
“After a fast but rigorous due diligence process and several meetings with the Arvelle team we got
convinced by the enormous potential of cenobamate and the impact it could have on epilepsy patients.
We were happy to take the lead in financing starting up Arvelle Therapeutics”. said Martijn Kleijwegt, Managing Partner at LSP.
 
About Arvelle Therapeutics
Arvelle Therapeutics is an emerging biopharmaceutical company focused on bringing innovative solutions to patients suffering from CNS disorders. Arvelle is responsible for the development and commercialization of cenobamate, an investigational anti-seizure medicine, in the European market. Arvelle is headquartered in Switzerland and received start-up financing 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. More information is available at arvelletx.com.
 
About LSP
LSP is one of the largest European investment firms providing financing for life sciences and health care companies. LSP’s management has raised over €2 billion ($2.3 billion) and developed more than 120 companies since it started to invest in 1988. With offices in Amsterdam, Munich and Boston, LSP currently has the possibility to invest from three funds, each having a distinctive investment scope and a dedicated team: LSP 6 invests in private early- to late-stage drug development and medical technology companies; LSP HEF 2 focuses on private late-stage medical technology companies with a health and economic benefit; and LSP Public targets public healthcare companies. Among LSP’s signature deals are argenx, Crucell, KuDOS, Movetis, Neuravi, Okairos, Prosensa, Qiagen and Zealand Pharma. In addition, LSP is an active contributor to the life sciences industry through roles as founder and board member of the Oncode Institute, initiator of the Dutch Venture Initiative (DVI), as well as board member of European venture capital associations, technology transfer institutes and government bodies. 
 
About Cenobamate
Cenobamate was discovered by SK Biopharmaceuticals and SK life science and is a new FDA-approved anti-seizure medication (ASM) for the treatment of partial-onset seizures in adults
(also known as focal-onset seizures). Cenobamate has been approved in the U.S. where it is commercially available under the trademark XCOPRI®. In early 2019, SK Biopharmaceuticals entered into an exclusive licensing agreement with Arvelle Therapeutics to develop and commercialize cenobamate in Europe. Cenobamate is believed to deliver its dual, complementary mechanism of action through a combination of two mechanisms: enhancing inhibitory currents through positive modulation of GABA-A receptors at a non-benzodiazepine binding site, and decreasing excitatory currents by both inhibiting the persistent sodium current and enhancing the inactivated state of voltage-gated sodium channels.
 
For more information please contact:
Martijn Kleijwegt, Managing Partner at LSP
+ 31 (0) 20 664 55 00

 

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LSP portfolio company Arvelle Therapeutics acquired by Angelini Pharma for $1 billion



  • Angelini Pharma and Arvelle Therapeutics have agreed on a definitive merger agreement valuing Arvelle Therapeutics at up to $960 million
  • Angelini Pharma will become a leading playeramongst companies focused on Central Nervous System (CNS) and mental health disorder treatments.
  • LSP led the Series A financing which was part of the $207.8 million start-up financing of Arvelle Therapeutics in February 2019, investing from its LSP 6 fund.
     
Amsterdam, January 5, 2021 – LSP, the leading European life sciences investor, announces the definitive merger agreement between Angelini Pharma and LSP portfolio company Arvelle Therapeutics in an all cash transaction for a total aggregate valuation of up to $960 million. Subject to regulatory approval, Angelini will pay an initial $610 million and subject to cenobamate reaching certain revenue targets, a further $350 million will be paid.
 
Following Angelini Pharma’s acquisition of Arvelle Therapeutics, Angelini Pharma will have the exclusive license to commercialize 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.
Cenobamate is a small molecule with a unique dual complementary mechanism of action for the
treatment of drug-resistant focal-onset seizures in adults. Key study findings documented cenobamate’s clinical efficacy by showing a significant greater reduction in median seizure frequency and more patients achieving a 50% or greater reduction in seizure frequency compared to the placebo group. Cenobamate is approved by the Food and Drug Administration (FDA) in the United States.
 
“I am very proud of the team we have built at Arvelle and the progress we have made over the last
 two years in helping bring cenobamate to people suffering with epilepsy in Europe” said Mark
 Altmeyer, President & CEO of Arvelle Therapeutics. “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.”
 
“After a fast but rigorous due diligence process and several meetings with the Arvelle team we got
convinced by the enormous potential of cenobamate and the impact it could have on epilepsy patients.
We were happy to take the lead in financing starting up Arvelle Therapeutics”. said Martijn Kleijwegt, Managing Partner at LSP.
 
About Arvelle Therapeutics
Arvelle Therapeutics is an emerging biopharmaceutical company focused on bringing innovative solutions to patients suffering from CNS disorders. Arvelle is responsible for the development and commercialization of cenobamate, an investigational anti-seizure medicine, in the European market. Arvelle is headquartered in Switzerland and received start-up financing 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. More information is available at arvelletx.com.
 
About LSP
LSP is one of the largest European investment firms providing financing for life sciences and health care companies. LSP’s management has raised over €2 billion ($2.3 billion) and developed more than 120 companies since it started to invest in 1988. With offices in Amsterdam, Munich and Boston, LSP currently has the possibility to invest from three funds, each having a distinctive investment scope and a dedicated team: LSP 6 invests in private early- to late-stage drug development and medical technology companies; LSP HEF 2 focuses on private late-stage medical technology companies with a health and economic benefit; and LSP Public targets public healthcare companies. Among LSP’s signature deals are argenx, Crucell, KuDOS, Movetis, Neuravi, Okairos, Prosensa, Qiagen and Zealand Pharma. In addition, LSP is an active contributor to the life sciences industry through roles as founder and board member of the Oncode Institute, initiator of the Dutch Venture Initiative (DVI), as well as board member of European venture capital associations, technology transfer institutes and government bodies. 
 
About Cenobamate
Cenobamate was discovered by SK Biopharmaceuticals and SK life science and is a new FDA-approved anti-seizure medication (ASM) for the treatment of partial-onset seizures in adults
(also known as focal-onset seizures). Cenobamate has been approved in the U.S. where it is commercially available under the trademark XCOPRI®. In early 2019, SK Biopharmaceuticals entered into an exclusive licensing agreement with Arvelle Therapeutics to develop and commercialize cenobamate in Europe. Cenobamate is believed to deliver its dual, complementary mechanism of action through a combination of two mechanisms: enhancing inhibitory currents through positive modulation of GABA-A receptors at a non-benzodiazepine binding site, and decreasing excitatory currents by both inhibiting the persistent sodium current and enhancing the inactivated state of voltage-gated sodium channels.
 
For more information please contact:
Martijn Kleijwegt, Managing Partner at LSP
+ 31 (0) 20 664 55 00

 

« back to overview