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- 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.