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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.