AbbVie has agreed to acquire Gilgamesh Pharmaceuticals’ lead candidate bretisilocin, an investigational therapy targeting major depressive disorder (MDD), for up to $1.2bn.
Bretisilocin, a serotonin receptor agonist and releaser, is a novel, next-generation psychedelic compound currently in Phase 2 development.
The acquisition builds on last year’s collaboration between AbbVie and Gilgamesh to advance next-generation psychiatric therapies.
As part of the transaction, Gilgamesh will create a new entity, dubbed Gilgamesh Pharma, to continue developing its other projects.
The new entity will hold Gilgamesh’s oral NMDA receptor antagonist blixeprodil, cardio-safe ibogaine analogue, M1/M4 agonist programme and continue existing collaboration with AbbVie.
AbbVie said the acquisition aligns with its strategy to enhance its psychiatric treatment portfolio.
The deal, pending customary closing conditions, reflects growing interest in psychedelic compounds for mental health due to their rapid and durable effects.
AbbVie chief scientific officer and research and development executive vice president Roopal Thakkar said: “The field of psychiatry represents one of the most challenging areas in medicine, with a significant need for innovative solutions.
“This acquisition underscores our commitment to broadening and enhancing psychiatric care by investing in novel treatment approaches with the potential to reach patients for whom other treatments have been ineffective.
“We look forward to advancing bretisilocin to late-stage clinical development.”
In recent clinical trials, bretisilocin is showing promise in treating MDD, with a reduced psychoactive duration and lasting therapeutic benefits.
In a Phase 2a study, the drug showed a clinically impactful and statistically significant reduction in the severity of depressive symptoms compared to a low-dose active comparator.
The severity was measured by the Montgomery-Åsberg Depression Rating Scale (MADRS) total score.
Bretisilocin showed a superior antidepressant effect, reducing 21.6 points in the severity scores, compared to a 12.1-point reduction with a low-dose comparator.
The psychedelic compound was well tolerated, with no serious adverse events.
Covington & Burling served as legal counsel to AbbVie, while Centerview Partners served as exclusive financial advisor and Ropes & Gray as legal counsel to Gilgamesh, on the transaction.
Gilgamesh Pharmaceuticals CEO Jonathan Sporn said: “AbbVie’s leadership in neuroscience and commitment to advancing innovative treatments make them the ideal partner to advance bretisilocin rapidly forward while enabling Gilgamesh to continue pursuing our broader mission of developing novel, transformative therapies for complex mental health and neurological conditions.”
