Italy's healthcare group Angelini buys Swiss-based Arvelle in $1 bln deal

SK Biopharmaceuticals Co

04/01/2021 08:51

MILAN, Jan 4 (Reuters) - Italian healthcare company Angelini
said on Monday it would buy Swiss-based private equity-backed
Arvelle Therapeutics in an all-cash transaction valuing the
biopharmaceutical company up to $960 million. 
    The deal is the biggest acquisition ever for the 100-year
old privately-held Italian group, which aims to become a leading
player among companies focused on central nervous system and
mental health disorder treatments.
    The accord will allow Angelini Pharma, part of the Angelini
group, to have the exclusive license to commercialise in the
European Union, Switzerland and the United Kingdom Arvelle's 
cenobamate, a medication used for the treatment of epilepsy. 
    Angelini said in a statement it would initially pay $610
million for Arvelle and then a further $350 million once
cenobamante - developed by Korea's SK Biopharmaceuticals
 326030.KS  - reaches certain revenue targets. 
    SK has agreed to sell its 12% stake in Arvelle, the
statement said. It will continue to receive all payments due
under a 2019 licence agreement with Arvelle. Arvelle has
received investment from a global syndicate including NovaQuest
Capital Management, BRV Capital Management, Andera Partners and
KB Investments.   
    Angelini plans to launch cenobamate after approval from the
European Medicines Agency, expected this year, it said.
    Cenobamate has already been approved by the U.S. Food and
Drug Administration (FDA) and is available under the name
XCOPRI. 
    The Italian group added that it intends to open direct
subsidiaries in France, Britain, the Nordics and Switzerland by
2022.

 (Reporting by Francesca Landini, editing by Giulia Segreti and
Emelia Sithole-Matarise)
 ((francesca.landini@thomsonreuters.com; +39 02 66129437;
Reuters Messaging: reutersitaly.thomsonreuters@reuters.net))