Amylyx Pharmaceuticals ($AMLX) Acquires Avexitide with FDA Breakthrough Therapy Designation

Jul 10, 2024, 11:04 AM

Amylyx Pharmaceuticals ($AMLX) has announced the acquisition of Avexitide, a Phase 3-ready GLP-1 receptor antagonist with FDA Breakthrough Therapy Designation. The acquisition aims to bolster Amylyx's portfolio in blood sugar drugs, particularly for conditions such as hyperinsulinemic hypoglycemia, including post-bariatric surgery and congenital cases. The drug has supportive p2 data. The company plans to discuss the acquisition further in an upcoming conference call. The deal is seen as advantageous due to the current biotech bear market. The acquisition involves assets from Eiger ($EIGRQ).