Sydnexis Inc. has sold a 100% interest in royalty rights associated with net sales of its SYD-101 low-dose atropine formulation in Europe, the Middle East and Africa to Ligand Pharmaceuticals Incorporated for $23 million in an upfront payment.
Under the transaction, announced Tuesday, Ligand will acquire the rights under Sydnexis' existing license agreement with Santen, which markets the drug as Ryjunea in the European Union and UK. Sydnexis will retain all rights to SYD-101 in the United States and all other non-Santen licensed territories.
The deal comes as Sydnexis looks toward potential commercialization of SYD-101 in the U.S., with the company targeting 2027 pending regulatory review and approval. No FDA-approved pharmaceutical options currently exist in the United States for slowing the progression of pediatric progressive myopia, the condition the drug is designed to treat.
Perry Sternberg, Sydnexis chief executive officer, called the agreement a means "to immediately realize meaningful value for SYD-101 in certain territories outside of the U.S." while strengthening the company's financial position. Sydnexis is backed by Visionary Ventures, RA Capital, Longitude Capital and Bluestem Capital, with Hogan Lovells serving as legal counsel.
Ligand, which trades on the NASDAQ under the ticker LGND, continues to build its ophthalmic therapy portfolio through the acquisition.
