Scripps Research spin-off Abide Therapeutics to be acquired by Danish pharma company Lundbeck
May 06, 2019
Abide Therapeutics Inc., a clinical-stage biopharmaceutical company founded by Scripps Research professors Benjamin Cravatt, PhD, and Dale Boger, PhD, will be acquired by the Danish pharmaceutical firm H. Lundbeck A/S (Lundbeck).
Under the terms of the agreement, announced today, Lundbeck may pay $250 million upfront with a commitment to pay future development and sales milestones to the group of current owners of up to $150 million. Scripps Research will receive a portion of the upfront proceeds as a result of its equity holdings, and is eligible to receive a royalty on the ABX-1431 product and other portfolio assets.
Abide uses a unique chemo-proteomic platform to discover new classes of drugs for a range of brain diseases, focusing on first-in-class therapies that target the endocannabinoid system. The lead molecule ABX-1431 is a potent, selective inhibitor of the enzyme monoacylglycerol lipase (MGLL) that potentiates endocannabinoid signaling to restore homeostatic balance in the central nervous system. ABX-1431 is in a Phase 2 trial in Tourette Syndrome and entering Phase 2 in other neurological diseases.
“From its inception, Abide has displayed the courage to pursue first-in-class therapeutics in CNS drug development,” said Cravatt, the Gilula Chair of Chemical Biology at Scripps Research. “The acquisition by Lundbeck speaks to the promise of the innovative approach that Abide has taken. It’s a very special day for the company and great news for the San Diego biotech sector.”
After the agreement closes, Abide’s laboratory in La Jolla, California will become a U.S. drug discovery hub for Lundbeck. Dr. Deborah Dunsire, President and CEO of Lundbeck, said Abide’s innovative R&D platform provides Lundbeck with a “unique opportunity to strengthen our pipeline now and well into the future, putting Lundbeck in position to deliver multiple new and transformative treatments for brain diseases.”
Alan Ezekowitz, CEO of Abide, said Lundbeck’s commitment to brain health convinced the leadership at Abide that the acquisition was the was the best way to attain Abide’s goal to develop novel therapeutics that make a fundamental difference in the lives of patients with a range of neurological and mood disorders. “This, together with the support for the La Jolla discovery site, means that we can continue to leverage the insights of Ben Cravatt’s laboratory at Scripps Research and maintain our outstanding discovery team,” said Ezekowitz.
Serine hydrolases are one of the largest and most diverse classes of enzymes found in nature, which include lipases, esterases, thioesterases, amidases, peptidases and proteases. In mammals, serine hydrolases represent roughly 1 percent of all proteins and have vital roles in many pathophysiological processes, including blood clotting, digestion, nervous system signaling, inflammation and cancer.
In addition to the clinical and pre-clinical programs targeting MGLL, Abide has a rich pipeline of inhibitors targeting other serine hydrolases that may be pursued as future novel treatments to improve the quality of life for patients living with neurological and/or psychiatric disorders.
About Scripps Research
Scripps Research is a leading nonprofit biomedical research institute whose faculty and graduate students have made major advances in basic science and significant contributions to the development of new medicines. We have a top ten ranked graduate program (US News and World Report) are ranked #1 in the world for scientific innovation by the leading science journal Nature. Our unique structure merges foundational studies in biology, chemistry and computer science with translational science to produce the next generation of drugs and advances in digital and precision medicine. Scientists in the institute’s five academic research departments work hand-in-hand with researchers at Calibr, its drug discovery division. Our mission is to train the next generation of scientific leaders, expand the frontiers of human knowledge, and accelerate the development of new medicines to improve lives around the planet.
About Abide Therapeutics Inc.
Abide Therapeutics is a clinical-stage biopharmaceutical company focused on developing first-in-class drugs for serious diseases with significant unmet medical need. An innovative discovery platform and an extensive library of proprietary small molecules allows Abide to address biological pathways with potential therapeutics that enhance the body’s normal physiological response to disease. The platform enables Abide to efficiently identify, develop, and validate small-molecule inhibitors that target serine hydrolases, a highly relevant but under-explored class of enzymes. Abide’s lead program focuses on addressing neurological diseases with limited treatment options through the inhibition of the serine hydrolase monoacylglycerol lipase (MGLL).
Based in La Jolla, Abide was founded in 2011 and currently employs around 40 employees. Co-founder Benjamin F. Cravatt of Scripps Research in La Jolla is a world leading scientist who has advanced activity-based protein profiling (ABPP) to harness the therapeutic potential of the serine hydrolase enzyme superfamily. Cardinal Partners is the Founding initial and sole institutional investor in Abide. Managing General Partner John Clarke served as the Chairman of the Board of Directors.
About ABX-1431
ABX-1431 is a first-in-class, investigational oral therapy designed to inhibit monoacylglycerol lipase (MGLL), an enzyme that regulates a key system that serves as a natural brake on excessive brain signaling. Inhibition of MGLL by ABX-1431 may potentiate putting the brakes on overactive neural circuits, which may serve to correct abnormal neurotransmission that is often dysregulated in neurological diseases. ABX-1431 has shown clinically promising data in a phase Ib placebo-controlled trial in patients with Tourette’s and Abide is currently testing ABX-1431 in clinical trials for the treatment of both Tourette’s and neuropathic pain. The class of compounds also has potential applicability in a range of other neurologic and psychiatric diseases.
For more information, contact press@scripps.edu