Amylyx makes $35.1M deal for Eiger’s GLP-1 drug after ALS setback

Several months after a major trial setback forced Amylyx Pharmaceuticals to pull its only approved drug from the market, the company is diving into the GLP-1 space with a $35.1 million acquisition of a drug candidate from Eiger BioPharmaceuticals.

In April, Amylyx voluntarily withdrew its ALS drug Relyvrio after it failed a Phase 3 test. The readout — one of the most anticipated biotech events of 2024 — sent company shares plummeting 85%.

On Friday, the Cambridge, MA-based drugmaker secured its deal with Eiger, according to an SEC filing. Under the agreement, Amylyx will get all “assets and interests” related to the “development, manufacture and commercialization” of a GLP-1 antagonist dubbed avexitide.

Avexitide was most recently in Phase 2 development for post-bariatric hypoglycemia as well as congenital hyperinsulinism, according to Eiger’s website. But…
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