AbbVie to acquire Gilgamesh’s bretisilocin program for up to $1.2B

AbbVie (ABBV) and Gilgamesh Pharmaceuticals announced a definitive agreement under which AbbVie will acquire Gilgamesh’s lead investigational candidate, currently in clinical development for the treatment of patients with moderate-to-severe major depressive disorder. Under the terms of the agreement, AbbVie will acquire Gilgamesh’s bretisilocin program for up to $1.2B, inclusive of an upfront payment and development milestones. Additionally, as part of the transaction, Gilgamesh will spin off a new entity that will operate under the name Gilgamesh Pharma Inc. to hold its employees and other programs, including its oral NMDA receptor antagonist blixeprodil, cardio-safe ibogaine analog, M1/M4 agonist program and existing collaboration with AbbVie. The transaction is subject to customary closing conditions. This transaction builds upon AbbVie and Gilgamesh’s 2024 collaboration and option-to-license agreement to advance the development of next-generation therapies for the treatment of psychiatric disorders. This option-to-license remains in effect and will be transferred to Gilgamesh Pharma Inc. in connection with the spin-out.