Biogen to acquire Alcyone Therapeutics for $85M upfront cash payment

Biogen (BIIB) entered into a definitive agreement to acquire Massachusetts-based Alcyone Therapeutics. As part of an existing partnership with Alcyone Therapeutics, the companies are advancing ThecaFlex DRx, an implantable subcutaneous port and catheter device being investigated for the intrathecal delivery of antisense oligonucleotides. ThecaFlex DRx is designed to provide an alternative to repeat lumbar punctures in chronic intrathecal administration of medicines, which could ease both patient experience and accessibility for a broader population of people living with neurologic disorders. Biogen will drive end-to-end development, manufacturing and commercialization of ThecaFlex DRx. Upon closing, Alcyone employees who will join Biogen will be integrated into the company’s product delivery solutions team, building upon the existing portfolio and expertise in drug-device combination products. The ThecaFlex DRx System is initially being evaluated with SPINRAZA in patients with spinal muscular atrophy, which will inform pathways for Biogen’s broader portfolio of investigational therapies. Biogen and Alcyone Therapeutics have collaborated since 2023 on the development of ThecaFlex DRx, with the PIERRE and PIERRE-PK clinical studies for nusinersen currently underway. Nusinersen is currently marketed under the brand name SPINRAZA and is indicated for the treatment of spinal muscular atrophy in pediatric and adult patients. Biogen plans to introduce the new drug delivery system for SPINRAZA in early 2028, contingent upon the successful completion of clinical trials and regulatory approval. Alcyone Therapeutics is based in Lowell, Massachusetts. ThecaFlex DRx has been in development since 2019 and is manufactured locally. Under the terms of the agreement, Biogen has agreed to acquire Alcyone Therapeutics for an upfront cash payment of $85M plus certain milestones payable related to the development and regulatory approval of ThecaFlex DRx with nusinersen and additional pipeline products, securing all rights to ThecaFlex DRx. It is expected Biogen will account for this transaction as the acquisition of an asset and substantially all of the value of the upfront payment will be recorded by the company as Acquired in-process research and development, upfront and milestone expense in the fourth quarter of 2025. The transaction is subject to customary closing conditions. With the acquisition, Biogen expects to oversee the end-to-end development, manufacturing and commercialization of ThecaFlex DRx, while Alcyone’s remaining therapeutic assets along with its Falcon precision intra-cerebrospinal fluid drug transport modeling, and intraparenchymal delivery will be divested into a new independent company, Neela Therapeutics. The transaction will include a convertible debt financing in Neela Therapeutics from existing investors, including Biogen.