RE: Bottom found23 Apr 2025 14:42
The acquisition adds two clinical-stage programmes to Solvonis’s portfolio: AWKN-001, a Phase 3 candidate targeting severe alcohol use disorder, and AWKN-002, a novel esketamine-based treatment in development for moderate to severe cases.
Both address a condition that affects an estimated 40 million people across the US and Europe.
Solvonis said the deal underlines its ambition to develop better treatments for mental health and addiction.
Analysts say recent comparable deals in the space have commanded over £200 million valuations, pointing to significant potential upside.
CEO Anthony Tennyson said: "We are delighted by the overwhelming support from Awakn's security holders.
"Their endorsement reinforces the strategic and scientific rationale for this acquisition and sets the stage for an exciting future.
"With this transaction, we are acquiring clinical-stage assets with a significant addressable market.
"We note that PharmaVentures' recent analysis highlights the potential value with similar at assets in the substance use disorder space typically achieving an approximate aggregate of £200 million in deal payments (upfront and milestones), plus additional future material royalties."