Monday, February 27, 2023
Rhythm Pharmaceuticals announced that Rhythm’s Netherlands subsidiary, Rhythm Pharmaceuticals Netherlands B.V. (“Rhythm BV”), acquired Xinvento B.V.
This opportunity will expand the pipeline into CHI, a rare disease that is well aligned with corporate strategy to focus on rare endocrinology indications. Joining the Rhythm team enables to continue work to bring a new therapy to patients and families who need improved options to treat this difficult, chronic disease.
According to the terms of the acquisition agreement, Rhythm B.V. will purchase 100 percent of Xinvento’s fully-diluted equity for an upfront payment of $5 million (subject to customary adjustments) with an additional payment of up to $6 million in preclinical development milestones and up to an additional $50 million payable upon certain U.S. or EU regulatory approvals. Rhythm B.V. will also pay up to an additional $150 million in certain commercial net sales milestones related to the lead candidate or a second molecule, in the event a second molecule is selected, developed and approved.
CHI is a rare genetic disease in which cells secrete excess insulin, causing hypoglycemia, which can result in serious health outcomes including seizures, coma, permanent brain damage and death.
