Rhythm Pharmaceuticals, a Boston, MA-based commercial-stage biopharmaceutical company, acquired Xinvento, a Netherlands-based biotech company focused on developing therapies for congenital hyperinsulinism.
According to the terms of the acquisition agreement, Rhythm will purchase 100 percent of Xinvento’s fully-diluted equity for an upfront payment of $5m (subject to customary adjustments) with an additional payment of up to $6m 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 $150m 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.
With the acquisition, Rhythm will enhance its endocrinology focus.
Founded in 2021 by Claudine van der Sande, Xinvento is a biotech company focused on developing therapies for congenital hyperinsulinism (CHI). 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. Claudine van der Sande is an experienced biopharmaceutical leader who previously held positions at Roche and Sanofi, and whose first-hand experience as a caregiver to her son living with CHI inspired her mission to seek a more effective treatment for CHI patients. She partnered with Dr. Piet Wigerinck, a medicinal chemist who served as chief scientific officer of Galapagos for 10 years, to lead the scientific effort.
Following the closing of this acquisition, Ms. van der Sande will join Rhythm as Vice President, Head of CHI program, and will provide her deep subject matter expertise to the advancement of the CHI program.
Led by CEO David Meeker, Rhythm Pharmaceuticals is a commercial-stage biopharmaceutical company committed to improving lives of patients living with hyperphagia and severe obesity caused by rare melanocortin-4 receptor (MC4R) pathway diseases. Its asset, IMCIVREE (setmelanotide), an MC4R agonist designed to treat hyperphagia and severe obesity caused by these diseases, is approved by the U.S. Food and Drug Administration (FDA) for chronic weight management in adult and pediatric patients 6 years of age and older with monogenic or syndromic obesity due to pro-opiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1 (PCSK1) or leptin receptor (LEPR) deficiency confirmed by genetic testing, or patients with a clinical diagnosis of Bardet-Biedl syndrome (BBS).