Key Takeaways

  • Ligand will pay Sydnexis $23 million upfront for a 100% interest in certain payments and related rights tied to Ryjunea net sales in EMEA under Sydnexis' Santen licensing agreement
  • Sydnexis retains US rights to SYD-101 and plans to use its strengthened financial position as it advances the low-dose atropine formulation through US regulatory review
  • SYD-101 is approved in the European Union and United Kingdom, where Santen markets the treatment as Ryjunea for pediatric progressive myopia

Sydnexis has entered into an agreement with Ligand Pharmaceuticals to sell royalty rights associated with net sales of Ryjunea in Europe, the Middle East, and Africa (EMEA), providing the company with additional capital as it advances its low-dose atropine formulation for pediatric progressive myopia (PPM) in the United States.

Under the agreement, Ligand will pay Sydnexis $23 million upfront to acquire a 100% interest in certain payments and related rights under Sydnexis' existing licensing agreement with Santen. Sydnexis will retain all rights to SYD-101 in the United States and other territories not licensed to Santen.

“Our agreement with Ligand enables us to immediately realize meaningful value for SYD-101 in certain territories outside of the U.S., while further strengthening Sydnexis’ financial position at a pivotal moment for the company,” Perry Sternberg, CEO of Sydnexis, said in a statement.

SYD-101 is a low-dose atropine formulation developed to treat pediatric progressive myopia. The therapy is approved in the European Union and United Kingdom, where it is licensed to Santen and marketed as Ryjunea.

The financing comes as Sydnexis continues to pursue US regulatory review of SYD-101 and prepares for potential commercialization in 2027, if the therapy receives approval.

“The U.S. remains our primary target market and this additional capital will provide us with greater flexibility as we continue advancing SYD-101 through the U.S. regulatory review process and prepare for commercialization, if approved, in 2027,” Mr. Sternberg said.