Biopharmaceutical subsidiary Rhythm Pharmaceuticals Netherlands has acquired Xinvento, a Netherlands-based 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.
Xinvento is developing novel investigational therapeutic candidates designed to improve the care of patients with CHI.
Xinvento was founded in 2021 by Claudine van der Sande, an experienced biopharmaceutical leader who previously held positions at Roche and Sanofi. Following the acquisition, van der Sande will join Rhythm as Vice President, Head of CHI programme.
“As a mother and primary caregiver to a child with CHI, Claudine knows that there is significant unmet need for new treatment options that can safely lower the frequency of hypoglycemic events and help minimize the incidence of irreversible brain damage in people born with CHI.
“In two short years, we believe she has driven a nimble, science-focused organisation towards bringing a highly promising therapeutic candidate into the clinic,” said David Meeker, Chair, President and Chief Executive Officer of Rhythm.
Need for an effective new treatment
“I am confronted daily with the constant challenges and fears of living with CHI and the urgent need for an effective new treatment,” said van der Sande. “I’m thrilled to join the Rhythm team to continue our 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 will purchase 100% 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 US or EU regulatory approvals.
Rhythm 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.