- Axovant Sciences (NASDAQ:AXON-OLD -1.6%) has formed a separate company called Arvelle Therapeutics that will focus on developing small molecule drugs, enabling Axovant to focus solely on gene therapies.
- AXON will own a 5% preferred equity stake in Arvelle which has received capital commitments of more than $100M from investors.
- Arvelle has in-licensed European rights to antiepileptic med cenobamate from SK Biopharmaceuticals (SK filed a U.S. marketing application last quarter. The FDA's action date is November 21) and will file the European marketing application.
- AXON Chief Commercial Officer Mark Altmeyer will step down to lead the new organization. CFO Greg Weinhoff will remain and will assume business officer duties later this year. About 25% of its headcount will transition to Arvelle.