Sydnexis sells EMEA royalty rights to Ligand for $23 million

Sydnexis, Inc. has agreed to sell its royalty rights for Ryjunea® in Europe, the Middle East, and Africa to Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) for $23 million upfront, according to a press release from the company.

Under the terms of the deal, Ligand acquires a 100% interest in certain payments and related rights under Sydnexis' existing license agreement with Santen S.A., which markets the product as Ryjunea® in the European Union and the United Kingdom. Sydnexis retains all rights to SYD-101 in the United States and all other non-Santen licensed territories.

SYD-101 is a low-dose atropine formulation intended to treat pediatric progressive myopia. The drug is currently under regulatory review in the United States, with Sydnexis targeting potential commercialization in 2027 if approved.

"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," said Perry Sternberg, Chief Executive Officer of Sydnexis.

There are currently no FDA-approved pharmaceutical treatments in the United States to slow the progression of pediatric progressive myopia. Hogan Lovells Cadwalader US LLP served as legal counsel to Sydnexis in the transaction.

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