SK Biopharmaceuticals and Arvelle Therapeutics GmbH have entered into an exclusive licensing agreement for Arvelle to develop and commercialize cenobamate in Europe. Cenobamate is a novel, small molecule investigational antiepileptic drug for the potential treatment of partial-onset seizures in adult patients. Under the agreement, SK Biopharmaceuticals will receive an upfront payment of $100 million and is eligible to receive up to $430 million upon achievement of certain regulatory and commercial milestones in addition to royalties on net sales generated in Europe. SK will have an option to obtain a significant equity stake in Arvelle and will also retain commercial rights for all non-European territories. Cenobamate was discovered and developed by SK Biopharmaceuticals from inception through to the acceptance of a New Drug Application (NDA) by the U.S. Food and Drug Administration (FDA). 
 
"We are very pleased to enter into this licensing agreement with Arvelle, as it provides important validation of the global potential for cenobamate as a new treatment option for adults with partial-onset seizures," said Jeong Woo Cho, president and chief executive officer, SK Biopharmaceuticals. "Arvelle's experienced leadership team and focus on CNS disorders make them the ideal partner to advance the development and commercialization of our compound in Europe."
 
Arvelle Therapeutics is a newly created company that received one of the largest initial financing commitments for a European-focused biopharmaceutical company from a global syndicate of investors that include NovaQuest, LSP, BRV Capital Management, Andera Partners and H.I.G. BioHealth Partners. 
 
Mark Altmeyer has been named president and chief executive officer of Arvelle. Mr. Altmeyer brings more than 30 years of global biopharmaceutical experience to Arvelle. As president and chief executive officer of Otsuka America Pharmaceutical he oversaw the growth of Abilify into a multi-billion-dollar product. Most recently, he served as president and chief commercial officer of Axovant Sciences and previously led the neuroscience business unit at Bristol-Myers Squibb.
 
"We launched Arvelle to bring truly innovative CNS products to patients suffering from serious neurological conditions and cenobamate is the perfect first pipeline product," said Mr. Altmeyer. "Given the data generated in clinical trials and the FDA acceptance of the NDA, we believe cenobamate has the potential to be an important antiepileptic drug treatment option for adult patients suffering from partial-onset seizures. We appreciate the support and validation of our investors and are very enthusiastic about our potential in the European market."