AdvtJoin the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETHealthworld App Get Realtime updatesSave your favourite articles Scan to download AppLondon: Amylyx Pharmaceuticals has agreed to buy the rights to bankrupt drugmaker Eiger BioPharmaceuticals experimental drug for low blood sugar in a $35.1 million deal, Eiger said in a filing on Friday.Amylyx's acquisition of avexitide would mean a foray into drug development for metabolic diseases . The company had so far been a developer of drugs to treat neurodegenerative diseases.Avexitide is a GLP-1 antagonist drug that help treat low blood sugar, the opposite of what diabetes and weight-loss medicines such as Novo Nordisk's Ozempic and Wegovy, and Eli Lilly's Mounjaro and Zepbound do.In April, Amylyx announced its plans to remove Relyvrio - its approved drug for amyotrophic lateral sclerosis (ALS) - from the market after failing in a key late-stage trial.Amylyx did not immediately respond to Reuters' request for comment.Eiger has tested avexitide in mid-stage studies as a potential treatment for low blood sugar caused by bariatric surgery and also a metabolic disorder called congenital hyperinsulinism.Congenital hyperinsulinism occurs in newborns and causes permanent brain damage and life-long insulin-dependent diabetes.Separately, Eiger had filed for Chapter 11 bankruptcy in April. (Reporting by Puyaan Singh in Bengaluru; Editing by Alan Barona)

Source: Economic Times June 22, 2024 11:44 UTC