Boston, US-based Rhythm Pharmaceuticals announced on February 27 that its Dutch subsidiary, Rhythm Pharmaceuticals Netherlands BV, has acquired Amsterdam-based Xinvento BV, a biotech company focused on developing therapies for congenital hyperinsulinism (CHI).
An uncommon genetic condition called CHI causes cells to produce too much insulin, which leads to hypoglycemia. Hypoglycemia can cause seizures, comas, irreversible brain damage, and even death.
Rhythm Pharmaceuticals, Inc. is a global commercial-stage biopharmaceutical company focused on transforming the lives of patients and their families living with hyperphagia and severe obesity caused by rare melanocortin-4 receptor (MC4R) pathway diseases.
Transaction Overview
As part of the agreement, Rhythm BV will pay $5M upfront to purchase all of Xinvento’s completely diluted stock. An additional $6M is payable for reaching preclinical development goals.
A further $50M is payable following specific governmental clearances from the US or EU.
Rhythm BV will also pay up to an additional $150M in certain commercial net sales targets related to the best candidate or a second molecule in the event that a second molecule is selected, developed, and authorised.
How was Xinvento born?
Xinvento began after Claudine van der Sande (CEO and Founder) gave birth to her son. After he was born, Claudine and her husband observed that their son appeared to be sobbing all the time, even more than would be typical for a newborn infant.
They were aware of his illness and suffering, but nobody was able to identify the source of it despite frequent trips to the doctor. Eventually, with additional medical testing, their son’s congenital hyperinsulinism was identified.
Despite daily intervention and weekly hospital visits, Claudine’s son continued to experience extremely low blood sugar, suffered regular hypoglycemic episodes, and remained at acute risk of seizures.
With her extensive background in the pharmaceutical industry, Claudine, at the beginning of 2021, began conducting extensive research, reviewing the available literature, and meeting with medical and scientific experts.
By the end of 2021, Xinvento was formally launched. Claudine partnered with co-founder Dr Piet Wigerinck, a medicinal chemist who served as a chief scientific officer of Galapagos for 10 years, to lead the scientific effort. In January 2022, Sarah Hafith joined as a co-founder.
The company now acts as a research and development hub for diseases brought on by hyperinsulinism such as hereditary hyperinsulinism, as well as other related conditions.
Xinvento is developing novel investigational therapeutic candidates designed to improve the care of patients with CHI.
Aim of this acquisition
After the deal is finalised, Claudine van der Sande will join Rhythm as vice president and head of the CHI programme. She will contribute her extensive subject-matter knowledge to the development of the CHI programme.
Claudine Van der Sande says, “I am confronted daily with the constant challenges and fears of living with CHI and the urgent need for an effective new treatment. I believe Rhythm’s deep clinical development, regulatory and commercial experience in rare diseases makes it the ideal partner to accelerate Xinvento’s CHI program.”
David Meeker, CEO of Rhythm, says, “As a mother and primary caregiver to a child with CHI, Claudine knows that there is a significant unmet need for new treatment options that can safely lower the frequency of hypoglycemic events and help minimise 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. We are excited for the opportunity to expand our pipeline into CHI, a rare disease that is well aligned with our corporate strategy and our focus on rare endocrinology indications,” adds Meeker.
About Rhythm Pharmaceuticals
Rhythm is a commercial-stage biopharmaceutical company that aims to improve the quality of life for patients and their families who suffer from extreme obesity and hyperphagia as a result of uncommon illnesses affecting the melanocortin-4 receptor (MC4R) pathway.
The US Food and Drug Administration (FDA) has given the company’s lead asset, IMCIVREE (setmelanotide), approval for chronic weight management in adult and paediatric patients six years of age and older with monogenic or syndromic obesity brought on by a deficiency in pro-opiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1 (PCSK1), or leptin receptor (LEPR).
Setmelanotide has been approved for the treatment of obesity and the management of hunger in adults with genetically confirmed BBS, genetically confirmed loss-of-function biallelic POMC, including PCSK1, deficiency, or biallelic LEPR deficiency by both the EC and the UK’s Medicines & Healthcare Products Regulatory Agency (MHRA).
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