There Is a deal to be made, Biogen (NASDAQ: BIIB) to acquire Alcyone Therapeutics for $85 million

Biogen Inc. (BIIB) announced it has entered into a definitive agreement to acquire Massachusetts-based Alcyone Therapeutics for an upfront cash payment of $85 million plus development and regulatory milestones.

The acquisition centers on ThecaFlex DRx, an investigational implantable device designed for intrathecal delivery of antisense oligonucleotides. The device provides an alternative to repeated lumbar punctures for patients receiving chronic intrathecal medication administration.

Biogen will oversee end-to-end development, manufacturing and commercialization of ThecaFlex DRx. The device is currently being evaluated with SPINRAZA (nusinersen) for treating spinal muscular atrophy patients through the PIERRE and PIERRE-PK clinical studies.

The companies have collaborated since 2023 on ThecaFlex DRx development. ThecaFlex has received CE Mark approval in Europe and Investigational Device Exemption from the FDA, along with Breakthrough Device Designation, though it has not yet received FDA commercial approval.

Biogen plans to introduce the new drug delivery system for SPINRAZA in early 2028, subject to successful clinical trial completion and regulatory approval. SPINRAZA is currently approved in more than 71 countries for treating spinal muscular atrophy in infants, children and adults.

Under the transaction terms, Biogen expects to record substantially all of the upfront payment as acquired in-process research and development expense in the fourth quarter of 2025. Alcyone’s remaining therapeutic assets will be divested into a new independent company, Neela Therapeutics Inc., with Biogen providing convertible debt financing alongside existing investors.