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LONDON - Solvonis Therapeutics plc (LSE:SVNS), a biotech firm focused on mental health treatments, has announced that its shareholders have overwhelmingly approved the acquisition of Awakn Life Sciences Corp. The resolutions related to the purchase were passed at a General Meeting today, with over 99% of votes in favor.
The acquisition is a strategic move for Solvonis, aimed at expanding its portfolio with two clinical-stage assets, AWKN-001 and AWKN-002, for treating Alcohol Use Disorder (AUD). These assets are expected to address a market need for the 40 million individuals affected by AUD in the U.S. and key European markets.
AWKN-001, a Phase 3 combination therapy for severe AUD, has potential regulatory pathways in the UK and EU that could provide up to a decade of market protection. AWKN-002, a Phase 2b sublingual/buccal esketamine formulation, targets moderate to severe AUD for the U.S. market. A market analysis by PharmaVentures suggests that similar assets have garnered deal values exceeding £200 million, including future royalties.
Completion of the acquisition is contingent on various conditions, such as regulatory consents, final approval from the Supreme Court of British Columbia, Canadian Securities Exchange approvals, and the cancellation of stock options by Awakn’s option holders. Additionally, Solvonis must complete an equity fundraising to ensure sufficient working capital for the enlarged group and obtain FCA approval for the issuance of New Shares. If all conditions are met, the transaction is expected to close before the end of May 2025.
Solvonis CEO Anthony Tennyson expressed optimism about the acquisition, citing the potential for the new assets to bolster the company’s mission to improve mental health and addiction outcomes. The integration of Awakn’s team and expertise is anticipated following the completion of the acquisition.
This announcement is based on a press release statement from Solvonis Therapeutics plc.
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