Rare Daily Staff
Jazz Pharmaceuticals has acquired Cavion, a developer of drugs to treat rare and chronic neurological diseases, through a merger with a Jazz subsidiary for $52.5 million and potential milestones that could push the total deal value to $312.5 million.
Cavion’s lead experimental drug, CX-8998, has been evaluated in a phase 2 randomized, placebo-controlled clinical study in patients with essential tremor. The study demonstrated proof-of-concept, supporting continued development of CX-8998 as a potential treatment for essential tremor.
Cavion is developing therapies that act on calcium and ion channels that play a critical role in neuronal signaling. In addition to pursing more common neurological disorders, the company believes the approach could benefit rare pediatric genetic disorders, such as Angelman syndrome.
“The acquisition of Cavion demonstrates our commitment to further diversify our pipeline and product portfolio with the addition of CX-8998, which has the potential to provide a meaningful treatment option to patients,” said Robert Iannone, executive vice president of research and development of Jazz Pharmaceuticals.
“Jazz shares Cavion’s passion to develop differentiated therapies for patients,” said Andrew Krouse, president and chief executive officer of Cavion, Inc. “We believe that Jazz Pharmaceuticals’ development and commercial expertise will help realize the value of CX-8998 as a treatment for patients with essential tremor.”
About six million individuals in the U.S. are affected by essential tremor, the most common movement disorder. It is characterized by a tremor – an involuntary shaking or trembling – most often of the hands or arms, which can significantly disrupt daily activities and social interactions.
Photo: Andrew Krouse, president and CEO of Cavion