AbbVie wagers up to $2B on Gilgamesh's approach to psychedelics – minus the trip

2024-05-13

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AbbVie is teaming up with Gilgamesh Pharmaceuticals in a deal worth up to $2 billion to develop a new class of drugs designed to treat psychiatric disorders without the psychoactive side effects that can be induced with first-generation psychedelics.

The pharma will harness Gilgamesh's research platform to create neuroplastogens that mimic the therapeutic potential of classic psychedelics, while avoiding hallucinations and eliminating the need for in-office administration and supportive care.

Already a heavyweight in neuroscience, AbbVie says there's still significant unmet need for people living with psychiatric disorders. "We know that to innovate in this field, we need to pursue novel technologies and approaches," said Jonathon Sedgwick, the company's global head of discovery research, adding that neuroplastogens could "pave the way for additional treatment approaches in psychiatry."

According to AbbVie, neuroplastogens target mechanisms that have shown potential to provide significant clinical benefits while minimising the challenging effects seen with first-generation psychedelics. Gilgamesh's platform leverages complex behavioural models, electrophysiology and molecular measures of neuroplasticity, while machine learning algorithms help to systematically map the bioactivity of psychoactive compounds.

AbbVie and Gilgamesh will research and develop a portfolio of next-generation therapeutics for psychiatric disorders. Gilgamesh will receive an upfront payment of $65 million and is eligible for up to $1.95 billion in option fees, milestones, and tiered royalties on net sales. Upon exercising its option, AbbVie will lead development and commercialisation activities.

Gilgamesh's internal pipeline features one neuroplastogen: GM-5022, an oral non-hallucinogenic compound in early development for depression and anxiety. Its two lead programmes are GM-1020, an oral NMDA receptor antagonist, as well as the short-acting 5-HT2A agonist 5-HT2A agonist GM-2505, both of which have moved to Phase II in major depressive disorder. The company previously raised $27 million and $39 million in successive series A and B rounds.

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