$23 million upfront payment immediately monetizes future royalties associated with Ryjunea in Europe, the Middle East, and Africa
Capital further strengthens Sydnexis’ balance sheet as Company continues to advance SYD-101 through U.S. regulatory process and prepares for potential commercialization in 2027
DEL MAR, Calif.--(BUSINESS WIRE)--
Sydnexis, Inc., a biopharmaceutical company focused on developing a novel low-dose atropine formulation to treat pediatric progressive myopia (PPM), today announced an agreement with Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) to sell its royalty rights associated with net sales of Ryjunea® in Europe, the Middle East, and Africa (EMEA).
Under the terms of the agreement, Ligand will pay $23 million upfront to acquire a 100% interest in certain payments and related rights under Sydnexis’ existing license agreement with Santen.Sydnexis retains all rights to SYD-101 in the U.S. and all other non-Santen licensed territories.
“Our agreement with Ligand enables us to immediately realize meaningful value for SYD-101 in certain territories outside of the U.S., while further strengthening Sydnexis’ financial position at a pivotal moment for the Company,” said Perry Sternberg, Chief Executive Officer of Sydnexis. “The U.S. remains our primary target market and this additional capital will provide us with greater flexibility as we continue advancing SYD-101 through the U.S. regulatory review process and prepare for commercialization, if approved, in 2027. We are focused on our goal of bringing families in the U.S. an FDA-approved treatment option for pediatric progressive myopia as quickly as possible and addressing this significant unmet need in children.”
SYD-101 is currently approved in the European Union and UK, where it is licensed to Santen S.A. and marketed as Ryjunea®.
Hogan Lovells Cadwalader US LLP served as legal counsel to Sydnexis.
About Pediatric Progressive Myopia (PPM)
Pediatric Progressive Myopia (PPM) is the most common eye disease in children and a rapidly rising global health concern. Nearly one-third of children worldwide are already affected by this degenerative disease, with prevalence projected to exceed 740 million cases by 2050 (Liang et al., 2024). In North America, myopia prevalence is expected to reach nearly 60% by 2050, according to a landmark study published in Ophthalmology (Holden et al., 2016). The most rapid progression of the disease occurs in children ages 3 to 10 years (Hu et al., 2020), with patients who start progressing younger experiencing more severe outcomes and associated co-morbidities, including cataracts, glaucoma, retinal detachment, and myopic maculopathy. Despite its growing prevalence, there are currently no FDA-approved pharmaceutical options in the United States to slow the progression of PPM, representing a significant gap in available treatment options for patients.
About Sydnexis, Inc.
Sydnexis, Inc. is a biopharmaceutical company dedicated to advancing care for pediatric progressive myopia. The company’s lead compound, SYD-101, is currently approved in the European Union and UK, where it is licensed to Santen S.A. and marketed as Ryjunea®. Sydnexis is supported by leading life-science investors, including Visionary Ventures, RA Capital, Longitude Capital, and Bluestem Capital. For more information on Sydnexis, please visit www.sydnexis.com.
A childhood eye condition in which nearsightedness (myopia) worsens over time, usually because the eyeball grows too long or the eye’s focusing system changes; it is called “pediatric” when it begins in children and “progressive” when the prescription keeps increasing. It matters to investors because progressive myopia drives demand for optical products, clinical treatments, and long‑term healthcare services, and influences clinical trial activity, regulatory approvals, and market size for companies developing interventions.
atropinemedical
Atropine is a well-established prescription drug that blocks certain nerve signals (an anticholinergic) to increase heart rate, dilate pupils for eye exams, and counteract specific types of poisoning. It matters to investors because regulatory approvals, clinical trial results, manufacturing capacity, patent status, and supply disruptions can directly affect the revenues and risks of companies that make, test, or sell the drug, much like a key product line for a manufacturer.
license agreementfinancial
A license agreement is a contract where the owner of intellectual property, technology, a brand, or other rights gives another party permission to use those assets under specified conditions, usually for fees, royalties or other payments. For investors it matters because such deals create or limit predictable revenue streams, affect profit margins, transfer legal and commercial risk, and can determine how quickly a company can grow — like renting out a patented tool to earn steady income while keeping ownership.
royalty rightsfinancial
A royalty right is a legal claim to receive ongoing payments tied to the future use, sale, or production of an asset—such as a patent, mineral deposit, copyrighted work, or drug—usually calculated as a percentage of revenue, units sold, or production. For investors, royalty rights represent a stream of predictable cash flows similar to receiving rent from a property; they can be bought, sold, or securitized and affect valuation because their worth depends on how much the underlying asset is used or sold.
