AbbVie Buys Gilgamesh’s Psychedelic Drug Bretisilocin for $1.2B

AbbVie announced the acquisition of Gilgamesh Pharmaceuticals' lead psychedelic drug, bretisilocin (GM-2505), for up to $1.2 billion, including an upfront payment and potential milestone payments135.

Bretisilocin is a novel investigational therapy currently in Phase 2 development for major depressive disorder, showing promising mid-stage clinical trial results13.

This move positions AbbVie as one of the major pharmaceutical companies investing in psychedelic medicine, aiming to expand its neurology and psychiatry pipeline135.

As part of the deal, Gilgamesh will spin off a new entity—Gilgamesh Pharma Inc.—to retain other drug programs and employees3.

AbbVie and Gilgamesh's prior partnerships, such as a 2024 collaboration and option-to-license agreement, remain in effect and will transfer to the new Gilgamesh entity34.

Analysts view this as AbbVie doubling down on mental health treatments after setbacks with earlier neuropsychiatric assets15.

Sources:

1. https://www.biopharmadive.com/news/abbvie-gilgamesh-psychedelic-drug-asset-deal-acquisition/758522/

3. https://www.prnewswire.com/news-releases/abbvie-to-acquire-gilgamesh-pharmaceuticals-bretisilocin-a-novel-investigational-therapy-for-major-depressive-disorder-expanding-psychiatry-pipeline-302537266.html

4. https://news.abbvie.com/2024-05-13-AbbVie-and-Gilgamesh-Pharmaceuticals-Announce-Collaboration-and-Option-to-License-Agreement-to-Develop-Next-Generation-Therapies-for-Psychiatric-Disorders

5. https://www.pharmavoice.com/news/abbvie-gilgamesh-psychedelic-depression-bretisilocin-acquisition/758563/