Royalty Pharma invests $350M in Syndax's GVHD treatment

Royalty Pharma and Syndax Pharmaceuticals have entered into a $350 million royalty financing deal for Niktimvo (axatilimab-csfr), a medication designed to treat chronic graft-versus-host disease (GVHD). This agreement stipulates that Royalty Pharma will earn a 13.8% royalty on U.S. net sales of Niktimvo, with royalty payments ending once they reach 2.35 times the initial investment.

The agreement aims to provide financial backing for the forthcoming U.S. launch of Niktimvo and to further the development of Syndax's pipeline, including revumenib, a targeted menin inhibitor. With this new funding, Syndax is optimistic about sustaining its operations until it becomes profitable, expecting a pro forma cash balance nearing $800 million by June 30.

Syndax plans for Niktimvo, developed in collaboration with Incyte, to be available in the U.S. market by early 2025. This therapy is intended for both adult and pediatric patients suffering from GVHD who have not responded to at least two previous treatments. The introduction of Niktimvo could potentially fill a substantial gap in treatment options for this patient population.