Client Gilgamesh Pharmaceuticals to Sell Psychedelic Major Depressive Disorder Program to AbbVie for up to $1.2 Billion

Ropes & Gray advised Gilgamesh Pharmaceuticals in an agreement to sell its lead investigational candidate, bretisilocin, to AbbVie for up to $1.2 billion, inclusive of an upfront payment and development milestones. Bretisilocin is a potential best-in-class psychedelic compound in Phase 2 development for the treatment of patients with moderate to severe major depressive disorder. The transaction was announced on August 25.

As part of the transaction, Gilgamesh will spin off a new entity that will operate under the name Gilgamesh Pharma Inc. to hold its employees and other therapeutic programs.

The transaction builds upon the 2024 collaboration with Gilgamesh and AbbVie and option-to-license agreement to advance the development of next generation therapies for the treatment of psychiatric disorders. The option-to-license remains in effect and will be transferred to Gilgamesh Pharma Inc. in connection with the spin-out.

The Ropes & Gray team was led by life sciences licensing partner Hannah England, mergers & acquisitions partner Matt Byron, life sciences licensing associate Ian Nilsen and mergers & acquisitions associate Alexandra Charron.