Alkermes announced Monday it would acquire Rodin Therapeutics, a Boston-based biotech developing drugs intended to change brain cells’ synapses, for up to $950 million. The deal is worth $100 million upfront, but could be worth up to $850 million more based on milestone payments.
The deal gives Alkermes another potential path to growth following a handful of disappointments in its research pipeline and the 2018 refusal of the Food and Drug Administration to even consider one of its drug candidates, for treatment-resistant depression.
Rodin was founded in 2013 by Atlas Ventures. other backers include GV, the venture arm of Google; Hatteras Venture Partners; and Third Point Ventures.