Alkermes said Nov. 18 that it will acquire Boston-based drugmaker Rodin Therapeutics for $100 million to expand its portfolio of drugs to treat neurodegenerative disorders.
The deal could be worth an additional $850 million if Rodin's drugs meet certain clinical and regulatory milestones and sales thresholds.
Alkermes said its acquisition of Rodin's platform will allow it to potentially develop drugs to treat Alzheimers, Huntington's disease, dementia and depression.
The deal gives Alkermes a potential path to growth after losing $165.6 million in revenue as of October and cutting 160 jobs.
Alkermes said it expects to complete the deal by the end of the month.
Read the full news release here.