AbbVie buying Gilgamesh’s psychedelic therapy, planning spinout: Deals Report

With interest in psychedelic therapies continuing to rise, AbbVie is committing up to $1.2 billion in a deal for a clinical antidepressant from Gilgamesh while spinning out the rest of the biotech into a new entity.

AbbVie Inc. (NYSE:ABBV) is to obtain bretisilocin (GM-2505), a 5-HT2A receptor agonist that has shown antidepressive effects in a Phase IIa study to treat major depressive disorder. The pharma isn’t disclosing the size of the deal’s upfront payment, but shareholders in Gilgamesh Pharmaceuticals Inc. are eligible to receive as much as $1.2 billion upon satisfaction of milestones associated with the program...