Rhythm Pharmaceuticals acquires Xinvento for upfront payment of $5M

Rhythm Pharmaceuticals announced that Rhythm’s Netherlands subsidiary, Rhythm Pharmaceuticals Netherlands B.V. acquired Xinvento B.V., a Netherlands-based biotech company focused on developing therapies for congenital hyperinsulinism. CHI is a rare genetic disease in which cells secrete excess insulin, causing hypoglycemia, which can result in serious health outcomes including seizures, coma, permanent brain damage and death. Xinvento was founded in 2021 by Claudine van der Sande, an experienced biopharmaceutical leader who previously held positions at Roche and Sanofi, and whose first-hand experience as a caregiver to her son living with CHI inspired her mission to seek a more effective treatment for CHI patients. Ms. van der Sande partnered with Dr. Piet Wigerinck, a medicinal chemist who served as chief scientific officer of Galapagos for 10 years, to lead the scientific effort. Xinvento is developing novel investigational therapeutic candidates designed to improve the care of patients with CHI. Following the closing of this acquisition, Ms. van der Sande, Founder and CEO of Xinvento, will join Rhythm as Vice President, Head of CHI program, and will provide her deep subject matter expertise to the advancement of the CHI program. According to the terms of the acquisition agreement, Rhythm B.V. will purchase 100 percent of Xinvento’s fully-diluted equity for an upfront payment of $5 million with an additional payment of up to $6 million in preclinical development milestones and up to an additional $50 million payable upon certain U.S. or EU regulatory approvals. Rhythm B.V. will also pay up to an additional $150 million in certain commercial net sales milestones related to the lead candidate or a second molecule, in the event a second molecule is selected, developed and approved.