Apnimed announced that it has entered into a definitive agreement under which Shionogi will acquire Apnimed’s 50% ownership interest in Shionogi-Apnimed Sleep Science, LLC (SASS), a joint venture established in 2023 to develop treatments for sleep disorders. Following the closing of the transaction, SASS will become a wholly owned subsidiary of Shionogi.
Under the terms of the agreement, Apnimed will receive a $100 million upfront cash payment and an additional $50 million cash payment contingent upon the achievement of a development milestone related to SASS-002 (sulthiame). Apnimed will also be eligible to receive tiered royalties on future commercial sales of any products arising from SASS intellectual property. The transaction is expected to close in the second quarter of 2026.
Apnimed said the divestiture is intended as a strategic monetization of its SASS assets to strengthen the company’s balance sheet and allow greater focus on the advancement and planned commercialization of its wholly owned lead product candidate, AD109, an oral drug product candidate designed to address a root cause of obstructive sleep apnea. The company reiterated that it expects to submit a new drug application for AD109 to the U.S. Food and Drug Administration in the second quarter of 2026.
Subscribe to our e-Newsletters
Stay up to date with the latest news, articles, and events. Plus, get special offers
from American Pharmaceutical Review – all delivered right to your inbox!
Sign up now!