Sydnexis, Inc., a biopharmaceutical company focused on developing a novel low-dose atropine formulation to treat pediatric progressive myopia (PPM), today announced an agreement with Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) to sell its royalty rights associated with net sales of Ryjunea® in Europe, the Middle East, and Africa (EMEA).

Under the terms of the agreement, Ligand will pay $23 million upfront to acquire a 100% interest in certain payments and related rights under Sydnexis’ existing license agreement with Santen. Sydnexis retains all rights to SYD-101 in the U.S. and all other non-Santen licensed territories.

“Our agreement with Ligand enables us to immediately realize meaningful value for SYD-101 in certain territories outside of the U.S., while further strengthening Sydnexis’ financial position at a pivotal moment for the Company,” said Perry Sternberg, Chief Executive Officer of Sydnexis. “The U.S. remains our primary target market and this additional capital will provide us with greater flexibility as we continue advancing SYD-101 through the U.S. regulatory review process and prepare for commercialization, if approved, in 2027. We are focused on our goal of bringing families in the U.S. an FDA-approved treatment option for pediatric progressive myopia as quickly as possible and addressing this significant unmet need in children.”

SYD-101 is currently approved in the European Union and UK, where it is licensed to Santen S.A. and marketed as Ryjunea®.

Hogan Lovells Cadwalader US LLP served as legal counsel to Sydnexis.

About Pediatric Progressive Myopia (PPM)

Pediatric Progressive Myopia (PPM) is the most common eye disease in children and a rapidly rising global health concern. Nearly one-third of children worldwide are already affected by this degenerative disease, with prevalence projected to exceed 740 million cases by 2050 (Liang et al., 2024). In North America, myopia prevalence is expected to reach nearly 60% by 2050, according to a landmark study published in Ophthalmology (Holden et al., 2016). The most rapid progression of the disease occurs in children ages 3 to 10 years (Hu et al., 2020), with patients who start progressing younger experiencing more severe outcomes and associated co-morbidities, including cataracts, glaucoma, retinal detachment, and myopic maculopathy. Despite its growing prevalence, there are currently no FDA-approved pharmaceutical options in the United States to slow the progression of PPM, representing a significant gap in available treatment options for patients.

About Sydnexis, Inc.

Sydnexis, Inc. is a biopharmaceutical company dedicated to advancing care for pediatric progressive myopia. The company’s lead compound, SYD-101, is currently approved in the European Union and UK, where it is licensed to Santen S.A. and marketed as Ryjunea®. Sydnexis is supported by leading life-science investors, including Visionary Ventures, RA Capital, Longitude Capital, and Bluestem Capital. For more information on Sydnexis, please visit www.sydnexis.com.

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