Ireland based Alkermes plc has completed its previously announced acquisition of Rodin Therapeutics, Inc. (Rodin), a privately held biopharmaceutical company. This transaction builds on Alkermes' experience in central nervous system (CNS) diseases and expands Alkermes' CNS development efforts into a wide range of neurodegenerative disorders. 

Rodin has been working to develop first-in-class, orally-available, brain-permeable therapeutics for synaptopathies by designing molecules that target specific histone deacetylase (HDAC) complexes. This novel approach is designed to reactivate neuronal gene expression, strengthen existing synapses and promote the creation of new synapses, while minimizing known HDAC class-based hematologic safety concerns. Synaptic dysfunction is a pathological feature in many neurodegenerative and neuropsychiatric diseases, and synaptic loss correlates closely with cognitive decline.

At the closing of the transaction, Alkermes made an upfront cash payment of $100 million (subject to customary adjustments) to Rodin's former security holders. 

Under the terms of the definitive agreement between Alkermes and Rodin, and subject to the conditions and adjustments set forth therein, Rodin's former security holders are eligible to receive future payments of up to $850 million upon achievement by Rodin's development candidates of certain specified clinical and regulatory milestones, and attainment of certain sales thresholds.