Overview

• Biogen announced an $85 million upfront acquisition of Alcyone Therapeutics with additional payments contingent on development and regulatory milestones.
• The transaction hands Biogen all rights to ThecaFlex DRx, a subcutaneous port and catheter system intended for routine central nervous system administration of antisense drugs.
• Two studies are underway evaluating ThecaFlex DRx for delivering Spinraza in spinal muscular atrophy, with results expected to guide regulatory strategy and broader portfolio use.
• Spinraza generated nearly $1.6 billion in 2024 yet currently requires repeat lumbar punctures, a burden ThecaFlex aims to reduce.
• Biogen’s move builds on its antisense track record with Ionis and may strengthen its SMA position against Roche’s Evrysdi, Novartis’s Zolgensma, and potential entrants such as Scholar Rock.