AbbVie Inc., advised by Covington & Burling LLP, has announced a blockbuster acquisition of Gilgamesh Pharmaceuticals’ lead psychedelic therapy candidate, bretisilocin, in a deal worth up to $1.2 billion. The agreement, unveiled Monday, positions AbbVie at the forefront of cutting-edge psychiatric care, targeting moderate-to-severe major depressive disorder.
Under the terms, AbbVie will purchase the bretisilocin program through an upfront payment and development milestones. Gilgamesh, represented by Ropes & Gray LLP, will simultaneously spin off a new company—Gilgamesh Pharma Inc.—to retain its workforce and continue development of other research programs.
Bretisilocin: A Next-Gen Psychedelic Therapy
Unlike traditional psychedelic compounds, bretisilocin is engineered to shorten the psychoactive experience while preserving its long-term therapeutic benefits. The compound has generated buzz in the psychiatric field as a potential breakthrough for patients who have found little relief in existing therapies.
Roopal Thakkar, AbbVie’s Executive Vice President of R&D and Chief Scientific Officer, emphasized the importance of the deal:
“Psychiatry remains one of the most complex fields in medicine, and patients urgently need innovative solutions. This acquisition reflects AbbVie’s dedication to expanding psychiatric treatment options with novel approaches.”
