Solvonis Therapeutics to Acquire Awakn Life Sciences in Strategic Biotech Merger

LOS ANGELES- Solvonis Therapeutics PLC, a UK-based biotechnology firm specializing in treatments for mental health and substance use disorders, has entered into an agreement to acquire Awakn Life Sciences Corp., a Toronto-based company developing therapeutics for addiction. The transaction, valued at approximately £5 million, will involve Solvonis issuing around 2.07 billion new shares to Awakn shareholders. ​

Transaction Details

Under the terms of the agreement, Awakn shareholders will receive 46.67 Solvonis shares for each Awakn share held, representing a 53.52% premium to Awakn’s closing share price on December 13, 2024. Upon completion, existing Awakn and Solvonis shareholders will own approximately 47.47% and 52.53% of the combined entity, respectively. ​

Strategic Rationale

This acquisition aims to bolster Solvonis’ position in the mental health therapeutics market by integrating Awakn’s clinical-stage assets, including treatments targeting alcohol use disorder and post-traumatic stress disorder. The merger is expected to enhance the combined company’s market capitalization, technical expertise, asset diversification, financial capacity, and access to capital.

Approvals and Timeline

The transaction is subject to approvals from both companies’ shareholders, regulatory authorities, and the completion of necessary financing by Solvonis. The acquisition is anticipated to close in the second quarter of 2025.