Angelini Acraf S.p.A. signed definitive agreement to acquire Arvelle Therapeutics GmbH from a group of investors for approximately $960 million on January 4, 2021. Following regulatory approval, $610 million will be paid. Subsequently, and subject to Cenobamate reaching certain revenue targets, a further $350 million will be paid. SK Biopharmaceuticals Co., Ltd. will sell 12% stake and will remain eligible to receive all payments inherited by the license agreement signed between Arvelle Therapeutics and SK Biopharmaceuticals in February 2019. In addition, revenue share payments due to certain of the Arvelle shareholders will be assumed by Angelini Pharma. The transaction is subject to regulatory approval. The deal is expected to be completed by March 31, 2021. Centerview Partners UK LLP acted as financial advisor, NautaDutilh N.V. and Sidley Austin LLP acted as legal advisors for Arvelle Therapeutics. Ferigo Foscari, Leonardo Graffi, Tommaso Tosi, Peita Menon, Axel Schulz, Justus Herrlinger, Andres Liivak, Farhad Jalinous, Keith Schomig, Charles Larsen and Alexandra Rogers of White & Case acted as legal advisors and KPMG Fides Servizi di Amministrazione S.p.A. provided due diligence tax and accounting to Angelini Acraf S.p.A. Baek Han Accounting acted as external evaluation agency in the deal.

Angelini Acraf S.p.A. completed the acquisition of Arvelle Therapeutics GmbH from a group of investors on February 2, 2021. Post completion, $370 million was paid, additional $240 million will be paid following regulatory approval of the deal. Sio Gene Therapies received $11.6 million from the closing of the sale. Per the terms of the sale, additional payments to Sio Gene are expected over time, including a payment of approximately $4.8 million by mid 2021 upon marketing approval of cenobamate by the European Medicines Agency.