Pharma BD Deal Intelligence
Sentynl funds alvelestat's Phase 3 in exchange for US rights; Mereo keeps the rest of the world
Full analysis, sources & comparables →Mereo BioPharma granted Sentynl Therapeutics an option and license covering US commercial rights and global manufacturing rights to alvelestat, an oral neutrophil elastase inhibitor, for alpha-1 antitrypsin deficiency-associated lung disease. Mereo receives a non-refundable option fee and, upon option exercise, is eligible for USD 40 million in upfront and R&D payments, up to USD 435 million in potential milestones, and tiered double-digit royalties on US sales. Option exercise also funds the alvelestat Phase 3 program, which could start in early 2027. Alvelestat would, if approved, be the first oral treatment for AATD-LD, a rare progressive genetic lung disease affecting an estimated 50,000-80,000 people in the United States. Mereo retains commercial rights in the rest of the world.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Sentynl Therapeutics, Inc. / Mereo BioPharma Group plc (this deal) | 2026 | $475M | 66 |
| Servier Pharmaceuticals LLC / Day One Biopharmaceuticals Inc. | 2026 | $2.5B | 75 |
| Servier / Edgewise Therapeutics, Inc. | 2026 | $2.6B | 75 |
| AstraZeneca PLC / Dizal Pharmaceutical Co., Ltd | 2026 | $1.5B | 73 |
| Travere Therapeutics, Inc. / Everest Medicines Limited | 2026 | $1.1B | 72 |
| AbbVie Inc. / Apogee Therapeutics, Inc. | 2026 | $10.9B | 72 |
| Pfizer Inc. / Innovent Biologics, Inc. | 2026 | $10.5B | 71 |
← Browse all deals · How we score deals
More: 2026 deals