Theriva Biologics Out-Licenses SYN-020 To Rasayana In Deal Worth Up To $38 Million Plus Royalties, Secures Global Development And Commercialisation Rights

Theriva Biologics, Inc., a clinical-stage company focused on therapies for cancer and related diseases, has announced the out-licensing of its investigational asset SYN-020 to Rasayana Therapeutics, Inc.. Rasayana is a privately held biotechnology company specialising in gut-organ axis biology and developing gut-targeted treatments for chronic inflammatory conditions.

“We are extremely pleased to complete the license of SYN-020 to Rasayana, which will enable the advancement of this important GI asset from our portfolio while we focus on our lead pancreatic cancer program, VCN-01,” said Steven A. Shallcross, Chief Executive Officer of Theriva Biologics. “We believe SYN-020 is a highly versatile asset with therapeutic opportunities in multiple high-value indications arising from GI dysfunction. The Rasayana team and advisors are world leaders in IAP and its clinical applications, and they are well-positioned to advance SYN-020 development, ideally delivering benefits for patients and value for Theriva shareholders.”

SYN-020 is a recombinant bovine intestinal alkaline phosphatase (IAP) manufactured under cGMP standards and formulated for oral delivery to the small intestine. The therapy is designed to lower fat absorption, reduce intestinal inflammation, strengthen the gut barrier to address leaky gut, and support a balanced microbiome. Given these mechanisms, SYN-020 may have therapeutic potential in metabolic disorders, inflammatory diseases, and age-related conditions. The candidate demonstrated favourable tolerability in Phase 1 clinical trials and is expected to advance into Phase 2 development under Rasayana’s leadership.

“We are thrilled to partner with Theriva Biologics on the development of SYN-020,” said Vidisha Mohad, Founder and CEO of Rasayana Therapeutics. “SYN-020 offers a fundamentally innovative approach to addressing gastrointestinal dysfunction and its systemic health implications. Having worked on SYN-020 research during my postdoctoral training at Harvard, I have a deep conviction in its underlying biology, scientific rigour, and therapeutic potential. Importantly, its cost-effective profile reflects our shared commitment to making transformative treatments accessible to patients who need them most. At Rasayana, we are focused on advancing therapies that target the Gut-Organ Axis to extend healthspan. SYN-020’s novel biology, strong safety profile, and compelling clinical data make it an ideal fit for our pipeline. We look forward to building on Theriva’s foundational work and accelerating this program to deliver meaningful outcomes for patients worldwide”.

Under the agreement, Rasayana receives an exclusive worldwide license, including sublicensing rights, to develop and commercialise SYN-020 for both therapeutic and diagnostic applications. Theriva will receive a $300,000 upfront payment and may earn up to $16 million in development and regulatory milestone payments, along with tiered single-digit royalties on net sales. Additional sales-based milestones of up to $22 million are also included. Rasayana will take full responsibility for funding and executing the continued development and commercialisation of the program.