08:35 AM EDT, 09/18/2025 (MT Newswires) -- Biogen (BIIB) said Thursday that it has signed an agreement to buy Alcyone Therapeutics for an upfront $85 million, with the potential for certain additional milestone payments.

The company said milestone payments are related to the development and regulatory approval of the ThecaFlex DRx medical device with nusinersen, and other pipeline products.

Biogen will drive the development, manufacturing, and commercialization of ThecaFlex DRx, it said, adding that Alcyone's remaining therapeutic assets will be divested into a new company, Neela Therapeutics.

The transaction will include a convertible debt financing in Neela Therapeutics, from existing investors, including Biogen, it added.

Alcyone employees who join Biogen when the deal closes will be integrated into the company's product delivery solutions team, the company said.