Theriva Biologics Licenses SYN-020 to Rasayana Therapeutics in $38M Deal for Gut-Targeted Therapy
Key Insights
Theriva Biologics has out-licensed SYN-020, a recombinant bovine intestinal alkaline phosphatase, to Rasayana Therapeutics (search) for development across multiple metabolic and inflammatory disorders (search).
The licensing agreement includes a $300,000 upfront payment and potential milestone payments totaling up to $38 million, with Rasayana assuming all development and commercialization costs.
SYN-020 demonstrated good tolerability in Phase 1 studies and is designed to reduce fat absorption, intestinal inflammation, and promote gut barrier integrity for treating gastrointestinal dysfunction (search).
Theriva Biologics has completed the out-licensing of SYN-020, a novel gut-targeted therapeutic, to Rasayana Therapeutics (search) in a deal worth up to $38 million in total milestone payments. The agreement enables Rasayana to advance the recombinant bovine intestinal alkaline phosphatase (IAP) therapy through Phase 2 clinical development for multiple metabolic and inflammatory disorders (search).
Under the licensing terms announced February 18, 2026, Theriva received a $300,000 upfront payment and is eligible for up to $16 million in development and regulatory milestones, plus an additional $22 million in sales-based milestones. Rasayana will assume complete responsibility and costs for SYN-020's development and commercialization moving forward.
Novel Mechanism Targets Gut-Organ Axis
SYN-020 is a recombinant bovine intestinal alkaline phosphatase produced under cGMP conditions and formulated for oral delivery to the small intestine. The therapy is designed with multiple mechanisms of action: reducing fat absorption and intestinal inflammation, tightening the gut barrier to mitigate leaky gut, and promoting a healthy microbiome.
"SYN-020 offers a fundamentally innovative approach to addressing gastrointestinal dysfunction (search) and its systemic health implications," said Vidisha Mohad, Founder and CEO of Rasayana Therapeutics (search). Mohad noted her previous research experience with SYN-020 during postdoctoral training at Harvard, expressing "deep conviction in its underlying biology, scientific rigor, and therapeutic potential."
These combined modes of action position SYN-020 to potentially address multiple metabolic and inflammatory disorders (search) and diseases associated with aging. The therapy demonstrated good tolerability in Phase 1 clinical studies and is now poised to enter Phase 2 clinical testing under Rasayana's development program.
Strategic Focus Shift for Theriva
The licensing deal allows Theriva Biologics to concentrate resources on its lead pancreatic cancer (search) program, VCN-01, while maintaining financial upside from SYN-020's development. "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," said Steven A. Shallcross, Chief Executive Officer of Theriva Biologics.
Shallcross characterized SYN-020 as "a highly versatile asset with therapeutic opportunities in multiple high-value indications arising from GI dysfunction." He emphasized that Rasayana's team and advisors are "world leaders in IAP and its clinical applications" and well positioned to advance the therapy's development.
Rasayana's Gut-Organ Axis Platform
Rasayana Therapeutics (search) specializes in targeting gut-organ axis (search) biology to address chronic inflammatory diseases (search). The company is pioneering a new class of gut-inflammation targeting therapies for gastrointestinal, cardiometabolic, and neurodegenerative diseases. According to the company, SYN-020's "novel biology, strong safety profile, and compelling clinical data make it an ideal fit" for their pipeline.
The exclusive worldwide license grants Rasayana rights to develop and commercialize SYN-020 for therapeutic and diagnostic use, with sublicensing capabilities. Rasayana's mission focuses on developing "novel, cost-effective medicines that extend healthspan and improve quality of life for patients globally."
Financial Structure and Development Timeline
The licensing agreement structure provides Theriva with both immediate and long-term financial benefits while transferring development risk to Rasayana. Beyond the initial $300,000 payment, Theriva is eligible for tiered single-digit royalties on net product sales in addition to the milestone payments.
The deal enables SYN-020 to advance into Phase 2 clinical testing, representing a significant step forward for the gut-targeted therapy platform. Rasayana's commitment to assuming all development and commercialization costs removes financial burden from Theriva while maintaining the potential for substantial returns through the milestone and royalty structure.