Graft Polymer to buy Awakn in £4.98m deal

Biotech firm Graft Polymer said on Monday that it has agreed to buy Awakn Life Sciences Corp, a clinical-stage biotechnology company developing therapeutics for substance use and mental health disorders, for £4.98m.

Awakn has a near-term focus on alcohol use disorder (AUD), a condition affecting about 29m adults in the US and 40m in the US and key European jurisdictions.

It currently has three key research and development programmes with a significant majority of its activities occurring within the UK.

Graft Polymer chairman Dennis Purcell said: "This proposed acquisition marks an important milestone for Graft Polymer as we broaden our focus to address the pressing global challenges of addiction and mental health disorders.

"Awakn's advanced research and clinical programs offer the potential to develop more effective and accessible treatments for these critical areas of need. We believe this strategic move will not only drive value for our shareholders but also contribute meaningfully to improving the lives of millions impacted by these conditions."

Graft Polymer is focused on developing intellectual property relating to the treatment of mental health and substance use disorders, and the co-development of therapeutics for mental health disorders.