Rasayana Therapeutics, a biotech targeting the gut’s connection to other organs, has slotted a new microbiome-boosting drug candidate into its pipeline. In a deal with Theriva Biologics potentially worth as much as $36 million, Rasayana has gained a gastrointestinal asset called SYN-020.
Rasayana is paying Theriva $300,000 upfront for the molecule, which is an oral recombinant bovine intestinal alkaline phosphatase (IAP). Theriva can also earn up to $16 million in development and regulatory milestones and a further $22 million in sales milestones, on top of sales royalties, should SYN-020 hit the market, Theriva announced in a Feb. 18 release.
With SYN-020 offloaded to Rasayana, Theriva plans to focus on its pancreatic cancer program, VCN-01, Theriva CEO Steven Shallcross said in the release. Last year, Theriva wrapped up a phase 2b study of VCN-01, an oncolytic virus also in earlier stages of development for retinoblastoma, head and neck squamous cell carcinoma and brain tumors.
“We believe SYN-020 is a highly versatile asset with therapeutic opportunities in multiple high-value indications arising from GI dysfunction,” Shallcross said. “The Rasayana team and advisors are world leaders in IAP and its clinical applications, and they are well positioned to advance SYN-020 development.”
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SYN-020 is the latest asset Theriva has sacrificed at the altar of VCN-01, following SYN-004 in March 2025. SYN-004 is designed to prevent graft-versus-host disease in bone marrow transplant patients.
This morning’s deal reunites Rasayana founder and CEO Vidisha Mohad, Ph.D., with a familiar molecule. She worked with SYN-020 during her postdoctoral training at Harvard University, she explained in the release.
“I have deep conviction in [SYN-020’s] underlying biology, scientific rigor, and therapeutic potential,” Mohad said. “SYN-020’s novel biology, strong safety profile, and compelling clinical data make it an ideal fit for our pipeline.”
The rest of Rasayana’s pipeline is rounded out by another IAP, dubbed RSY-248, currently in phase 2 for inflammatory bowel disease and ulcerative colitis, as well as a pair of preclinical programs for undisclosed indications.