Cycle Pharmaceuticals has completed its acquisition of Applied Therapeutics, a clinical-stage biopharmaceutical company focused on rare disease treatments. The deal follows a definitive agreement reached late last year under which Cycle launched a tender offer to buy all outstanding Applied shares at a fixed cash price per share along with a contingent value right that may provide additional future payments if certain regulatory or commercial milestones are met. Applied’s portfolio includes drug candidates such as govorestat, being developed for rare metabolic and neurological conditions.

The acquisition strengthens Cycle’s position in the rare disease space and adds new development assets to its pipeline. Prior to closing, Cycle extended its tender offer several times to secure enough shares for the transaction, reflecting the strategic importance of the deal for both companies. The acquisition is part of Cycle’s broader mission to deliver treatments and support for underserved patient populations with unmet medical needs.