By Jonas Ekstrand, Senior Advisor
November 12, 2026
Sarah Frediksson, CEO of Aqilion
Aqilion AB has sold two drug development programmes to US-based Acrivon Therapeutics: AQ280, an oral treatment candidate for inflammatory diseases, and an early-stage PKCθ inhibitor programme. For Aqilion CEO Sarah Fredriksson, the transaction secures a new home for the programmes as the company prepares to wind down operations. She is also preparing for her next role, having accepted the position of CEO at AAX Biotech.
AQ280, now renamed ACR-525, has completed two Phase 1 studies and is ready for Phase 2 development. It selectively blocks JAK1, a protein involved in inflammation. Acrivon plans to initially target eosinophilic oesophagitis (EoE), a chronic inflammatory condition of the oesophagus that can make swallowing difficult. One of the drug’s formulations has been specifically designed for patients with swallowing difficulties.
The second programme targets PKCθ, a protein involved in activating immune cells called T cells. Still in preclinical development, it could offer opportunities for treating autoimmune and inflammatory diseases, including combination therapies.
The acquisition expands Acrivon’s focus beyond cancer into immunology and inflammation. The company plans to use its AI-enabled platform to help identify suitable diseases and patients, and guide clinical development. The deal was completed for an undisclosed cash payment, with no future milestone payments or royalties payable to Aqilion.
Fredriksson sees a strong fit between the programmes and Acrivon’s ambitions.
“Acrivon has a clear strategy for expanding into immunology and inflammation (I&I) and a strong commitment to continuing the Phase 2 study in EoE patients,” she says. “Their technology platform opens up new possibilities for identifying which patients will benefit most from treatment and for tailoring the treatment regimen in the best possible way.”
Looking back, she highlights the Phase 1 studies and the choice of EoE as the initial indication as key steps towards the transaction. But the path to a sale also reflected the financing challenges facing Aqilion.
“Once it became clear that we would not be able to finance the Phase 2 studies, which was of course disappointing, I focused on finding a new home for the programmes, including our early-stage PKC-theta programme.”
For Aqilion itself, the next step is to complete its remaining transactions and bring operations to a close.
“Aqilion’s main shareholders have made it clear that they do not intend to provide further financing,” Fredriksson explains. “Our task is therefore to complete these deals, wind down operations and ultimately close the company, returning the proceeds to shareholders as a dividend.”
Asked what other Nordic biotech companies can learn from the process, Fredriksson emphasises patience, careful listening and the work required to reach a shared understanding.
“Dealmaking takes time and requires a lot of work from both sides, often several months,” she says. “It is important to listen carefully and ask questions to make sure both parties truly understand each other. That shared understanding is what makes it possible to negotiate all the way through, down to the finer details.”
As Aqilion moves towards closure, Fredriksson is looking ahead to continuing her operational work in Swedish biotech.
“I truly enjoy this industry, and what motivates me most is the chance to put my own experience to good use while continuing to learn from the many talented people around me.”
That ambition will take her to AAX Biotech, where she has accepted the role of CEO. She describes the company’s technologies for developing the next generation of antibody therapies as an area she is particularly passionate about.
“I’m very much looking forward to helping the team bring these technologies to partners and, ultimately, to patients.”