Financing
The Pierre Fabre-partnered allogeneic T-cell immunotherapy is already available in Europe but hopes of a US approval have been hit by a complete response letter citing problems at a third-party manufacturing facility.
Daily notebook from the J.P. Morgan Healthcare Conference: Insights from interviews with Astellas, Ultragenyx, Acadia and Tris Pharma; plus updates from Madrigal, Agios and Verve.
Initial excitement over a few small deals announced at the opening of J.P. Morgan tapered off as approaching exclusivity losses, a lack of big takeouts and political uncertainty weighed on sentiment.
Daily notebook from the J.P. Morgan Healthcare Conference: Gilead's getting more selective; new Roche BD head explains strategy; Bayer's optimistic about elinzanetant launch; AbbVie looks to expand in oncology; and Edgewise, Scholar Rock and Ionis talk 2025 plans.
More than 30 biopharma executives, investors and industry experts shared their views on the environment for funding and deal-making in the year to come. With a patent cliff looming over big pharma at the same time as technology opens manifold possibilities for new approaches to drug discovery and development, the general view is that 2025 will be a busy year for partnering, with a trend towards earlier-stage deals and milestone-dependent payments.
Daily notebook from the J.P. Morgan Healthcare conference: Novartis says Kisqali will be its biggest drug yet; BMS reports strong launch for Cobenfy; Sarepta talks plans for building on Elevidys's success; Lilly updates guidance as tirzepatide slips; and GSK's Miels worked overtime on IDRx.
Daily notebook from the J.P. Morgan Healthcare Conference: J&J's Duato talks about Intra-Cellular deal; GSK's Wood explains how IDRx fits its BD strategy; and Senator Burr says industry needs to look at the long term.
Ouro Medicines, founded by Monograph Capital and GSK and helmed by HI-Bio veterans, aims to reset the immune system in B-cell-mediated diseases with options that are not CAR-T therapies.
Private Company Edition: Biopharma firms revealed new VC funding to highlight progress ahead of the J.P. Morgan Healthcare Conference, including Aviceda’s $207.5m series C round, Tenvie’s $200m launch, a $115m series B for Aspect Biosystems and a €90m ($93.4m) series A for Orbis.
Public Company Edition: Drug developers usually lead up to the J.P. Morgan Healthcare Conference by announcing new financings and partnerships, but multiple companies revealed strategic shifts and layoffs ahead of the industry’s annual kickoff meeting.
Politics and policy may get as much attention as deals at the J.P. Morgan Healthcare conference, as this year’s meeting comes just before the inauguration of Donald Trump as US president.
The Phase IIa data for the next-generation GLP-1 agonist showed a decent efficacy profile with weekly dosing, but the company said it also supports giving the drug monthly.
From gene therapies to small molecule drugs, investors seemed to have eschewed the risks of biotech company investment propositions in 2024 but last year’s disappointments provided good lessons going forward.
Restructuring Edition: Vincerx strategic review ends with a merger, Viracta halts last clinical trial and assesses options, and Achilles completed a strategic review by selling assets to AstraZeneca. Also, Synaptogenix explores opportunities, while GenSight warns its cash is running out.
The new year is only a couple of days old but the Anglo-Irish biotech has agreed a sale to Hookipa that will create a US-listed entity around HB-700, which targets multiple KRAS mutations in lung, colorectal and pancreatic cancers, and Poolbeg's Phase II-ready drug which is designed to prevent cancer immunotherapy-induced cytokine release syndrome.
The Swiss group has had an up and down year and it is not ending well, as the proposed sale of its recently-approved antihypertensive Tryvio has been delayed.
Private Company Edition: Ottimo raised $140m-plus in series A venture capital and Angitia garnered $120m in series C cash in the latest mega-rounds, while Noema and Borealis extended prior financings. Also, VC investors XGEN and Dimension raised $690m across two new funds.
SiteOne will use its series C venture capital to complete Phase I and initiate Phase II studies for its NaV1.8 inhibitor STC-004 in acute and chronic pain, and to advance other early programs.
Public Company Edition: Revolution Medicines grossed $862.5m and NewAmsterdam raised $479m in follow-on public offerings, continuing this year’s rise in FOPOs. Janux, CG Oncology, Rocket, ImmunityBio, Protara and Candel also recently raised significant follow-on cash.
The biotech’s lead candidate now looks approvable as the first new localized prostate cancer treatment in 20 years – allowing Candel to raise much-needed funds – but a filing must wait