Two and a half months after its first US Food and Drug Administration approval for Incyte Corp.-partnered Niktimvo (axatilimab-csfr) in chronic graft-versus-host disease (GVHD), Syndax Pharmaceuticals Inc. announced $350m in new financing from Royalty Pharma plc on 4 November to fund the launches of Niktimvo and what may be Syndax’s second FDA approval this year, the menin inhibitor revumenib for KMT2A-rearranged (KMT2Ar) acute leukemias.
Finance Watch: Syndax Raises $350m, KalVista Gets $100m In Royalty Deals
Sana, ESSA Pharma, Spero Reveal Strategic Shifts
Public Company Edition: Syndax received all $350m from its royalty financing up front, while KalVista got $100m initially out of up to $179m. Also, Vera, EyePoint and Eledon grossed $300m, $161m and $85m in follow-on offerings, while Neurogene raised $200m in a private placement.
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Private Company Edition: The latest group of drug developers to announce venture capital financings is remarkable for its geographic diversity, from Character Biosciences’ $93m series B round in the US to Augustine’s $85m series B in Belgium to a $29.2m series C for Aculys in Japan.
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Public Company Edition: Cargo suspended development and cut 90% of its workforce to focus on strategic alternatives, while Pyxis and Kiromic laid off or furloughed employees. Also, Pfizer sold its remaining Haleon shares for $3.3bn, Galderma sold $1bn in bonds and other financings.
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Private Company Edition: There have been five $100m-plus VC rounds so far this month, up from three in all of February. Flagship unveiled Lila Sciences with $200m, while Curevo and Insilico raised $110m in series B and E rounds, respectively. Also, Arbor Biotech garnered $73.9m.
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Restructuring Edition: Biopharma companies used fourth-quarter updates to reveal job and program cuts to conserve cash, including Sutro, Agenus, Coherus, Inozyme and Atea. Also, Vincerx’s reverse merger was terminated and Vaccinex, Oncternal, Syros plan to voluntarily delist.
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Pharma executives and investors are waiting with bated breath to find out if President Trump will include drugs in a new round of tariffs to be announced on 2 April.
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After failing a Phase II monotherapy study in early Parkinson’s, Cerevance will focus on adjunctive therapy without abandoning the monotherapy concept.
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The firm has lofty ambitions for the aldosterone synthase inhibitor to treat hypertension and kidney disease.