Here are the latest stories being discussed in biopharma today:
BridgeBio Secures up to $1.2B Amid Cardio Drug Submission
Popular biotech, BridgeBio has gathered investors to source up to $1.25 billion to commercialize its heart pill and conduct a series of clinical trials across a variety of disease areas. The funding comes a month after BridgeBio submitted acoramidis for FDA approval and closed a $250 million private investment deal. Analysts are keenly observing the firm’s next move after the success of its Phase III cardio drug.
Novartis Ends PhIII Peanut Allergy Trial
Novartis has decided to discontinue a late-stage trial of a biologic they have been testing on patients with peanut allergies. However, they plan to commence a new Phase III for the same drug later this year. Despite challenges in developing treatments for food allergies, Novartis is ready to start a new phase of testing with ‘optimized dosing’.
Bora Pharma Buys Upsher-Smith for $210M to Expand in the US
Taiwan-based CDMO, Bora Pharmaceuticals, is set to acquire generic manufacturer, Upsher-Smith Laboratories, for a sum that could reach $210 million. The purchase is expected to see Bora expand its operations into the US market for the first time.
Viridian Plans $150M Offering; Others End Deals and Scrap Drugs
Viridian Therapeutics announced a $150M public offering to push forward its clinical programs. Meanwhile, Surrozen has abandoned development of its inflammatory bowel disease medication. And Assembly Biosciences has ended its licensing agreement with Indiana University.
CG Oncology to Launch First Biotech IPO of 2024
CG Oncology has revealed plans to secure around $181 million in its Nasdaq debut, making it the first biotech IPO of 2024. The proceeds will be used to extend its cash runway into 2025, and a significant portion is expected to support R&D and manufacturing operations for its solo clinical-stage candidate, cretosimogene grenadenorepvec.
Satsuma’s Migraine Drug Rejected by FDA.
Satsuma Pharmaceuticals’ nasal spray formula for migraines was rejected by the FDA due to issues with chemistry, manufacturing and control (CMC).
Mirae Launches $50M US Biotech VC Fund
Investment firm Mirae Asset Global Investments has launched a $50 million biotech venture capital fund targeted at the US market.
AstraZeneca Reshuffles China Leadership
AstraZeneca has reshuffled its China leadership and formed a biopharma group to mirror its global structure.
