Here are the latest stories being discussed in biopharma today:
1. Samsung Bio reports significant 2023 revenue growth and predicts further gains this year, despite the unfavorable conditions faced by many CDMOs due to last year’s biotech funding slump. The Korean CDMO saw revenue of KRW 3.69 trillion ($2.8 billion) in 2023, a 23.1% increase from the previous year.
2. Following the acquisition of Inhibrx by Sanofi, UK-based start-up Arecor has announced plans to retain royalties for INBRX-101. The company will maintain its royalties as per a 2020 licensing agreement, despite Sanofi’s purchase.
3. LB Pharmaceuticals has sealed a $75 million Series C fundraise as it launches a Phase II schizophrenia trial. The New York-based biotech company expects to have three drugs on the clinical stage by this time next year.
4. Kura Oncology has landed a $150 million private equity investment, attracting existing investors including EcoR1 Capital, an affiliate of Deerfield Management, and Suvretta Capital Management. It’s expected the funds will extend Kura’s operational runway through to 2027.
5. Synnovation Therapeutics aims to deliver best-in-class medicines that enhance current treatment classes, starting with PARP1 inhibitors and PI3K alpha. The company has secured a $102 million Series A financing led by Third Rock Ventures, and also expects to have three drugs on the clinical stage within the year.
6. Eli Lilly’s experimental gene therapy, AK-OTOF, has demonstrated restored hearing in an 11-year-old boy who received the treatment last October. The results marked a breakthrough in the first child dosed with this therapy.
7. Despite the unfavorable conditions faced by the contract development and manufacturing organization (CDMO) market, Samsung Bio is anticipating even more gains this year. The optimism follows the reported 2023 revenue spike for the biologics manufacturer.
8. As Sanofi moves to acquire Inhibrx, Arecor has confirmed that it will keep any remaining Inhibrx royalties. The announcement follows a prior royalty agreement reached between Arecor and Inhibrx, stating that obligations will not change post-acquisition.
9. Complications arising from challenges faced in certain contract services have pushed LB Pharmaceuticals to close a $75 million Series C fund as it commences a Phase II schizophrenia trial.
10. As a part of its gene therapy pipeline, Eli Lilly has reported that a potential therapy has revived the hearing of an 11-year-old boy.
