Here are the latest stories being discussed in biopharma today:
1. Moderna Prepares for Future by Reducing Workforce: To adjust to a post-pandemic era, Moderna is cutting jobs at its manufacturing units in Burlington and Norwood, Massachusetts. The reshuffle is part of the company’s plan to focus on the production of non-Covid related pharmaceuticals as it anticipates the waning demand for Covid-19 vaccines. The company is currently developing a vaccine for Respiratory Syncytial Virus (RSV) that is expected to challenge GSK and Pfizer’s existing RSV vaccines.
2. Quantile Health Secures $6M Funding to Enhance Gene Therapy Access: Gene therapy champion, Quantile Health, co-founded by MIT professor Andrew Lo has secured a $6 million in funding for spearheading a Netflix-like model for gene therapies. The healthcare strategy promises to extend accessibility to patients suffering from fatal conditions who are currently unable to afford the treatment.
3. Fund Raising and Acquisition Updates: Achieve Life Sciences has raised $124M to develop its smoking cessation treatment and plans to file new drug application by the first half of 2025. Kinnate Biopharma, under financial strain, has sold its pan-RAF program to Pierre Fabre Médicament for up to $31 million while Tarsus Pharmaceuticals aims to raise $100M by selling shares. Also, Canadian biotech Stemcell Technologies plans to acquire SQZ Biotechnologies.
4. FogPharma Raises $145M, Names New Board Member: Having recently secured a $145 million Series E funding led by Nextech Invest, FogPharma also announced the addition of renowned industry entrepreneur, Alexis Borisy, to its board.
5. Leadership Shuffles at Pfizer and Fore Biotherapeutics: Pfizer has named Michael Diem as the new head of its venture capital & equity investments as Barbara Dalton is set to retire. Former Axcella CEO, Bill Hinshaw is all set to steer Fore Biotherapeutics as the new CEO starting March 15.
6. Gritstone Bio Announces Massive Layoffs after Covid Vaccine Delays: Gritstone Bio, a vaccine biotech, announced a 40% workforce reduction due to the delay in Phase IIb trial of its next-gen Covid-19 vaccine.
7. Cardiff Teases Onvansertib Efficacy: Cardiff Oncology is predicting strong results from its experimental drug onvansertib for the treatment of colorectal cancer.
8. Insight into Obesity Care: In a bid to tackle obesity effectively, large employers are sharing their expectations and demands out of obesity care.
