Here are the latest stories being discussed in biopharma today:
Biotech Crossover Rounds Make a Comeback
As the biotech industry regains momentum, signs show that crossover rounds, the final private fundraising before IPO, are once again picking up. The last six months of 2023 showed the highest crossover activity since the boom years of 2020 and 2021, implying a growing confidence in the market among startup investors.
Sumitomo Announces Layoffs and Executive Shuffles Amid Disappointing Sales
Japanese pharmaceutical firm Sumitomo is set to lay off around 400 employees in North America and revamp its executive team following lower-than-expected sales. The job cuts come as several of the company’s drugs failed to meet projected sales targets. As a part of the reshuffle, Myrtle Potter, President and CEO of Sumitomo Pharma America, will be stepping down at the end of March.
Gilead Inks Deal with Merus for Trispecific Antibodies Development
Gilead Sciences has teamed up with Merus to develop trispecific antibodies in a deal that could fetch Merus up to $1.5 billion in downstream payments and royalty fees. Gilead will fund early-stage research on two trispecific antibody programs, with an option for a third, in exchange for an upfront payment of $56 million and a $25 million investment.
AstraZeneca Invests in UK Manufacturing
AstraZeneca is set to invest £650M to enhance its manufacturing capabilities in the UK and expand its campus footprint in Cambridge. The expansion aims to promote the company’s R&D capabilities and further establish its presence in the country’s life sciences sector.
Alumis Raises $259M Ahead of Phase III Trials
Immunology startup Alumis has secured a $259M Series C funding round as it gears up for late-stage trials of its TYK2 inhibitor for moderate-to-severe plaque psoriasis. The funding will be used to advance the drug, ESK-001, through clinical trials set to start in the second half of this year.
Other Healthcare Market Updates
In other news, Apogee Therapeutics aims to raise $350M in a stock sale as it released Phase I data for its atopic dermatitis treatment. Meanwhile, BiomX merges with Adaptive Phage Therapeutics to create a combined phage therapy biotech with two Phase II assets. Lastly, Celldex Therapeutics exceeded its aim to raise $400M in a public offering, pulling in a total of $460.5M.
