Here are the latest stories being discussed in biopharma today:
Female Investors Call for More Women on Boards and in Leadership Roles
Ladies in biotech venture capital leadership positions are pushing for increased representation in the industry. Despite making up 19% of the wider VC community, females are underrepresented in terms of investment and funding, particularly in women’s health, an area that has traditionally been overlooked. In 2023, female-led biotech firms attracted less than $6 billion of the $29.9 billion distributed by VC companies. The drive for diversity highlights the need for a concerted effort to push forward the next generation of women in biotech.
AstraZeneca Buys Amolyt Pharma for $1.05B to Explore Rare Endocrinology Market
AstraZeneca is acquiring Amolyt Pharma for $1.05 billion, marking its venture into the rare disease pipeline. At the crux of the deal is Amolyt’s late-stage hypoparathyroidism candidate, eneboparatide, which was demonstrated to normalize serum calcium levels in a Phase II trial. Topline data for the Phase III trial is expected by the end of 2024. The rare disease affects approximately 115,000 people in the US and 107,000 in the EU, mostly women.
Coherus’ Oncology Focus Leads to Restructuring, 30% Layoffs
Coherus Biosciences is laying off 30% of its staff, following its focus shift to oncology and the sale of its ophthalmology biosimilar Cimerli. After enforcing cutbacks and divesting products, Coherus estimates over $25 million in annual costs savings. The layoffs indicate a trend in the company, which previously laid off roughly 20% of its staff in 2023.
Pfizer-backed UK Biotech Raises £25M to Advance Mitophagy Pipeline
Mission Therapeutics, backed by Pfizer and other investors, has raised £25.2 million in a Series D funding round. The funds will extend its runway through 2026 and support the development of its mitochondria-targeting drugs. The biotech focuses on immuno-oncology and has initiated collaborations with AbbVie in recent years.
Hack on Change Healthcare Could Prompt Healthcare Cybersecurity Improvement
Increase in public awareness due to the Change Healthcare hack may foster improvements in the U.S. healthcare system’s cybersecurity. The financial impact of the breach on the healthcare system has made it a notable cybersecurity event. Such attacks have been growing over the last few years, with healthcare organizations as the biggest target for ransomware attacks.
