Here are the latest stories being discussed in biopharma today:

Sage Halts Development of Parkinson’s Drug Following Phase 2 Failure
Sage Therapeutics has chosen to terminate the development of its Parkinson’s disease drug, dalzanemdor, after a disappointing Phase 2 trial. Testing revealed no significant difference in the Wechsler Adult Intelligence Scale Fourth Edition-IV Coding Test score at 42 days versus placebo and all secondary endpoints were also missed.

Anticipated Expansion of Zepbound into Sleep Apnea Treatment by Lilly in mid-2024
After Zepbound met the primary endpoints in two Phase 3 trials for adults with obesity and obstructive sleep apnea, Eli Lilly is planning to submit data to the FDA for approval. Reports suggest this could be the first approved drug for the disorder.

Sanofi’s Adjustment of Oncology Plans Causes a $3B Dip in Potential Biobucks for IGM
After amending its plan in Oncology, Sanofi has cost its partner, IGM Biosciences, an estimated $3B in potential biobucks. The revised development plan excludes three targets they had planned in oncology.

Intra-Cellular and Prevail Make Major Moves; Aim to Raise Significant Funds
Intra-Cellular Therapies is planning a $500M public offering, following an impressive Phase 3 win in depression. Meanwhile, Lilly’s Prevail has cancelled three partnered programs, which had advanced to clinical candidates.

Full Data from Amylyx Reveals Extent of Phase 3 Setback
Amylyx has outlined disappointing results from a Phase 3 trial of its now-withdrawn ALS drug, Reylivro. Data demonstrated little difference between trial’s active and placebo arms in terms of declining levels of function.

Canaan Ups Its BioPharma Investment with Addition of Former Pfizer Exec
Venture capital firm, Canaan, plans to invest heavily in biopharma following an investment of over $100M to its 13th fund and the addition of former Pfizer executive, Uwe Schoenbeck.