Here are the latest stories being discussed in biopharma today:
1. Rising AI biotech firms like Generate:Biomedicines, fueled by grand funding and star-studded teams, have made a splash in the industry. The recent launch of Xaira Therapeutics marked the second largest biotech startup launch. The ongoing buzz raises questions about whether these firms can live up to the hype.
2. AbbVie surpassed initial Q1 expectations but created confusion with its Humira guidance. Despite a 40% drop in Humira’s US sales for Q1 2024, AbbVie has been able to retain market share by providing hefty discounts against biosimilars. However, stiffer competition lies ahead as CVS and Cigna’s health service arm Evernorth aim to offer cheaper alternatives.
3. The US FDA has given Pfizer’s hemophilia B gene therapy a thumbs up, setting the price tag at $3.5 million. Called BEQVEZ, the one-time treatment targets adults with moderate-to-severe hemophilia B.
4. RevOpis Therapeutics has bagged $16.5M in seed funding for its primary drug RO-104, aimed at treating age-related macular degeneration. In other news, Pfizer and CeMM have successfully scaled a platform to measure multiple small molecule interactions with proteins in living cells, offering a massive catalog of ligand-protein interactions geared for drug discovery.
5. UCB has announced significant changes to its management team to uphold its commitment to innovation and growth. Notably, medical chief Iris Loew-Friedrich and CSO Dhavalkumar Patel are due for retirement. UCB veteran Alastair Henry will assume the role of CSO.
6. Gilead has posted a 5% YoY increase in Q1 sales reaching $6.6 billion. The company spotlights its rare liver disease candidate seladelpar and its drug for HIV prevention lenacapavir, anticipating major updates in late 2024 or early 2025.
7. Under scrutiny is AstraZeneca’s evolving market strategies, particularly in emerging markets and its selectivity regarding vaccines.
8. GSK has lodged a complaint against Pfizer and BioNTech, accusing them of infringing on their mRNA patent.
9. As part of a significant cutback, Bristol Myers plans to make about 12 pipeline cuts.
