Here are the latest stories being discussed in biopharma today:
Biopharma looks towards uncertain 2024
Despite cautious optimism, biopharma organizations are facing uncertainty leading into 2024, due to a range of economic factors. The Federal Reserve’s announcement of cutting interest rates three times in 2023 led to optimism among investors and analysts, but it remains to be seen if this will translate into material gains. Furthermore, macroeconomic factors and a decline in IPOs have resulted in a challenging financing environment for biopharma. While the recent JP Morgan Healthcare Conference signaled potential opportunities, the market seems to have reverted back to a cautious stance.
Neuroscience veteran Steve Paul retires
Steve Paul, a renowned scientist in the neuroscience field, retired from his role as chief scientific officer and president of R&D at Karuna Therapeutics. Notably, Paul had also been president and CEO of Karuna from 2018 to 2022. His tenure in government and industry is marked by significant contribution and development in the field of neuroscience. His retirement came just weeks after a $14 billion sale of his biotech firm to Bristol Myers Squibb.
Durability of CAR NK Therapy appears promising
The positive results from a small clinical trial using natural killer (NK) cell therapies could provide less costly and more readily available treatments for patients with certain lymphomas and leukemia. The study by Katy Rezvani’s lab at MD Anderson Cancer Center suggested that selecting certain donor cells could be critical for developing such therapies. Takeda Pharmaceuticals, which licensed the program, is currently conducting a larger study.
Ikena Oncology to trim workforce
Following Bristol Myers’ decision to withdraw from their collaboration, Ikena Oncology announced plans to lay off 35% of its staff. The biotech firm is refocusing its efforts on two other oncology treatments and is looking for alternative options for its IK-412 and IK-175 cancer assets.
Other notable news in biopharma
PMV Pharmaceuticals plans to cut 30% of its workforce to fund future development. Edewise Therapeutics has announced a $240 million offering, expecting to boost funds for its therapies for muscle disease. Esperion Therapeutics has its sights on an $85 million public offering following a legal dispute settlement. Lastly, ex-Pfizer employee has been convicted of insider trading related to purchasing stock options just before revealing Paxlovid data.
