Here are the latest stories being discussed in biopharma today:
1. “Bidding War Boosts Biotech Companies’ Ramp Up in Hot R&D Sectors”
Biotech companies specialising in radiopharmaceuticals, neuroscience and inflammation are being bought for hefty premiums due to their perceived potential to fill a gap in the pharmaceutical industry. A notable example is radiopharmaceutical company RayzeBio, which Bristol Myers Squibb bought for a 104% premium just three months after its IPO.
2. “ArriVent Debuts with $175M IPO in Oncology Biotech Listings”
Pennsylvania-based drugmaker ArriVent BioPharma is set to join Nasdaq with an initial public offering (IPO) expected to raise $175 million. The company’s lead asset is furmonertinib, an EGFR-targeted tyrosine kinase inhibitor already approved in China.
3. “Innovation Endeavors Sets Sights on Life Sciences with New $630M Fund”
Tech venture capital firm Innovation Endeavors, co-founded by former Google CEO Eric Schmidt, has announced a new $630 million fund with a significant portion earmarked for life sciences and healthcare. The move follows the VC firm’s growing involvement in the biotech sector in recent years.
4. “Merck’s Keytruda Successful in Preventing Bladder Cancer Recurrence”
Merck has shared data revealing that its cancer drug Keytruda reduced the risk of bladder cancer recurrence or death by 31% following surgery. However, the study did not reach its overall survival endpoint at this interim analysis.
5. “News Brief: Funding Raises, IPOs and Licensing Deals with Notable Biotechs”
Deerfield has terminated rights to a 2017 deal with Windtree Therapeutics while Travere Therapeutics has secured up to $120 million in a new licensing deal with Renalys Pharma. Furthermore, Celularity has raised $21 million in funding and Sagimet Biosciences hopes to raise $112.5 million through a public offering.
6. “Strand Initiates Staff Cutbacks as mRNA Therapies Progress to Clinical Stage”
Strand Therapeutics has announced layoffs of 18% of its staff as the company transitions from platform to pipeline development. Despite this setback, CEO Jacob Becraft affirmed that Strand’s financial runway “still remains very strong.”
7. “Lonza Predicts Revenue Growth Following 2023 Challenges”
Despite facing challenges in 2023, Lonza is optimistic about revenue growth this year and plans to close its second biologics site within a month.
8. “Personnel Updates: Retirements, Appointments and More in Biotech Sector”
Bayer’s radiology head is planning retirement and ex-Sanofi chief Olivier Brandicourt has joined BeiGene’s board.
9. “UK Life Sciences Sector Anticipates Upturn After 2023 Financing Decrease”
The UK’s life sciences sector expects an uptick following decreases in financing and venture capital in 2023.
