Here are the latest stories being discussed in biopharma today:
Biotech’s new blue-chip names shakeup the $100 billion club
Regeneron and Vertex, both biotech companies, have crossed the $100 billion market cap threshold for the first time. The biopharma industry typically consists of giant companies like Johnson & Johnson, Merck, and Novartis. Now, newer approaches to M&A, R&D, and leadership strategies are shaping the pharma industry. Regeneron and Vertex have acquired biotechs to boost long-term scientific research rather than targeting near-term revenue.
FDA halts RAPT Therapeutics’ immunology drug trials
The FDA has placed a clinical hold on two trials of RAPT Therapeutics’ key immunology candidate, Zelnecirnon, after a mid-stage atopic dermatitis study patient experienced liver failure. While the patient has recovered since receiving a liver transplant, both the Phase IIb study in atopic dermatitis and the Phase IIa study in asthma are no longer dosing patients or enrolling new ones.
AbbVie CEO Richard Gonzalez to retire
AbbVie CEO Richard Gonzalez will transition his role to President and COO Robert Michael on July 1. The move comes as AbbVie progresses through its transaction from Humira and digests two recently-inked acquisitions. The pharma giant also increased the long-term outlook for its next generation of autoimmune drugs, projecting Skyrizi and Rinvoq revenues of $27 billion in 2027.
Competitors could benefit from Novo’s acquisition of Catalent, says Siegfried CEO
According to Siegfried CEO Wolfgang Wienand, pharmaceutical companies may be inclined away from Catalent following its $16.5 billion acquisition by Novo Holdings. This could open opportunities for other CDMOs. Wienand believes pharma companies served by Catalent might question the sustainability of being supplied by a competitor.
Owkin makes a $35M seed round splash
Scientists from AI biotech Owkin and Google DeepMind have launched Biopitimus, a new French startup aiming to create an AI foundational model for biology. The startup has already raised $35 million in seed financing to help biomedical and environmental sciences communities gain a deeper understanding of biology to make better medicines and diagnostic tools.
Cigna pumps funds into 9amHealth
Health insurance provider Cigna’s venture unit has invested in 9amHealth, a startup focused on cardiometabolic conditions. 9amHealth provides virtual visits, prescriptions, and lab tests related to conditions like hypertension, type 2 diabetes, and weight management. With the high cost of GLP-1 medications for such conditions, Cigna’s investment shows heightening interest in understanding businesses growing around these drugs.
