Here are the latest stories being discussed in biopharma today:
**1. BeiGene ends pact with Shoreline, its ‘entry into cell therapy’**
Chinese biotech BeiGene has ended its collaboration with Shoreline Biosciences, which was described as BeiGene’s “entry into cell therapy.” The pact was terminated earlier this year, after BeiGene had initially paid $45 million upfront in January 2022. The collaboration aimed to develop cell therapies for four therapeutic targets, with BeiGene holding worldwide commercial rights. Following a strategic portfolio review, BeiGene decided to terminate the partnership, though the company noted that the termination was due to BeiGene’s internal prioritization decisions and not due to any deficiency in Shoreline’s platform technology.
**2. Gilead bid against itself in $4.3B deal for CymaBay, filing shows**
Gilead Sciences was the only bidder for liver disease biotech CymaBay Therapeutics, increasing its initial proposal by $9.50 per share, according to a recent securities filing. Gilead upped its offer twice before settling on $32.50 per share, a 27% premium to the prior trading day’s closing price. The deal, valued at $4.3 billion, followed a trend of Big Pharma companies signing late-stage deals to acquire soon-to-be-approved drugs to strengthen their pipelines.
**3. NGM Bio to revert to private company as MASH potential remains unclear**
NGM Bio plans to go private after 16 years, with biotech investor The Column Group, NGM Bio’s largest shareholder, planning to take the company private. The deal, valued at $135.0 million, follows a winding R&D road in NASH, retinal diseases, and other areas.
**4. Thermo Fisher downsized by 8,000 workers in 2023 amid revenue decline**
Thermo Fisher reduced its workforce by about 6% last year, or about 8,000 workers, according to its 10-K filing. Most of the changes occurred in the company’s Americas region. The company’s workforce decline comes amid its 5% 2023 revenue dip to $42.86 billion, down from $44.9 billion in 2022.
**5. Celldex’s CSU drug could challenge a Novartis candidate after PhII**
Celldex Therapeutics’ anti-KIT antibody hit the primary endpoint in a mid-stage test in chronic spontaneous urticaria. Some analysts said the data is better than a Novartis therapy that’s further ahead in development. There are currently no approved treatments for patients whose disease is not controlled by Novartis and Genentech’s Xolair.
