Here are the latest stories being discussed in biopharma today:
New Developments in the Healthcare Market
1. Encouraging early cancer vaccine data
Emerging experimental cancer vaccines presented at the American Association for Cancer Research conference are reviving optimism in the field. The treatments range from standard shots to customized injections tailored to a patient’s specific tumor genetic makeup.
2. Key lobbyist at BIO departs amidst US-China tension
Nick Shipley, the chief advocacy officer at the Biotechnology Innovation Organization (BIO), has left his position. His crucial role in lobbying for the biotech industry in Washington involved a bill that could restrict Chinese life science companies from trading with US biotechs.
3. Sanofi cutting 100 jobs in California
Sanofi is laying off 100 workers in South San Francisco, the former home of an immuno-oncology company it bought for $1 billion. This move forms part of Sanofi’s wider ‘Play to Win’ strategy which involves some significant restructuring.
4. Biotech companies announce major updates
Skye Bioscience is upgrading from the OTC markets to the Nasdaq after raising approximately $90 million in private placements. In another development, OncoX has licensed oncology assets from ABVC BioPharma, a deal reportedly worth over $100 million.
5. Novartis to significantly downsize development team
Novartis plans to cut its global development team by up to 680 positions, primarily in Switzerland and the US, due to a shift in priorities. This could see between a 1% to 2% reduction in its global development organization.
6. Sanofi to shut down Dutch biotech company
Sanofi is set to part ways with the natural killer cell company Kiadis that it purchased for $357 million just over three years ago. The decision comes as larger pharma companies pull back on their pipelines and shift priorities.
This news comes at a time of substantive change in the healthcare market, with emerging technologies, shifting business models, and evolving regulatory landscapes.
