Here are the latest stories being discussed in biopharma today:
1. Pharma giant Eli Lilly has ended several trials as part of its quarterly restructuring, including late-stage trials of approved cancer drug Verzenio and diabetes medication Jardiance. A phase 2 gene therapy trial, acquired through a $1 billion purchase of Prevail Therapeutics, has also been discontinued. Despite these closures, Lilly has increased its R&D spending by 27%, reaching a hefty $2.52 billion in the first quarter.
2. On a positive note, booming demand for diabetes and obesity drugs has caused Lilly to raise its annual sales outlook by $2 billion. First-quarter sales reached $8.77 billion, a 26% increase compared to Q1 of 2023 due to both volume growth (16%) and increased realized prices (10%). The diabetes drug tirzepatide alone accounted for over $2 billion in revenue. However, Lilly’s older diabetes drug, Trulicity, saw a sales drop of 26%, due to a variety of factors including supply constraints.
3. Harmony Biosciences has purchased Epygenix Therapeutics, a small biotech specializing in rare epilepsy conditions, for $35 million with the potential of reaching $130 million through various milestones. The acquisition bolsters Harmony’s rare neurological condition arsenal with the addition of anti-histamine clemizole hydrochloride.
4. In fundraising news, Qlaris Bio has managed to secure $24 million in Series B funding, which will be used to develop its Phase 2 asset, QLS-111, a treatment for patients with open-angle glaucoma and ocular hypertension.
5. Enlaza Therapeutics is the first beneficiary of JP Morgan’s Life Sciences Private Capital. The firm has raised $100 million aimed at developing permanently binding antibody-drug conjugates for cancer.
6. Novartis has partnered with PeptiDream, paying an upfront sum of $180 million to extend their radiopharma discovery contract. This collaboration aims to explore peptides for conjugation with radionuclide compounds.
7. In regulatory news, FDA granted full approval to Pfizer’s Tivdak for the treatment of cervical cancer.
8. Finally, in an industry setback, the DNA sequencing company PacBio has announced workforce layoffs and plans to close its San Diego office.
