Here are the latest stories being discussed in biopharma today:
Headline: 2023 Round-up: Biopharma Trends, Unprecedented Acquisition Bids, and More
1. Review of 2023 in Biopharma: The dominating winners and losers of 2023 include companies like Roivant which displayed a remarkable $5 billion flip. Contrarily, going public in the tough climate appeared unsuccessful for many. The amyloid hypothesis emerged as a winner securing an impactful drug for Alzheimer’s disease. Unfortunately, recurring layoff rounds and closures in the biopharma industry have rendered the OpenToWork hashtag prominent.
2. 2023, The Year of Unsolicited Acquisition Bids: Tang Capital Management stood out with five unsolicited offers for Atea Pharmaceuticals, Jounce Therapeutics, LianBio, Rain Oncology, and Theseus Pharmaceuticals. The concerning economic climate for biotech has prompted aggressive investors to consider acquistion as a strategy.
3. Resilience Lawoffs Technical R&D and Quality Assurance Divisions: Resilience announced job cuts from its technical R&D and quality assurance divisions, aiming to realign operations to accommodate market demands and customer needs.
4. Passage Bio Scraps Therapy; XOMA’s New Loan; Impel is for Sale: Passage Bio decided to scrap a therapy for GM1 gangliosidosis and shift focus to a Huntington’s gene therapy and a gene therapy for dementia. Meanwhile, XOMA secured a royalty-backed loan of $130 million. Impel Pharmaceuticals filed for Chapter 11 while seeking a buyer.
5. Argenx Gives Up Program After Vyvgart Hytrulo Flunks Trial: Argenx has stopped its autoimmune disease drug program after Vyvgart Hytrulo failed to meet its primary endpoint in another late-stage trial for pemphigus vulgaris and pemphigus foliaceus.
6. Sudo Biosciences Secures $116M For Trials: Sudo Biosciences raised a $116 million Series B round to fund the trials of its TYK2 inhibitor candidates after recent advancements in the field.
7. GSK’s $185M Upfront Deal With Hansoh Pharma: GSK secured another ex-China ADC deal with Hansoh Pharma, standing to receive an upfront payment of $185 million.
8. Aclaris Reduces Headcount After Share Tank: Aclaris has cut its headcount by half and is banking on its next mid-stage readout after clinical setbacks caused its shares to tank.
