Less than a year after landing a multibillion-dollar deal expansion with partner Gilead Sciences Inc., targeted cancer drug developer Tango Therapeutics Inc. is making moves to go public via a merger with Boxer Capital LLC-sponsored special purpose acquisition company BCTG Acquisition Corp. The deal, expected to close in the third quarter, will provide Tango with at least $186 million from an associated PIPE, plus as much as $167 million held in trust at BCTG to support its goal of advancing multiple programs to the clinic. Following the announcement, shares of BCTG Acquisition (NASADAQ:BCTG) rose 7% by midday to $11.99. The combined company is expected to trade on Nasdaq under the symbol TNGX.

Romark eyes an EUA with new phase III COVID-19 outpatient data

Initial results from Romark Laboratories LC’s phase III study of NT-300 (nitazoxanide) vs. placebo hit its primary endpoint in treating outpatients with mild or moderate COVID-19. The median time to sustained response, the primary endpoint, was about 13 days, similar to NT-300-treated subjects treated with placebo. A predefined subgroup of patients with mild disease demonstrated a median time to sustained response was reduced by 3.1 days with NT-300 vs. placebo. With those positive data in hand, Tampa, Fla.-based Romark said it plans to seek an EUA from the FDA. Nitazoxanide was initially developed to treat intestinal protozoan infections but was found in preclinical studies to inhibit maturation of the SARS-CoV-2 spike protein.

Adenovirus vaccine concerns widen opening for new technologies

Coming on the heels of similar concerns about Astrazeneca plc’s COVID-19 vaccine, the rare reports of blood clots in connection with the Johnson & Johnson vaccine are tipping the scales toward the new mRNA vaccine platforms, such as those used by Pfizer Inc.-Biontech SE and Moderna Inc. In looking ahead to the potential need for boosters and vaccines targeting COVID-19 variants, European Commission President Ursula von der Leyen said April 14 the EU will “need to focus on technologies that have proven their worth; mRNA vaccines are a clear case in point.” Meanwhile, a day after Russian officials avoided questions about the safety of the Russian-developed Sputnik V COVID-19 vaccine, the Gamaleya Center is trying to differentiate Sputnik from the other two adenovirus vaccines.

Drug developers lose market momentum in Q1

It has been a challenging opening first quarter for companies developing new therapeutics, with the BioWorld Drug Developers index recording an 8% drop in value, representing a stark contrast to its more than 35% growth last year. While biotech innovation, particularly surrounding the development of COVID-19 vaccines, was the driving force of the strong 2020 performance, this appears to have eroded in the wake of a number of investor concerns, including FDA regulatory delays and several complete response letters being handed out.

Scineuro licenses alpha-synuclein targeted antibodies from Lilly for greater China

Cross-border startup Scineuro Pharmaceuticals Ltd., which focuses on central nervous system diseases, inked a deal with Eli Lilly and Co. to license in the greater China rights of alpha-synuclein targeted antibody therapies to follow the global drug development trend in this space. Lilly will receive an up-front cash payment plus milestone payment and royalties, while keeping the rights outside greater China.

Grants fall as nonprofit deals ascend; COVID-19 accounts for 26%

More than a quarter of all biopharma/nonprofit deals and grant awards in 2021, as well as 79% of the disclosed funding, targets the COVID-19 pandemic, following a trend that began in the early months of last year as SARS-CoV-2 reared its ugly head. Through mid-April, there have been 261 bio/nonprofit deals worth $2.53 billion and 97 grants valued at $615.5 million. In comparison, by this time last year, there were 232 bio/nonprofit deals worth $617.5 million and 163 grants worth $977 million. In essence, the volume and value of deals climbed, while grants dropped year over year.

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