Silicon Valley-based Social Capital and New York investor Suvretta Capital have priced upsized IPOs for four new special purpose acquisition companies (SPACs), each intended to address what founders Chamath Palihapitiya and Kishen Mehta described as "suboptimal" outcomes for biotech IPOs of late. Each blank check company, Biotech SPAC Social Capital Suvretta I, II, III and IV, will be funded by a $220 million offering, selling shares at $10 each. They intend to invest in neurology, oncology and immunology, as well as diseases of the heart, kidney, endocrine system and blood.

Hutchmed debuts in Hong Kong with $537M IPO, shares jump 53%

Hutchmed Ltd., already listed in the U.S. and London, returned to home soil June 30 for a third IPO on the Hong Kong Stock Exchange that reaped HK$4.17 billion (US$537.2 million). The Hong Kong-based company is currently looking to score its first FDA approval to tap the U.S. market after three China approvals.

Arrivent raises a $150M series A to develop cancer therapy

Arrivent Biopharma Inc. has raised a series A financing worth up to $150 million to develop furmonertinib, an EFGR tyrosine kinase inhibitor the company licensed from Shanghai-based Allist Pharmaceuticals Co. Ltd. Furmonertinib was approved in China in March for treating T790M mutation-positive locally advanced or metastatic non-small-cell lung cancer (NSCLC). Arrivent said it plans to file an IND with the FDA by the end of 2021 for treating EFGR-mutant NSCLC. Arrivent, of Newtown Square, Pa., will receive $90 million up front and is eligible for more once it hits certain milestones. The financing was led by Hillhouse Capital Group along with Lilly Asia Ventures, Orbimed, Octagon Capital Advisors, Boyu/Zoo Capital and Lyra Capital.

Altimmune and Angion shares slide after COVID-19 trial disappointments

Shares in Altimmune Inc. and Angion Biomedica Corp. were sharply down after the companies announced trial disappointments from a nasal COVID-19 vaccine and two investigational therapies. Altimmune was worst hit, with shares (NASDAQ:ALT) down around 37% to $9.66 in premarket trading after announcing its nasal COVID-19 vaccine did not produce enough immune response and axing an immunotherapy trial after encountering problems finding enough subjects. Meanwhile, San Francisco-based Angion said its phase II trial of ANG-3777 in patients with severe COVID-19-related pneumonia at high risk for acute respiratory distress syndrome had missed its primary and secondary endpoints. That news sent shares (NASDAQ:ANGN) down 8% to $13.29 in early morning trading.

Simcere-Vivoryon $565M licensing deal brings Alzheimer’s treatment to greater China

In a deal that could be worth up to $565 million, Simcere Pharmaceutical Group Ltd. licensed in glutaminyl cyclase inhibitor varoglutamstat (PQ-912) and monoclonal N3pE-antibody PBD-C06, which target the neurotoxic amyloid species N3pE (pGlu-Abeta), from Vivoryon Therapeutics AG to develop and commercialize for Alzheimer’s disease in greater China. Simcere will pay Vivoryon an undisclosed up-front payment as well as potential development and sales milestones and double-digit royalties on sales.

Hightide’s HTD-1801 meets primary endpoint in phase II trial for PSC

Hightide Therapeutics Inc. presented top-line results of its lead program, HTD-1801, from a multicenter phase II trial in primary sclerosing cholangitis (PSC), which showed the drug candidate reduced alkaline phosphatase (ALP) levels compared to placebo. The Shenzhen-based biotech presented the data over the weekend at the International Liver Congress 2021. Its founder and CEO, Liping Liu, said the data pointed to HTD-1801’s “potential to offer patients a solution” as there are currently no approved therapies for PSC.

WTO agrees to continue TRIPS exemption for 13 more years

Even as World Trade Organization (WTO) members continue to negotiate a proposal to waive intellectual property rights (IP) for COVID-19-related medical products, the organization agreed June 29 to grant a third extension to the transition period that exempts least developed countries from some of the IP provisions of the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). The transition period was scheduled to end July 1. Under the new 13-year extension, the exemption, which allows compulsory licensing, will continue until July 1, 2034.

WHO looks to protect gains made against AIDS, TB, malaria

The World Health Organization (WHO) and the Global Fund to Fight AIDS, Tuberculosis and Malaria signed a cooperation and financing agreement to implement 10 initiatives aimed at addressing persistent challenges impeding global progress against the three diseases and protecting hard-won gains from new pandemics like COVID-19. “This agreement supports countries to develop more effective responses to the HIV, tuberculosis [TB] and malaria epidemics and build the resilient health systems they need to reach the most vulnerable,” said Mubashar Sheikh, director of the WHO’s deputy director-general’s office.

Knowledge center latest tool in EU cancer fight

As the first flagship action of Europe’s plan to beat cancer, the European Commission launched its Cancer Knowledge Center June 30. The new online platform will map the latest evidence on cancer, provide health care guidelines and quality assurance schemes, and monitor and project trends in cancer incidence and mortality across the EU, where cancer is the No. 1 killer for people younger than 65. The platform also will be a site for everyone invested in the fight against cancer to share best practices, collaborate and coordinate to make the most of the EU’s collective knowledge and evidence-based science in the oncology field.

Supreme Court decision in Minerva may prompt closer scrutiny of patent transfers

The Supreme Court of the U.S. delivered its decision in the case of Minerva v. Hologic, a case that tested the boundaries of the doctrine of assignor estoppel. Christopher Loh, a partner at the New York office of Venable LLP, told BioWorld that while this doctrine is still not observed during inter partes reviews, the outcome may prod companies in the life sciences to spend more time jostling over contracts for patent assignment in an effort to tilt the question of estoppel in their favor.

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