The board of rare disease specialist Swedish Orphan Biovitrum AB has accepted a takeover bid from the U.S. private equity firm Advent International and Aurora Investment, an affiliate of capital markets group GIC, valuing it at about SEK69.4 billion (US$8 billion). In a statement, Sobi said its board has unanimously backed the offer valuing the company at SEK235 per share, a premium of nearly 38% compared with its average price on the Nasdaq Stockholm over the last 30 days, and nearly 55% compared with the 90-day average. The news sent Stockholm-based Sobi’s shares (STO:SOBI) up by more than 25% in morning trading following the announcement.

Disc Medicine closes $90M series B round to fund two phase II trials

Disc Medicine Inc. closed a $90 million series B round to move its two lead assets into clinical trials in patients next year. Bitopterin, an oral inhibitor of glycine transporter 1 (GlyT1), is entering a phase II trial in patients with erythropoietic porphyrias (EPPs), a set of rare genetic disorders caused by mutations that disrupt heme synthesis. Disc-0974, an antibody directed against hemojuvelin, will enter a phase II trial in myelofibrosis patients with transfusion-dependent anemia. The molecule, which Disc Medicine in-licensed from North-Chicago-based Abbvie Inc., is currently undergoing a phase I trial in healthy volunteers.

Some dis-Assembly required as hepatitis B virus therapy is discontinued

After seeing elevated alanine transaminase (ALT) levels consistent with drug-induced hepatotoxicity in its phase II study of ABI-H2158, Assembly Biosciences Inc. decided to discontinue development of the chronic hepatitis B virus infection therapy. Of the 88 enrolled patients, two had grade 4 ALT elevations and two others developed grade 3 ALT elevations. No causes for the elevations were identified, the company said. Assembly said it will voluntarily discontinue ABI-H2158’s development along with the phase II study. The FDA also placed the therapy on a clinical hold, according to Assembly. The South San Francisco-based company’s stock (NASDAQ:ASMB) was taking a solid hit at midday as shares were down 17%.

Weakened Polyphor could prove opportune for Enbiotix

Swiss biotech Polyphor AG, left distressed by failures in both of its most advanced clinical programs in breast cancer and bacterial pneumonia, has found an exit in a planned merger with Enbiotix Inc. The combination would put Enbiotix Chairman and CEO Jeffrey Wagner in charge of the publicly listed company advancing a combined portfolio of programs for rare disease and cancer, including a program advancing Polyphor’s inhaled antibiotic candidate, murepavadin, against cystic fibrosis. Polyphor shares (SIX:POLN), down 73.4% year to date, climbed 25% to CHF2.17 (US$2.36) on Sept. 2.

Study identifies cell state as oncogene enabler

In studies that give new insights into both developmental biology and the origins of melanoma, investigators at Memorial Sloan-Kettering Cancer Center and Weill Cornell Medical College have identified the activity of chromatin remodeling protein ATAD2 as necessary for cells with the oncogenic mutation V600E to give rise to melanomas. “ATAD itself is an excellent target,” Richard White told BioWorld, and “targeting it will work, at least for a time.” But the larger point is that “conceptually, we tended to have a gene-centric view of cancer… There’s DNA mutations and there’s epigenetic alterations” that can lead to cancer. The studies that White, who is a physician-scientist at Memorial Sloan-Kettering Cancer Center, and his team published in the Sept. 3, 2021, issue of Science suggest that what the authors term oncogenic competence – the ability to initiate a tumor – represents a cell state as much as anything else,” he said. “And perhaps that cell state is targetable… perhaps it is the state that you need to target.

HKEX Biotech Summit 2021: Hong Kong is now financial hub for Chinese biopharmas

For the last few years, Hong Kong has been the preferred financial hub for many Chinese health care companies to go public and raise money from global investors. It can be seen in the number of listings and funds raised in recent times. In 2020, HKEX data showed 23 health care companies completed their IPOs in Hong Kong, raising a total of HK$98 billion (US$12 billion), including 14 pre-revenue companies listed under Chapter 18A, which together raised a total of HK$40 billion. “Biotechnology is today the fastest-growing IPO market segment,” said Nicolas Aguzin, CEO of HKEX, during the Hong Kong Exchanges and Clearing Ltd. Biotech Summit 2021.

Adcom to be held for COVID-19 booster

The Biden administration’s plan to roll out COVID-19 boosters by Sept. 20 may get pushed back a little to accommodate the regulatory process. The FDA announced Sept. 1 that it will convene the Vaccines and Related Biological Products Advisory Committee Sept. 17 to discuss boosters in general and, more specifically, Pfizer Inc.-Biontech SE’s application for a third dose of its mRNA vaccine, Comirnaty, in people 16 years of age and older.

With a signed settlement, Purdue can begin restructuring

Now that the U.S. judge overseeing Purdue Pharma LLP’s bankruptcy proceedings has conditionally signed off on a $10 billion settlement intended to resolve 3,000 opioid lawsuits filed by states, tribes and local governments, the private company can take the first steps to transform itself into a public service company owned mostly by the National Opioid Abatement Trust and governed by a new independent board. The settlement includes a $4.5 billion contribution from the Sackler family, which has owned the company for three generations. In exchange, family members will be shielded from other lawsuits related to Purdue’s opioid sales.

Also in the news

Adamis, Alligator, Amydis, Ascendis, Assembly, Beigene, Biontech, Bristol Myers Squibb, Can-Fite, Celsion, Connect, Cstone, Curia, Duet, Evgen, Evotec, Genfleet, Harrow, Inmune, Innovent, Jazz, Johnson & Johnson, Kahr, Lakepharma, Moderna, Novartis, Oncoquest, Oncotelic, Orphalan, Pfizer, Plus, Polaryx, Precision, Quantum Leap, RDIF, Redx, Regencell, Relief, Samus, Scandion, Scopus, Secarna, Sesen, Sunovion, Takeda, TCR², Tetra, Tiziana, Xylyx