The volatile gene therapy space is getting a boost with Eli Lilly and Co.’s acquisition of Akouos Inc., which only days before had received the first IND from the U.S. FDA for an adeno-associated virus (AAV)-based hearing loss treatment. Lilly plans to pay about $610 million for the company. Akouos stock (NASDAQ:AKUS) reacted strongly on the acquisition, with shares trading 89% higher at midday to $13.24 each. Right behind Akouos is Decibel Therapeutics Inc., which received its FDA IND clearance Oct. 17 for an AAV candidate to treat congenital hearing loss due to an otoferlin deficiency.

LG Chem expands life sciences ambition with Aveo Oncology buy

South Korea's LG Chem Ltd., seeking new growth opportunities in the life sciences and a concrete footprint in the U.S., has proposed an all-cash acquisition of Aveo Pharmaceuticals Inc., with a deal value of $519.2 million. The deal would immediately give LG Chem a commercial presence in oncology through Aveo's lead product, the renal cell carcinoma drug Fotivda (tivozanib). Shares of Aveo, more commonly known as Aveo Oncology (NASDAQ:AVEO), immediately climbed 40.8%, nearing the $15 per share offer. The transaction, which Aveo said has an implied equity value of $566 million on a fully diluted basis, was unanimously approved by both companies' boards. It is expected to close in early 2023.

Swiss eye disease drugmaker Oculis inks $200M with European SPAC

Eye diseases specialist Oculis SA is set to add $200 million to its balance sheet by merging with the European Biotech Acquisition Corp., a special purpose acquisition company formed to invest in the European life sciences industry. The transaction includes a parallel private investment in public equity and other private investments of around $80 million. The deal will speed progress to market, said Riad Sherif, CEO of Oculis. “[It] accelerates our mission to propel our pipeline of highly differentiated product candidates,” he said.

Newco news: Worg Pharmaceuticals raises nearly $55.6M to develop immunotherapies

Worg Pharmaceuticals Co. Ltd. raised nearly ¥400 million (US$55.6 million) in its series B financing to develop new treatments for allergic and autoimmune diseases. Founded in 2018, the company is developing immunotherapies to treat allergic and autoimmune diseases and other indications based on its two technology platforms, Pcfit and Apitope. Junson Capital Co. Ltd. and four other capital investment companies participated in this round of financing.

Immunotherapy hydrogel developer surges ahead with $26M series A

Surge Therapeutics Inc. landed $26 million in funding through a series A fundraising round to accelerate development of its intraoperative immunotherapy hydrogel. The biodegradable injectable is designed to enable delivery of immunotherapy directly into the site of tumor resection and overcome the immunosuppressive effects associated with surgery.

South Korea’s rigid pharmacoeconomic assessments result in lower access for orphan, rare disease drugs

South Korea’s drug regulator should consider revising orphan drug definitions or allow more new innovative drugs to be excluded from pharmacoeconomic assessments, which are required for new drugs to be reimbursed under Korea’s single-payer system, the European Chamber of Commerce in Korea said. In South Korea, pricing and drug reimbursement is overseen by the single-payer National Health Insurance (NHI) scheme. NHI coverage levels are lower in most developed countries, leading to high copayments and a large number of drugs that are not reimbursed.

Impossible? US sets ambitious goals for preparing for the next pandemic

Launching diagnostics for any new pathogen within 12 hours of an outbreak, scaling to tens of thousands of tests within a week and developing rapid tests within 90 days. Developing novel vaccines within 100 days of an outbreak, manufacturing enough vaccine to cover the U.S. population within 130 days and working with international partners to develop sufficient vaccine supply for high-risk global populations within 200 days. Accelerating therapeutic development and validation to repurpose existing drugs within 90 days or develop novel therapeutics within 180 days. Sound impossible? Those are the timelines the White House laid out today as part of a national biodefense strategy for countering biological threats and enhancing pandemic preparedness.

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