Novartis AG signed a deal to divest its front-of-eye ophthalmology assets to Bausch + Lomb Corp. in a deal valued as high as $2.5 billion, including $1.75 billion in cash up front supplemented by potential milestone payments. The arrangement brings to Bausch the dry eye disease (DED) therapy Xiidra (lifitegrast) and investigational medicine SAF-312 (libvatrep), in the works as a first-in-class therapy for chronic ocular surface pain, as well as the rights for use of the Acustream delivery device in DED, plus OJL-332, a second-generation TRPV1 antagonist in preclinical development. Shares of Basel, Switzerland-based Novartis (NYSE:NVS) were trading midday at $100.25, up 89 cents, and Vaughan, Ontario-based Bausch’s (NYSE:BLCO) were selling for $19.64, up 46 cents.

Time for a change: Cyteir and others reconsider the future

Cyteir Therapeutics Inc. is leading a pack of companies that have taken a hard look at their future and don’t care for what they see. Cyteir’s board is dissolving the company and liquidating the assets. The development landscape for the cancer treatment CYT-0851, the company said, is far too prohibitive to continue. Cyteir’s stock (NASADQ:CYT) was getting a lift at midday as shares were up 38% to $2.64 each. Other companies either packing it in, restructuring from within or considering new paths include Aurinia Pharmaceuticals Inc., Bellerophon Therapeutics Inc., Calithera Biosciences Inc. and Spexis AG. According to BioWorld data, at least 100 biopharma companies have announced restructurings and layoffs this year.

Genfit and Ipsen’s elafibranor hits endpoint in Elative phase III for PBC

Three years after stopping development in nonalcoholic steatohepatitis, Genfit SA and partner Ipsen Pharma SA have announced positive phase III data for elafibranor in the treatment of primary biliary cholangitis (PBC) and are preparing to file for U.S. FDA and EMA approval. The pivotal Elative phase III trial met its primary endpoint, with 51% of patients on elafibranor 80 mg achieving a cholestasis response of at least 15% lower levels of alkaline phosphatase and bilirubin levels less than or equal to the upper limit of normal at 52 weeks, compared to a placebo response rate of 4% (p<0.0001). The first secondary endpoint of normalization of alkaline phosphatase at 52 weeks also was met.

Another challenger in pediatric PCV as SK Bio posts positive data for 21-valent vaccine

SK Bioscience Ltd. and Sanofi Pasteur SA announced June 30 positive results from a phase II study for its 21-valent pneumococcal conjugate vaccine (PCV) candidate called GBP-410, or SP-0202 under Sanofi, where big pharma is vying for expanded valence. The phase II study for GBP-410 enrolled 140 toddlers aged 12 to 15 months and 712 infants aged 42 to 89 days across the U.S., Canada and Honduras since May 2020, demonstrating comparable immunogenicity to the control vaccine after the first injection.

Pharma insiders and friends charged with trading violations

Two separate insider trading tips involving a $1.4 billion biopharma acquisition in 2020 and “game-changing” trial results for Pfizer Inc.’s COVID-19 antiviral, Paxlovid, allegedly netted millions of dollars in “ill-gotten” trading profits, according to the U.S. SEC. Now the people involved are facing both SEC and criminal charges.

With $101M Hong Kong IPO war chest, Laekna looks to develop cancer, liver fibrosis products

Having raised HK$791 million (US$101 million) through an IPO in Hong Kong, Laekna Inc. now plans to focus on further developing its two lead products in-licensed from Novartis and push its pipeline of 14 products forward. The June 29 IPO was the largest so far this year among biotech companies going public under specific rules on the Hong Kong Stock Exchange. Founded in 2016 and based in Shanghai, Laekna is a clinical-stage biotech company that focuses on the development of immunology therapies for cancer and liver fibrosis.

Xuanzhu’s proton pump inhibitor approved for duodenal ulcer in China

Xuanzhu Biopharmaceutical Co. Ltd., a subsidiary of Sihuan Pharmaceutical Holdings Group Ltd., received marketing approval in mainland China for its anaprozole sodium enteric-coated tablet as a treatment of duodenal ulcer. It is the first proton pump inhibitor to date independently developed by a Chinese company, according to Sihuan.

Also in the news

Aeon, Akebia, Aldeyra, Alumis, Alvotech, Amytrx, Astrazeneca, Ausperbio, Baudax, Beigene, Biontech, Biosenic, Bioxcel, Black Diamond, Bristol Myers Squibb, Can-Fite, Celltrans, Chime, Cybin, Cytomx, Delsitech, Domain, Eleison, Eli Lilly, Emergence, Endo, Enzolytics, Evotec, Genenta, Geron, Haemalogix, Harbour, Intensity, Intrabio, Ipsen, Italfarmaco, Jacobio, Junshi, Kintara, Kiromics, Leaderna, Leads, Lipigon, Lucy Scientific Discovery, Mira, Moderna, Nanoviricides, Navidea, Oncoc4, Pasithea, Plus, Poolbeg, Recce, Renovorx, Sumitomo, Teraimmune, Urica, Vitro, Zymeworks