European biotechnology firms engaged in the discovery and development of new therapeutics collectively raised $1.9 billion in equity funding during the second quarter (Q2) of the year. Despite the ongoing lack of an IPO market – particularly for European firms – the total is comparable with historic norms, absent the pandemic-related boom years of 2020 and 2021. Venture capital deals and investments in publicly listed firms were on par with or ahead of earlier years in which the pandemic was not an investment driver. At the same time, the European biotech sector has still not caught the upswing that its U.S. counterpart is enjoying. The total raised in Q2 2023 is just over 5% ahead of the total raised during Q2 2022.
In its third Takeda deal, F-star could bring in $1B on the backend
Privately held F-star Therapeutics Inc. and Takeda Pharmaceutical Co. Ltd. have completed their third license agreement, one that could bring F-star about $1 billion. The new collaboration is focused on R&D against undisclosed cancer targets. F-star’s platform technology uses tetravalent bispecific antibodies targeting two different antigens for delivery in the tumor microenvironment. F-star is receiving an undisclosed up-front payment plus research funding. There is also the possibility of F-star receiving development and commercialization milestone payments of about $1 billion if all the milestones are met. The two companies signed previous collaboration agreements in July 2022 and March 2023.
Precision target discovery at forefront for immunotherapy startup Cartography
Most drug developers working in the immunotherapy space focus on existing therapeutic targets when developing cancer drugs, optimizing ways of drugging them via engineering modalities such as CAR T-cell approaches, CRISPR editing, or antibody-drug conjugates that deliver toxic payloads. The angle of one company – Cartography Biosciences – is the opposite to this. Its modus operandi is to pinpoint the immunological targets first, leveraging tools that already exist, before building therapies around them. Its platform engages what the firm describes as a combination of target identification algorithms and a “first ever” antigen atlas, having grown out of research originally being undertaken at Stanford University by Kevin Parker, co-founder and CEO of the San Francisco-based company.
Yuhan gains MFDS expanded approval for Leclaza as first-line treatment in EGFR+ NSCLC
South Korean pharmaceutical giant Yuhan Corp. gained Korea’s MFDS approval to expand indications for its potent oral third-generation tyrosine kinase inhibitor (TKI) Leclaza (lazertinib) as a first-line treatment for EGFR T790M mutation-positive non-small-cell lung cancer (NSCLC). Co-developed with Janssen Biotech Inc., Leclaza (also known as YH-25448 or JNJ-73841937) previously gained approval by the MFDS, Korea’s Ministry of Food and Drug Safety, as a second-line therapy in January 2021 to treat EGFR T790M mutation-positive locally advanced or metastatic NSCLC patients who previously received EGFR-TKI therapy.
Worg Pharma nets $152M in series C for allergy and autoimmune diseases
Worg Pharmaceuticals (Zhejiang) Co. Ltd. raised ¥1.1 billion (US$152 million) in a series C round to develop its therapies for allergy and autoimmune diseases, as well as to expand into the global market. “Currently, the company has made progress in both product pipeline development and external collaborations. This round of financing will support the continuous product development, the clinical research of new products, as well as the construction of production capacity, which are crucial to the development of Worg Pharma,” said Jeffrey Su, chief operation officer at the Shanghai-based company, which was founded in 2018 and is developing lead asset WP-1048 for grass pollen allergy.
Jacobio’s KRAS G12C inhibitor progresses to pivotal trials in China for pancreatic cancer
China’s Center for Drug Evaluation has cleared Jacobio Pharmaceuticals Group Co. Ltd.’s KRAS G12C inhibitor, glecirasib (JAB-21822), to begin a phase III pivotal study for pancreatic cancer. The pivotal trial will evaluate the efficacy and safety of glecirasib as a single agent for second-line treatment in patients with pancreatic cancer with a KRAS G12C mutation. If successful, the multicenter, single-arm, open-label study will support an NDA. “The pivotal study of pancreatic cancer is the second approved registrational study after non-small-cell lung cancer,” said Jacobio Chief Medical Officer Andrea Wang-Gillam.
EAN 2023: Even after breakthroughs, gains need defending
It seems unlikely that American poet and civil rights activist Maya Angelou spent much time thinking about translational research. But two quotes of hers capture the essence of the interplay between bench and bedside: “I did then what I knew how to do. Now that I know better, I do better” and “I’ve learned that I still have a lot to learn.” At the 2023 Annual Congress of the European Academy of Neurology, Mary Reilly described the relationship between bench and bedside as “a continuous circle of translation,” with each cycle beginning with patients and their needs. Reilly is a professor at University College London’s Queen Square Center for Neuromuscular Diseases.
Holiday notice
BioWorld's offices were closed in observance of Independence Day in the U.S. No issue was published Tuesday, July 4.