Ambrx Biopharma Inc. became the latest antibody-drug conjugate (ADC) developer to nab big pharma interest, with Johnson & Johnson agreeing to acquire all outstanding shares for $28 apiece, in a deal that values San Diego-based Ambrx at about $2 billion. The offer represents a 105% premium to Ambrx’s closing stock price Jan. 5, predictably sending shares (NASDAQ:AMAM) up 100% at midday. News of the acquisition follows promising data released at the ESMO 2023 meeting for prostate cancer-targeting ADC candidate ARX-517 and adds to the rush of dealmaking in the ADC space.

Equity value of Merck’s Harpoon buyout about $680 million to bring aboard DLL3 prospect 

Merck & Co. Inc. is paying $23 per share in cash for Harpoon Therapeutics Inc. to take ownership of the delta-like ligand 3-targeting T-cell engager HPN-328, in development for small-cell lung cancer and neuroendocrine tumors. The deal bears an equity value of about $680 million, and the price represents a 118% premium to the most recent closing amount of Harpoon shares (NASDAQ:HARP), which were trading midday at $22.27, up $11.72, or 111%.

Argo, Novartis sign two deals for CV assets for potentially $4B+

Announcing two licensing deals with Swiss pharma giant Novartis AG, Shanghai-based Argo Biopharmaceutical Co. Ltd. said on Jan. 7 that it stands to gain up to $4.165 billion for two of its cardiovascular assets combined. Marking the “first significant overseas out-licensing transaction in the RNAi field from a Chinese biotech company,” the deal includes an up-front payment of $185 million from Novartis to Argo. Argo is also eligible to receive potential option and milestone payments of undisclosed amounts, along with royalties on commercial sales.

Drugs to Watch 2024: A baker’s dozen of potential blockbusters and gamechangers

The 2014 edition of Clarivate’s Drugs to Watch features 13 drugs that highlight an inflection point where amazing, merging tech is finally paying off, like ADCs and CRISPR/Cas9 and bispecifics. The new report features recently launched drugs or those poised near approval that could become therapeutics or those likely to rise to $1 billion in annual sales, elevating them to blockbuster status within the next five years. The report also includes a section highlighting strengthening trends, including a look at the IRA’s impact and on the coming impact of artificial intelligence and machine learning. The newest edition of Drugs to Watch was released today, Jan. 8.

Biopharma financings up in 2023 as value surpasses pre-pandemic levels

Biopharma firms collectively raised $70.97 billion in 2023, a welcome upturn of 17% from the $60.81 billion raised in 2022. Although falling short of the $118.29 billion raised in 2021 and $134.53 billion raised in 2020, by 40% and 47%, respectively, 2023 stands firmly in the third-highest place in BioWorld’s records going back to 2011. Despite the overall successful recovery of total financings, the IPO scene was less favorable, with 2023 ranking 11th in BioWorld’s records, just behind 2022 in tenth place.

US FDA importation approval: Worth the wait?

With its approval Friday of Florida’s drug importation program, the U.S. FDA ended a 21-year wait for the government to implement a 2003 law allowing certain prescription drug imports from Canada. Over the past two decades, both Democratic and Republican lawmakers have urged the Health and Human Services secretary to say the words needed to open the door to cheaper drugs from Canada. Sen. Bernie Sanders (I-Vt.), then a presidential candidate, even held hostage the confirmation vote of Robert Califf as FDA commissioner in the Obama administration in an effort to get importation moved from theory to practice. Now that the door has finally swung open, it's time to see if it was worth the wait.

Isomorphic secures $3B in Lilly, Novartis, discovery deals

A company launched by Alphabet Inc.’s Deepmind in 2021, Isomorphic Labs Ltd., entered its first biopharmaceutical partnerships to discover small-molecule therapeutics with Eli Lilly and Co. and Novartis AG in deals worth $1.75 billion and $1.24 billion, respectively. In the first deal with Indianapolis-based Lilly, the London firm, which also has a presence in Lausanne, Switzerland, will apply its technology platform, the next generation of Alphafold, to discover small molecules against multiple targets. The deal with Basel, Switzerland-based Novartis is aimed at finding small molecules against three undisclosed targets using the same technology. 

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