Novartis AG will acquire all the outstanding capital stock of IFM Due Inc., a subsidiary of privately held IFM Therapeutics LLC. That brings IFM $90 million up front and makes it eligible for up to $745 million in milestone payments for a deal value of $835 million. Novartis will get the full rights to IFM Due’s STING (stimulator of interferon genes) antagonists for treating inflammation-driven diseases marked with excessive interferon and other types of pro-inflammatory cytokine signaling. Novartis entered the original collaboration agreement, which included a suite of cGAS (cGMP-AMP synthase) inhibitors and the option to buy, in September 2019.

Adcom to weigh CAR T benefit in myeloma against early deaths

There’s no denying that Johnson & Johnson’s Carvykti (ciltacabtagene autoleucel) and Bristol Myers Squibb Co.’s Abecma (idecabtagene vicleucel) show clinical benefit as they seek to move up in the line of treatment for relapsed or refractory multiple myeloma. But the question that will be put to the U.S. FDA’s Oncology Drugs Advisory Committee Friday is whether that benefit outweighs a risk of early deaths seen with both CAR T therapies. Currently approved as fifth-line treatments in multiple myeloma, Carvykti is looking to move to second-line and Abecma is seeking a fourth-line indication.

Phase II wins with lipid drug for Silence; Mallinckrodt drops out of anti-inflammatory bid

Silence Therapeutics plc disclosed good news and bad news. The London-based firm popped the lid off positive top-line 36-week data from the ongoing Alpacar-360 phase II study with zerlasiran (SLN-360) in 178 subjects with baseline lipoprotein (a [Lp(a)]) levels at or over 125 nmol/L who are at high risk of atherosclerotic cardiovascular disease events. Zerlasiran is a short interfering RNA (siRNA) drug. Also as part of Silence’s earnings report, the firm made known that Mallinckrodt plc will not pursue further development of SLN-501 following the completion of the phase I trial. In the summer of 2019, Mallinckrodt, of Dublin, entered a potential $693 million-per-asset collaboration to develop siRNA therapeutics that block the complement inflammatory cascade. Shares of Silence (NASDAQ:SLN) were trading at $22.90, down $3, or 11%.

Chinese diabetes-focused biotech Pegbio plans Hong Kong IPO

China’s Pegbio Co. Ltd. is planning a Hong Kong IPO to advance PB-119, its main glucagon-like peptide 1 (GLP-1) receptor agonist for diabetes nearing domestic approval, as it hopes to transition to an operating profit. “We expect to receive the NDA approval from the NMPA in as early as the fourth quarter of 2024 and commercially launch PB-119 for the treatment of [type 2 diabetes mellitus] T2DM in China in 2025,” Pegbio wrote on the HKEX filing on Feb. 23. Filing for the IPO marks Pegbio’s second attempt at listing.

Fosun Pharma forms ¥5B fund to invest in Shenzhen biotechs

Shanghai Fosun Pharmaceutical Co. Ltd has formed a partnership with seven other investors to form an investment fund partnership that plans to invest ¥5 billion (US$695M) in local biotech and med-tech companies in Shenzhen, China. The target fund will concentrate on local biotechs, including cell and gene therapy companies, as well as other industries, with 70% to be invested in the biomedical industry. Investments will include equity investments in unlisted companies and participating in private placements of listed companies, Fosun said in a notice to the Hong Kong Stock Exchange.

Also in the news

89bio, Acadia, Aeterna Zentaris, Alcresta, Allogene, Almirall, Apogee, Arbor, Arctic, Arecor, Aslan, Azafaros, Calliditas, Ceapro, Crispr, Cybin, Eilean, Eloxx, Ideaya, Imugene, Imunon, Intrommune, Johnson & Johnson, Karuna, Lamassu, Larimar, Merck, Metriopharm, Nacuity, Neurogenesis, Newamsterdam, Pfizer, Pliant, Pyxis Oncology, Recce, Regulus, Revance, Scisparc, Sirpant, Surface Ophthalmics, Terns, TRX, Vidac, Voyager