Following a May phase II readout and a recent presentation of Tourmaline Bio Inc.’s long-acting anti-IL-6 monoclonal antibody, pacibekitug, for atherosclerotic cardiovascular disease (ASCVD), Novartis AG offered $1.4 billion, or $48 per share in cash, to buy the barely 4-year-old company. Previously shelved by Pfizer Inc., which had been developing it for autoimmune disorders, pacibekitug fell into the hands of Tourmaline through a May 2022 license agreement. In addition to the Tranquility phase II trial in ASCVD, the company’s lead product is also in the phase IIb Spirited trial for thyroid eye disease. Tourmaline’s stock (NASDAQ:TRML) rose 58% in early trading to $47.65 Sept. 9. The offer by Novartis is a 59% premium to the closing price Sept. 8 and a 127% premium to Tourmaline’s 60-day volume-weighted average stock price. Both boards have approved the transaction and closing is expected before the end of the year.

Saol Therapeutics hit with CRL for rare genetic disease

The U.S. FDA issued a complete response letter for the NDA to privately held Saol Therapeutics Inc.’s rare disease treatment sodium dichloroacetate (SL-1009) for pyruvate dehydrogenase complex deficiency. The inhibitor of pyruvate dehydrogenase kinases is the only drug in development for treating the rare genetic disorder, according to Cortellis. SL-1009 has orphan drug, priority review and rare pediatric disease designations from the FDA. Saol said the disease has fewer than 1,000 patients in the U.S, about 90 newborns every year. The FDA accepted the NDA for review in January, setting a PDUFA goal date of May 27, 2025

Asia Bio: Amid U.S. uncertainties, APAC innovation looking to fill the gap

Countries in the Asia Pacific (APAC) region have an opportunity, or a time-limited “gap,” to become leaders on the global biotechnology stage, panelists at the Bio Asia 2025 conference said in Singapore Sept. 9. Geopolitical uncertainty and tightening of U.S. capital markets has surprisingly made the biotech and life sciences industry more competitive on the global scale, with China emerging as an innovator. Innovation is also emerging from unexpected corners like South Korea and Singapore, they said.

DLL3 mechanism shines in SCLC data touted during lung meeting

The recent World Conference on Lung Cancer in Barcelona, Spain, featured intriguing data readouts in small cell disease. Among the stars was Ideaya Biosciences Inc., which with partner Hengrui Pharmaceuticals Co. Ltd. offered positive phase I results from tests with IDE-849. The potentially first-in-class antibody-drug conjugate targets delta-like ligand 3, an increasingly hot approach, as well as topoisomerase 1.

Biopharma IPO activity slows, but 2025 returns are surging

Although 2024 showed signs of recovery, 2025 is once again reflecting an IPO slowdown, with global biopharma IPO proceeds in the first seven months of the year falling to their lowest level since 2016. In terms of collective stock performance, biopharma companies debuting on U.S. exchanges in 2025 gained an average of 103.95% through the end of August. Including firms listed on Asian exchanges lowers the average increase to 74%. In contrast, by this point last year, U.S.-listed biopharma IPOs had declined by 17.02% on average, with an overall sector drop of 4.25%.

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