Among the firms updating progress at the J.P. Morgan Healthcare Conference (JPM) in San Francisco this week was Relay Therapeutics Inc., coming off a $30 million financing to boost its Dynamo platform and candidates.
Gene therapy has finally become the “new normal” with serial breakthroughs unlocking “tremendous value” for patients and society, while at the same time the U.S. health care system is shaping up to enable access to these costly treatments, according to Tim Hunt, CEO of the Alliance for Regenerative Medicine.
Major contract research development and manufacturing organizations (CDMO) out of Asia are announcing plans to ramp up production and antibody-drug conjugate (ADC) capabilities worldwide.
Cell and gene therapy companies continue moving away from traditional treatment modalities into a future that’s often unclear. A panel of CEOs said at the Biotech Showcase in San Francisco that, instead of aiming for developing silver bullet therapies that knock out indications in a single blow, they tend to only be able to take incremental steps in development.
Blueprint Medicines Corp. shifted away from two early clinical therapies for EGFR-mutant non-small-cell lung cancer and dropped development and commercialization of lung and thyroid cancer drug Gavreto (pralsetinib) for areas outside of the U.S. and greater China, reducing its operating expenses, as it prepares for increasing Ayvakit sales and prioritizes development of other assets.
The zeal for antibody-drug conjugates (ADCs), a prominent focus for dealmaking in 2023, shows no signs of waning, as Johnson & Johnson greeted attendees of the J.P. Morgan Healthcare Conference (JPM) with news of its $2 billion buyout of Ambrx Biopharma Inc., picking up rights to an ADC platform along with a promising candidate targeting advanced prostate cancer. Under the terms, J&J agreed to acquire all outstanding shares of San Diego-based Ambrx for $28 apiece, marketing a 105% premium to the firm’s Jan. 5 closing price. Unsurprisingly, Ambrx’s stock (NASDAQ:AMAM) gained 101.5% to close Jan. 8 at $27.47.
GSR Ventures, a venture firm focused on early stage digital health companies, forecasts a much brighter investment picture for 2023 following a hard reset in 2022, said GSR Partner Sunny Kumar in an interview with BioWorld at the J.P. Morgan Healthcare Conference in San Francisco.
Upcoming catalysts from Annexon Biosciences Inc. put some joy into shares as the firm talked up its prospects during the recent J.P. Morgan Healthcare Conference, where attendees heard Jan. 8 about the news ahead with C1q protein complex inhibitor ANX-005 in Huntington’s disease (HD) as well as progress in Guillain-Barre syndrome (GBS), and more. The stock (NASDAQ:ANNX) enjoyed a 43% stock boost in the days after JPM, rising from $4.79 on Jan 8 to $6.84 on Jan. 13.
An already-intrigued Wall Street appreciated Relay Therapeutics Inc.’s Jan. 10 update during the J.P. Morgan Healthcare Conference (JPM), where the company detailed progress across its development efforts, including those with RLY-4008, an oral small-molecule inhibitor of fibroblast growth factor receptor 2 (FGFR2), in the works for patients with FGFR2-altered cholangiocarcinoma (CCA) and other cancers. Shares of the Cambridge, Mass.-based firm (NASDAQ:RLAY) ran up by about 38%, or $6, in the five days ahead of Jan. 13. The stock closed Jan. 17 at $20.45, down 32 cents.
Dexcom Inc. appears poised for a very strong year with multiple new products, including the long-awaited G7, having recently received regulatory green lights in the U.S. and Europe. In addition, recommendations to expand coverage of continuous glucose monitors (CGMs) for individuals with type 2 diabetes promise to open the market to millions of new patients. Dexcom CEO Kevin Sayer provided new details and updated guidance at the J.P. Morgan Healthcare Conference in San Francsico earlier this week and the company released preliminary results for the fourth quarter and full year of 2022.
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