Théa Open Innovation, a subsidiary of France’s Laboratoires Théa SAS, returned rights to South Korea’s Curacle Co. Ltd.’s CU-06, an oral diabetic macular edema drug candidate. Curacle posted positive top-line phase IIa data of CU-06 just three months prior.
To strengthen its cancer pipeline, South Korea’s Dong-A ST Co. Ltd. made a strategic investment of ₩25 billion (US$18.45 million) in Seocho-gu, Seoul-based Idience Co. Ltd., a cancer-focused subsidiary of Ildong Pharmaceutical Co. Ltd. on May 20.
To strengthen its cancer pipeline, South Korea’s Dong-A ST Co. Ltd. made a strategic investment of ₩25 billion (US$18.45 million) in Seocho-gu, Seoul-based Idience Co. Ltd., a cancer-focused subsidiary of Ildong Pharmaceutical Co. Ltd. on May 20. The equity buyout makes Dongdaemun-gu, Seoul-based Dong-A ST the second largest shareholder of Idience, following Ildong Pharmaceutical. The two companies also shook on a co-development deal for Idience’s lead cancer asset, venadaparib (IDX-1197).
Shaking up corporate and pipeline structure, San Diego-based cancer developer Erasca Inc. in-licensed two assets from China-based biopharmas in all-cash deals, while laying off 18% of its workforce, primarily in drug discovery. The flurry of announcements made on May 16, which included $160 million raised in private placement, showed that Erasca would scrap three existing pipeline assets – ERAS-007, ERAS-801 and ERAS-4 – and reshape development to a RAS-targeting franchise.
Johnson & Johnson is adding to its dermatology portfolio with the $850 million purchase of privately held Proteologix Inc. The Redwood City, Calif.-based company brings with it two bispecific antibodies into a space dominated by the blockbuster injectable Dupixent (dupilumab). Proteologix has PX-128, which targets IL-13 plus thymic stromal lymphopoietin for treating moderate to severe atopic dermatitis and moderate to severe asthma, and PX-130, which also targets IL-13 plus IL-22, for treating moderate to severe AD. Both are in preclinical development, but Johnson & Johnson said PX-128 is ready for its phase I close-up.
Gilgamesh Pharmaceuticals Inc. is getting $65 million up front in an early stage deal with Abbvie Inc. to discover neuroplastogens targeting psychiatric disorders, with the chance to receive up to $1.95 billion in options fees and milestones, plus tiered royalties in the mid-single to low-double digits from any products emerging from the collaboration.
Fulcrum Therapeutics Inc.’s deal with Sanofi SA to develop and commercialize oral losmapimod shone more light on facioscapulohumeral muscular dystrophy (FSHD), a rare genetic disease where Avidity Biosciences Inc. also has an earlier-stage but high-profile program.
AC Immune SA has landed a potential $2.2 billion deal for its anti-amyloid beta Alzheimer’s disease vaccine, ACI-24.060, with Takeda Pharmaceutical Co. Ltd., under which it will get $100 million up front and is eligible to receive an option exercise fee, plus potential development, commercial and sales-based milestones of up to $2.1 billion.
A licensing deal worth potentially up to $1.2 billion with Sanofi SA has breathed new life into Novavax Inc., which has struggled to compete in the COVID-19 space with powerhouses Pfizer Inc. and Moderna Inc.
In April, the value of biopharma deals climbed to $15.28 billion, increasing 84% from March’s $8.29 billion and also up from February’s $7.76 billion, though there was a decline from January’s $27.9 billion. This amounts to a monthly average of $14.86 billion in deal value for 2024, compared to the $18.14 billion monthly average in 2023. Meanwhile, the value of biopharma M&As dipped to $1.33 billion for the month, marking the lowest figure in nearly a year.
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