In what co-founder and CEO Claudia Ulbrich called the “right decision with right partner at the right point in time,” Cardior Pharmaceuticals GmbH agreed to an acquisition by Novo Nordisk A/S in a deal worth up to €1.025 billion (US$1.1 billion) that puts a potentially disease-modifying heart failure candidate in the hands of a big pharma player in the midst of establishing its presence in cardiovascular disease.
South Korean biopharma Aribio Co. Ltd. signed a $770 million deal to sign off exclusive rights to its early Alzheimer’s disease drug, AR-1001 (mirodenafil), in China. The exclusive deal for marketing rights will total about ¥5.59 billion (US$770 million), which includes a non-refundable up-front payment of ₩120 billion (US$90 million) and potential milestone payments, along with royalties.
Kazia Therapeutics Ltd. has out-licensed paxalisib as a potential treatment for intractable epilepsy in focal cortical dysplasia type 2 and tuberous sclerosis complex disease in a carve-out deal with Sovargen Co. Ltd. for $20.5 million plus sales royalties.
As investment in Asia biohubs continues into 2024, Merck KGaA’s Milliporesigma is the latest to drop more than €300 million (US$328 million) into a new bioprocessing production center in Daejeon, South Korea. Other big pharmas, including Switzerland’s Novartis AG, Denmark’s Novo Nordisk A/S and China’s Wuxi Biologics (Cayman) Inc., are also making multimillion-dollar investments in the Asia-Pacific region, according to company announcements made in March 2024.
Validating Fusion Pharmaceuticals Inc.’s radiopharmaceutical technology and manufacturing capabilities, Astrazeneca plc offered to buy the firm for $2 billion up front in cash, plus a contingent value right that could raise the total deal value by another $400 million.
Aignostics GmbH has embarked on raising a €20-€30 million (US$21.74-$32.61 million) series B round after validating its artificial intelligence (AI)-driven precision oncology platform by signing a co-development deal with Bayer AG. This is the first pharma partnership for the Berlin, Germany-based company. Financial terms were not disclosed, but Aignostics will receive an up-front payment and is eligible to receive success-based milestone payments and royalties on any commercialized therapies that result from the collaboration.
Fennec Pharmaceuticals Inc. has out-licensed its chemoprotective formulation of sodium thiosulfate, Pedmarqsi, to Norgine BV for €40 million (US$44 million) up front and up to an additional €210 million (US$229 million) in commercial and regulatory milestones. The injectable drug reduces the risk of cisplatin-induced ototoxicity in pediatric patients 1 month and older with localized, nonmetastatic solid tumors.
Chinese biotechs Biotheus Inc. and Hansoh Pharmaceutical Group Co. Ltd. partnered again under a new potential ¥5 billion (US$698.98 million) deal to develop bispecific antibody-drug conjugates (BsADCs), using Biotheus’ EGFR-cMet bispecific antibody.
In February, deals formed by biopharma firms reached $7.76 billion, down from January, which marked the sixth-highest month in BioWorld’s records going back to 2016. Meanwhile, biopharma M&As amounted to $18.22 billion for the month, positioning it among the top 10 highest-value months in the past four years.
Astrazeneca plc is acquiring rare diseases specialist Amolyt Pharma SA in a $1.05 billion deal, taking ownership of eneboparatide (AZP-3601), which is in phase III development for the treatment of hypoparathyroidism. Of the total, $800 million will be paid up front, with the balance of $250 million contingent upon achievement of a regulatory milestone.
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