In February, the biopharma industry sustained the positive momentum observed in January, with total financings increasing 105.94%, reaching $22.3 billion compared to $10.83 billion the first month of the year. The amount positions February as the second-highest month in BioWorld’s records, trailing only May 2020, which saw $23.98 billion in total financings.
A long-running lobbying effort has paid off, with the announcement of two U.K. government-backed investment vehicles through which pension funds will be able to invest in early stage private life sciences companies.
Sionna Therapeutics Inc.’s approach with small molecules in cystic fibrosis (CF) yielded the Boston-based firm an upsized and oversubscribed $182 million series C financing. The company is working on drugs that could fully restore the function of the CF transmembrane conductance regulator protein by stabilizing the first nucleotide-binding domain (NBD1). Four compounds are expected to enter the clinic this year – three NBD1 stabilizers and one ICL4 modulator.
Foreign investment in China’s biopharma sector is beginning to pick up after the hit of severe pandemic restrictions, and as Western governments look to revive trading relationships following a spate of diplomatic rows. While the geopolitical tensions remain, the mantra from Europe is not to de-couple, but to de-risk. Following a policy review in 2023, the U.K. government position is that a positive two-way trade and investment relationship with China is “mutually beneficial.”
With its sights set on expanding the commercial launch of Xdemvy (lotilaner ophthalmic solution, 0.25%) to treat Demodex blepharitis in the U.S., Tarsus Pharmaceuticals Inc. has priced an underwritten public offering of common stock, selling 2.8 million shares for $32 each, taking the expected gross proceeds to about $100 million.
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