About 17 months after emerging from stealth with its Trueglue discovery platform, Magnet Biomedicine Inc. has joined with Eli Lilly and Co. to discover, develop and commercialize molecular glue therapeutics for oncology. “It’s a really important deal, especially given the discovery of Trueglues is something Magnet is pioneering,” CEO Brian Safina told BioWorld. The deal includes $40 million in up-front and near-term payments, including an equity investment, as well as potential milestone payments, bringing the deal total to more than $1.25 billion, plus tiered royalties.

Too much of a good thing, it turns out, is a concept that applies to oxygen. And researchers at the University of California at San Francisco are working on a small molecule, Hypoxystat, that can lower tissue oxygen levels and prevent damage when oxygen levels are too high. When administered to mice with the rare mitochondrial disorder Leigh syndrome, the molecule more than tripled their average lifespan.

Astrazeneca plc’s good news with its oral selective estrogen receptor degrader (SERD) and estrogen receptor antagonist, camizestrant, when used as part of a combo in breast cancer raised optimism for the approach, which has caught on in various biopharma quarters.

The BioWorld Biopharmaceutical Index (BBI) ended 2024 down 2.24%, despite hitting a peak of 25.19% in late August. While it remained in positive territory through November, up 3.58%, the steady decline through the later months of the year pushed the index into the red by December’s close.

Regenerative medicine company Mesoblast Ltd. is preparing to launch its allogeneic bone marrow-derived mesenchymal stromal cell (MSC) therapy, Ryoncil, (remestemcel-L), in March in the U.S. and has priced the treatment at roughly $1.55 million for a full course.