InterMune Inc.'s idiopathic pulmonary fibrosis (IPF) drug pirfenidone still faces some regulatory hurdles in the U.S., but the Brisbane, Calif.-based company is set to roll out its commercialization force in Europe this fall following official marketing authorization of pirfenidone, branded Esbriet, in mild to moderate IPF.
After a roller coaster February, in which shares of Tengion Inc. rose on buyout speculation only to fall after the surge in trading activity scared off a potential acquirer, investors of the East Norriton, Pa.-based regenerative medicine firm have stepped up with some much-needed financing.
Back before Ironwood Pharmaceuticals Inc. showed the world that biotechs could make a go at initial public offerings (IPO), the reverse merger temporarily shed its less-than-desirable reputation. It became the exit du jour for private biotechs whose IPO bids were stymied by unfavorable market conditions and needed access to substantial cash.
Buyout speculation fueled by the late January approval of depression drug Viibryd (vilazodone) – not to mention last week's chatter after President and CEO Drew Fromkin cancelled his presentation at BIO CEO – ended Tuesday with a resounding thud, as Clinical Data Inc. disclosed an offer much lower than its bullish analysts had expected.
It would be easy to view Merck & Co. Inc.'s recent decision to bail on two novel-target collaborations with Galapagos NV as a troubling sign that the industry is shying away from innovation and putting more investment dollars behind the safer, tried-and-true mechanisms of earlier blockbusters. (See BioWorld Today, Feb. 9, 2011.)
AVEO Pharmaceuticals Inc. pulled in a whopping $125 million up front in a deal with Astellas Pharma Inc. for Phase III-stage tyrosine kinase inhibitor tivozanib, proving that strong data and promising market potential can prevail even in a buyer's market.
Looking to pad its immunology portfolio, Cephalon Inc. paid $7 million to pick up an option for midstage celiac disease candidate larazotide acetate from struggling private biotech Alba Therapeutics Inc.
If the three initial public offerings to price late last week – Pacira Pharmaceuticals Inc., Endocyte Inc. and BG Medicine Inc. – are a promising sign for the U.S. IPO market, then perhaps Italian biotech Philogen SpA's plans for a €65.3 million (US$89.6 million) offering on the Milan stock exchange is a signal the European markets are opening up as well.
