Achieving statistically significant improvement over placebo with JAK inhibitor ATI-501 didn't satisfy Aclaris Therapeutics Inc.'s shareholders as the stock (NASDAQ:ACRS) dramatically dropped 26.4% on Wednesday.
The failure of Novartis AG's Entresto in a phase III clinical trial staggered the stock (NASDAQ:NVS) somewhat Monday, down just 1.14%, but the real trauma may well be the loss of roughly $2.5 billion in anticipated sales.
Ending the $2.6 billion agreement from 2016 with Celgene Corp. lifted the fortunes of Jounce Therapeutics Inc. (NASDAQ:JNCE) Wednesday as the stock rose 10.5%. Three years ago, Jounce and Celgene's massive deal was seen as a win for both. Jounce was to receive a $225 million up-front payment and a $36 million equity investment as part of a five-candidate immuno-oncology collaboration.
David Southwell, a seasoned pharma exec and CEO of newly funded Tscan Therapeutics Inc., called from a small, unadorned conference room on the Harvard campus to talk about his new company. He's used to being on the clinical development side, where the accommodations are a bit more posh, but nonetheless he's pleased to be investigating T-cell therapy for cancer patients.
Durect Corp. (NASDAQ: DRXX) got a solid bump after announcing it granted Gilead Sciences Inc. exclusive worldwide rights to develop and commercialize a long-acting injectable HIV product created with Durect's platform, Saber, in a deal that could generate more than $300 million for Durect.
Kronos Bio Inc. closed a $105 million series A preferred stock financing, shored up by a board composed of longtime pharma executives that includes the company CEO and president, Norbert Bischofberger, the former Gilead Sciences Inc. R&D executive vice president and chief science officer.
Astellas Pharma Inc. and Frequency Therapeutics Inc. have agreed to develop and commercialize Frequency's regenerative therapeutic candidate, FX-322, to treat sensorineural hearing loss (SNHL).
Macrogenics Inc. is taking a further step into Asia as it joins with I-Mab Biopharma (Shanghai) Co. Ltd. in a collaboration and license agreement to develop and commercialize enoblituzumab, an immune-optimized, anti-B7-H3 monoclonal antibody.
