The $60.8 billion collected by biopharma companies throughout 2022 is a sharp drop from each of the two prior years, down by 48.6% from 2021 and 54.8% from 2020. Each were standout years by any measure and a direct result of the investment fervor for the industry brought on by the COVID-19 pandemic. That exuberance diminished in the last year as investors tightened their grips due to economic uncertainties.

Theravance Biopharma Inc. inked a definitive agreement with Royalty Pharma potentially worth more than $1.5 billion to sell through a subsidiary, Theravance Respiratory Co. LLC, its 85% interest in royalty rights to Trelegy Ellipta (fluticasone furoate/umeclidinium/vilanterol, GSK plc), a once-daily, single-inhaler triple therapy for chronic obstructive pulmonary disease and asthma.

Following two clinical trial disappointments, the newest being the phase III failure of ampreloxetine, Theravance Biopharma Inc. will restructure by laying off three-quarters of its staff and will stop developing all but two of its non-respiratory disease programs. The ampreloxetine study for treating symptomatic neurogenic orthostatic hypotension failed to meet its primary endpoint, the company announced Sept. 15. In late August, data from a phase IIb dose-finding study showed izencitinib, a gut-selective pan-JAK inhibitor for treating ulcerative colitis, failed to meet its primary endpoint.