Silicon Valley-based Social Capital and New York investor Suvretta Capital have priced upsized IPOs for four new special purpose acquisition companies (SPACs), each intended to address what founders Chamath Palihapitiya and Kishen Mehta described as "suboptimal" outcomes for biotech IPOs of late. Each blank check company, Biotech SPAC Social Capital Suvretta Holdings Corp. I, II, III, and IV, will be funded by a $220 million offering, selling shares at $10 each. They intend to invest in neurology, oncology, immunology, as well as diseases of the heart, kidney, endocrine system and blood. Read More
Hutchmed Ltd., already listed in the U.S. and London, returned to home soil June 30 for a third IPO on the Hong Kong Stock Exchange that reaped HK$4.17 billion (US$537.2 million). The Hong Kong-based company is currently looking to score its first FDA approval to tap the U.S. market after three China approvals. Read More
Arrivent Biopharma Inc. has raised a series A financing worth up to $150 million to in-license compounds from China and bring them to the rest of the world. Arrivent’s focus is in oncology and its first in-licensed asset is furmonertinib, a third-generation EFGR tyrosine kinase inhibitor from Shanghai-based Allist Pharmaceuticals Co. Ltd. Read More
Shares in Altimmune Inc. and Angion Biomedica Corp. were sharply down after the companies announced trial disappointments from a nasal COVID-19 vaccine and two investigational therapies. Altimmune was worst hit, with shares (NASDAQ:ALT) dropping 38% to $9.80 June 30 after announcing its nasal COVID-19 vaccine did not produce enough immune response and axing an immunotherapy trial after encountering problems finding enough subjects. Read More
In a deal that could be worth up to $565 million, Simcere Pharmaceutical Group Ltd. licensed in glutaminyl cyclase inhibitor varoglutamstat (PQ-912) and monoclonal N3pE-antibody PBD-C06, which target the neurotoxic amyloid species N3pE (pGlu-Abeta), from Vivoryon Therapeutics AG to develop and commercialize for Alzheimer’s disease in greater China. Read More
Hightide Therapeutics Inc. presented top-line results of its lead program, HTD-1801, from a multicenter phase II trial in primary sclerosing cholangitis (PSC), which showed the drug candidate reduced alkaline phosphatase levels compared to placebo. Read More
The World Health Organization (WHO) and the Global Fund to Fight AIDS, Tuberculosis and Malaria signed a cooperation and financing agreement to implement 10 initiatives in 2021 through 2023 aimed at addressing persistent challenges impeding global progress against the three diseases and protecting hard-won gains from new pandemics like COVID-19. Read More
Even as World Trade Organization (WTO) members continue to negotiate a proposal to waive intellectual property rights for COVID-19-related medical products, the organization agreed June 29 to grant a third extension to the transition period that exempts least developed countries from some of the IP provisions of the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). Read More
As the first flagship action of Europe’s plan to beat cancer, the European Commission launched its Cancer Knowledge Center June 30. The new online platform will map the latest evidence on cancer, provide health care guidelines and quality assurance schemes, and monitor and project trends in cancer incidence and mortality across the EU, where cancer is the No. 1 killer for people younger than 65. Read More
The Supreme Court of the U.S. delivered its decision in the case of Minerva v. Hologic, a case that tested the boundaries of the doctrine of assignor estoppel, which bars a patent's seller (assignor) from attacking the patent's validity in subsequent patent infringement litigation. Read More
Regulatory snapshots, including global drug submissions and approvals, clinical trial approvals and other regulatory decisions and designations: BMS, Catalyst, Chiasma, CNS, Cullinan, Gilead, Hansa, Medexus, Mediwound, Merck, Moderna, Neurogene, Orchard, Palatin, Prilenia, Rafael, Tracon, Vico, Yiling. Read More
