Search Results for “acquisition” – Page 30 – media

Novartis acquires Chinook for $3.2bn to boost kidney disease pipeline

Novartis has acquired Chinook Therapeutics for more than $3.2bn in a move to bolster its portfolio of drugs targeting kidney disease. With reported sales of $13.62bn in Q2 2023, Novartis is looking to expand its drug portfolio. Just last month, the company acquired DTx Pharma for $1bn for its small interfering RNA (siRNA) treatment portfolio for rare diseases. As part of Chinook’s acquisition, its shareholders would receive $40 per share, totalling $3.2bn. The shareholders would also be eligible to receive an additional $4 per share contingent (totalling $300m) on regulatory milestones. The acquisition comes at a significant inflection point with two high-profile drugs, atrasentan and zigakibart, in Phase III development for the treatment of IgA nephropathy (IgAN). A pivotal data readout for the Phase III atrasentan trial is planned for Q4 2023. IgAN is a chronic kidney disease, in which immunoglobulin A (IgA) is trapped in the glomeruli of the ...
- Source: drugdu
- 115
- August 16, 2023
Biotech Financings Fall, M&A Activity Expected to Pick Up

Venture capital is available, but the trending numbers do not favor startups. Deal counts have plateaued and deal sizes are down from the recent peak in 2021. These market conditions are leading startups to change their strategies in order to make the money they have last longer, according to the second quarter Venture Monitor report from Pitchbook and the National Venture Capital Association (NVCA). Breaking out biotech investments specifically, the report tallied $2.6 billion invested in 199 biotech deals globally in the second quarter, down significantly compared to the same period in 2022, when $4.8 billion was invested in 245 deals. In the U.S., Pitchbook and NVCA calculated $1.9 billion invested across 81 biotech deals in the second quarter compared to $3.3 billion invested in 93 deals in the same period last year. The report counts more than 50,000 U.S.-based venture capital-backed companies—double the number in 2016. This group now ...
- Source: drugdu
- 140
- August 15, 2023
Regeneron to acquire Decibel Therapeutics in deal worth up to $213m

Regeneron Pharmaceuticals has entered into a definitive agreement to acquire hearing loss specialist Decibel Therapeutics in a deal worth as much as $213m. The transaction gives Regeneron access to investigational gene therapy, DB-OTO, which is designed to provide hearing to people with otoferlin-related hearing loss. The candidate is currently in phase 1/2 clinical development. Under the terms of the agreement, Regeneron will pay $4 per share of Decibel common stock, with an additional non-tradeable contingent value right (CVR) for $3.50 apiece, upon achievement of certain clinical development and regulatory milestones for DB-OTO. The deal gives Decibel a total equity value of about $109m, based on the amount payable at closing, though that valuation increases to $213m if the CVR milestones are met. The agreement builds on the existing gene therapy collaboration between Regeneron and Decibel aimed at developing three programmes targeting different forms of congenital, monogenic hearing loss. There are ...
- Source: drugdu
- 122
- August 14, 2023
Novo Nordisk spends $1bn to acquire weight loss drug developer Inversago.

Amongst fierce competition in the obesity space, Novo Nordisk has spent $1bn to acquire Inversago Pharma to shore up its weight loss treatment portfolio. The acquisition is expected to be completed by the end of 2023 and will hit the billion-dollar mark, subject to developmental and commercial milestones. The deal, which comes a month after Eli Lilly acquired Versanis and its lead weight loss candidate, bimagrumab, in a $1.9bn deal, will include Inversago’s lead asset INV-202, an oral cannabinoid receptor type-1 (CB1) inverse agonist. Novo Nordisk said it intends to use the candidate for patients with obesity and obesity-related complications. Canada-based Inversago demonstrated the weight loss potential of the candidate in a Phase Ia trial by blocking the CB1 receptor, which plays an important role in appetite regulation and metabolism. INV-202 is currently in a Phase II trial for diabetic kidney disease (NCT05514548). Prior to the 10 August announcement, Novo ...
- Source: drugdu
- 117
- August 12, 2023
Illumina Lowers Outlook as Business Challenges, Exec Departures Continue

By Tristan Manalac Pictured: Illumina signage at California office/iStock, Georgejason During its second-quarter earnings report on Wednesday, Illumina lowered its financial outlook for fiscal year 2023 and is now only expecting revenue growth of 1% compared to the previous forecast of 7% to 10%. The news comes as the DNA sequencing company grapples with an activist investor, leadership shake-ups and strong antitrust pushback over its acquisition deal with GRAIL. In the second quarter, Illumina generated $1.18 billion in revenue, representing a modest but nevertheless positive 1% increase from its earnings during the same period last year. Without taking exchange rates into consideration, Illumina’s revenue grew 3%. Illumina also reported financial results for GRAIL, which it moved to buy for $8 billion in September 2020. The cancer detection company made $22 million in the second quarter, up from $12 million during the same timeframe last year. Despite better revenues, Illumina is ...
- Source: drugdu
- 115
- August 12, 2023
BioNTech and Duality Biologics add third ADC candidate to oncology partnership

BioNTech and Duality Biologics have expanded their existing agreement to include a third antibody-drug conjugate (ADC) for solid tumours. The companies announced the first deal covering two ADCs in April this year. Under the terms of the agreement, DualityBio would receive upfront payments totalling $170m and be eligible to receive development, regulatory and commercial milestone payments of potentially more than $1.5bn. ADCs are a class of potent cancer therapies combining the selectivity of antibodies with the potent cell-killing properties of chemotherapy or other anti-cancer agents. Unlike chemotherapy, which works by attacking lots of different cells as well as the cancer, ADCs are designed to target and kill tumour cells while sparing healthy cells. Professor Ugur Sahin, chief executive officer and co-founder of BioNTech, said at the time of the first announcement: “Over the last years, the ADC field has made significant progress, overcoming several limitations and demonstrating its potential as ...
- Source: drugdu
- 106
- August 11, 2023
Guardant, Illumina agree to end litigation, extend commercial partnership

Dive Brief Guardant Health and Illumina have reached an agreement to settle litigation and extend a long-standing commercial partnership to advance cancer research, Guardant announced last week. The three-year agreement includes a joint request to dismiss with prejudice the pending litigation between the companies, including allegations of intellectual property theft. In addition, the companies will collaborate by sharing specimen samples and entering into a new long-term purchase and supply commitment, the Palo Alto, California-based cancer test maker said. Dive Insight DNA sequencing company Illumina last year sued Guardant co-CEOs and founders Helmy Eltoukhy and AmirAli Talasaz for breach of contract and alleged misappropriation of trade secrets. The lawsuit accused Eltoukhy and Talasaz of working on technology for Guardant while still employed by Illumina. Guardant at the time called the lawsuit an attempt to stifle competition and retaliate against the company for registering concerns about the antitrust implications of Illumina’s acquisition ...
- Source: drugdu
- 182
- August 10, 2023
Iveric Gets FDA Approval in Geographic Atrophy After Being Acquired by Astellas

By Tristan Manalac Pictured: Astellas’ American headquarters in Illinois/iStock, JHVEPhoto The FDA on Friday approved Iveric Bio’s intravitreal avacincaptad pegol, now to be marketed as Izervay, for the treatment of geographic atrophy secondary to age-related macular degeneration. The regulatory win comes three months after the New Jersey biotech was bought by Astellas Pharma for $5.9 billion. The companies completed the acquisition last month. Friday’s approval makes Izervay the first authorized geographic atrophy (GA) treatment that has significantly slowed down GA progression at 12 months across two Phase III studies, according to Astellas’ announcement. The eye injection also offers a new treatment option to physicians and patients across the U.S., Iveric Bio President Pravin Dugel said in a statement. Discovered and developed by Iveric, Izervay is an intravitreally administered inhibitor of the complement C5 protein. By blocking the cleavage of C5, the eye injection also disrupts more downstream processes, including the formation ...
- Source: drugdu
- 210
- August 9, 2023
Bavarian Nordic locks up $120M BARDA deal to replenish US stock of smallpox, mpox vaccine

After coming to the rescue during the mpox outbreak in 2022, vaccine maker Bavarian Nordic has agreed to help replenish U.S. stores of its smallpox/mpox shot. The U.S. Biomedical Advanced Research and Development Authority (BARDA) is handing Bavarian Nordic a new $120 million contract, primarily to cover the production of new bulk vaccine product, the company said in a press release Thursday. The bulk product order represents $96 million of the contract value. That portion will be manufactured and invoiced in 2023 and will “only partly restore the inventory,” Bavarian Nordic said. Bavarian Nordic will also manufacture and supply an additional $3 million worth of liquid-frozen doses in 2023. The rest of the contract will cover “additional services” totaling $21 million, with Bavarian Nordic getting its hands on most of that sum over the next two years. Throughout 2022 and 2023, Bavarian Nordic says it’s manufactured around 5.5 million smallpox/mpox ...
- Source: drugdu
- 213
- August 7, 2023
Biogen, amid layoffs, ponies up $7.3B for rare disease specialist Reata and potential blockbuster Skyclarys

On Monday during a quarterly earnings call, when Biogen CEO Chris Viehbacher was asked about the company’s potential to execute M&A, he randomly offered “we’ve got, I think, about $7.3 billion in cash?” Four days later, Biogen has revealed a proposal to acquire Reata Pharmaceuticals. The Massachusetts biotech will pay $172.50 per share for the Plano, Texas-based rare disease specialist in a deal that comes to—you guessed it—$7.3 billion. With the purchase—which is a 59% markup on Reata’s shares from close of the market on Thursday—Biogen gains Skyclarys, the first treatment for the rare, inherited neurologic disorder Friedreich’s ataxia. It was approved by the FDA in February of this year and carries sales potential of $1.5 billion in 2030, according to analysts. On a conference call Friday to bookend the busy week, Viehbacher called Biogen “the natural owner for Skyclarys.” When the deal is done, Biogen will be able to ...
- Source: drugdu
- 131
- August 1, 2023

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