As COVID-19 revenues ebb and flow—but mostly ebb—Pfizer is eyeing the cost-cutting shears. “Clearly, there is a higher level of uncertainty regarding the demand projections for our COVID-19 products than for the rest of our business,” Pfizer chief Albert Bourla, Ph.D., admitted on a conference call Tuesday. While the shift to a traditional commercial market for Paxlovid and Comirnaty could help, a veil of uncertainty persists. In turn, “we are also preparing to have the ability to adjust our 2024 total cost base” to align with future COVID needs, the CEO added. “In fact, we have already identified specific areas where we can make adjustments primarily within our COVID-19 cost base,” he said. Paxlovid generated just $143 million in worldwide sales for the second quarter, down 98% from the $8.1 billion it pulled down over the same stretch in 2022. MRNA vaccine Comirnaty, for its part, brought home $1.4 billion, ...
Pfizer has signed a deal with Flagship Pioneering worth up to $7bn to develop new drug candidates using the venture firm’s large portfolio of biopharma companies. Under the terms of the agreement, Pfizer and Flagship will each invest $50m upfront to develop a new pipeline of up to ten programmes for areas including internal medicine, oncology, infectious diseases, and immunology. The new partners outlined in a statement that the collaboration will focus on addressing unmet needs within Pfizer’s core therapeutic areas, including “broad patient populations and diseases with high potential to benefit from a diverse range of technology platforms and modalities”. Flagship’s drug discovery initiative, Pioneering Medicines, working in collaboration with Pfizer’s research and development leadership, will lead the exploration process. Paul Biondi, president, Pioneering Medicines, and executive partner, Flagship Pioneering, said: “This new partnership brings together the best of our organisations to maximise discovery and ...
The US Federal Trade Commission (FTC) has requested more information and documentary material regarding Pfizer’s proposed $43bn acquisition of Seagen. The second request is a standard review procedure by which the FTC and the Antitrust Division of the US Department of Justice investigate mergers and acquisitions. If a second request is submitted, the law forbids merging companies from completing a transaction until they have substantially complied with the additional investigatory request. The Pfizer/Seagen agreement, which was originally announced in March this year, would mark a significant boost to the US pharma’s oncology pipeline. At the time of the announcement, Pfizer’s oncology portfolio included 24 approved drugs, while Seagen’s included Adcetris for lymphomas, Padcev for bladder cancers, Tivdak for cervical cancer, and Tukysa for breast and colorectal cancers. The deal would also grant Pfizer access to Seagen’s drug development pipeline as well as its proprietary ...
Pfizer on Wednesday said its experimental vaccine targeting the potentially deadly bacterial disease Group B Streptococcus returned strong mid-stage clinical trial results, a promising step as the drug inches toward potential approval. Pfizer is among several drugmakers racing to develop the world’s first shot targeting Group B strep disease, which is linked to nearly 150,000 infant deaths worldwide each year, especially in lower-income countries. The Food and Drug Administration in September granted breakthrough therapy designation to Pfizer’s vaccine, which is intended to expedite the development and review of the shot. Pfizer’s single-dose shot generated antibodies that may provide infants with meaningful protection against the disease, according to the data released Wednesday from a phase two clinical trial. The jab is administered to expectant mothers, who pass vaccine-induced antibodies to their fetuses. One of the company’s vaccines targeting respiratory syncytial virus also uses that maternal vaccination method. ...
Pfizer is looking to enrich its pipeline with up to 10 new innovative medicines by partnering with startup creator Flagship Pioneering, the companies announced Tuesday. Under the terms of the agreement, Pfizer and Flagship will each contribute an upfront investment of $50 million. The collaboration will leverage Flagship’s rich ecosystem of biotechnology platforms and more than 40 human health companies. Pfizer and Flagship will explore up to 10 single-asset programs, which Pfizer will fund and have the option to acquire. Flagship and its companies will be eligible to receive up to $700 million in milestones and royalties for each program that hits the market, giving Tuesday’s deal a maximum potential value of $7 billion. This partnership will bring together expertise from Pfizer and Flagship “to maximize discovery and development potential from inception to impact,” Paul Biondi, executive partner at Flagship and president of Pioneering Medicines, said in a statement. ...
Pfizer and Flagship Pioneering are partnering in a drug research alliance leveraging the capabilities of the more than 40 biotech startups in the venture capital firm’s portfolio. The new partners aim to develop drugs for unmet needs, including those in broad patient populations. Pharmaceutical companies frequently strike deals with smaller biotech companies as a way to build up their drug pipelines, and Pfizer is no exception. But in a twist to this strategy, the pharma giant is now turning to Flagship Pioneering, the venture capital firm whose highest profile creation might be the messenger RNA company Moderna. The alliance announced Tuesday calls for Flagship and Pfizer to each invest $50 million up front. The cash will go toward the R&D of 10 single-asset programs. Flagship does not create single-asset companies. The startups that spring from its labs are all formed around platform technologies, each with the capability of yielding ...
CureVac is adding fuel to its COVID-19 vaccine patent fire by asserting more claims against Pfizer and BioNTech in both its U.S. and German cases. The German mRNA specialist put a tenth patent on the table in its U.S. litigation and three more to its five in Germany, expanding the scope of the disputes. CureVac went after BioNTech in Germany last summer, starting off with four claims and adding a fifth in May. The original patents it claimed its fellow German mRNA maker stepped on related to inventions considered “essential to the design and development” of BioNTech and Pfizer’s Comirnaty, including sequence modifications and mRNA vaccine formulations, the company noted in a statement at the time. Its lawsuit doesn’t aim to stop the production and distribution of the shot but wants recognition and royalties from past and future sales. That likely puts $500 million on the line, Berenberg Capital Markets analyst Zhiqiang ...
Caught in a litigation crossfire, Moderna has reportedly opened two new fronts in its COVID-19 vaccine patent war with Pfizer and BioNTech.Seeking damages from Pfizer and BioNTech for alleged infringement, Moderna has lodged new lawsuits at the High Court in Dublin, Ireland, and the Brussels Commercial Court in Belgium, European intellectual property outlet Juve Patent reported Tuesday. The Irish court, where Moderna is claiming infringement by Pfizer-BioNTech on a pair of Spikevax patents, is set to hear the case in early 2024, according to the publication. Less is known about the status of Moderna’s Belgian lawsuit, Juve points out. A spokesperson for Moderna didn’t immediately respond to a request for comment. The new lawsuits add to a complex web of ongoing mRNA patent litigation. The legal melee began last August when Moderna filed patent infringement lawsuits in the U.S. and Germany. Separately, Moderna has also sued Pfizer and its German partner BioNTech in the Netherlands, plus ...
Just days after sewing up a pair of $897 million deals with Pfizer, Samsung Biologics has added a few hundred million dollars more to its partnership cash pile—this time courtesy of an expanded pact with Novartis. Monday, Samsung Bio said in a regulatory filing that it’s inked a $390.9 million deal to help crank out Novartis drugs. The latest production pact builds on an earlier Samsung-Novartis tie-up worth $81 million in June 2022. Last week, meanwhile, Samsung Bio said Pfizer had added $486 million to two biosimilar production accords the companies made in early 2023. In June, the partners signed a contract for the Korean CDMO to produce biosimilar drugs in the fields of immunology, oncology and inflammation. And in March, the companies linked up on a deal worth $193 million, according to a regulatory filing. Samsung’s Novartis deal comes in below that Pfizer deal from June. Still, the Novartis tie-up now represents ...
Pfizer has invested $25m in the clinical-stage, clustered, regularly interspaced, short palindromic repeats, genome-editing biopharmaceutical firm, Caribou Biosciences. Pfizer purchased 4,690,431 common shares of Caribou at $5.33 per share. Pfizer global product development multiple myeloma vice-president and development head Sriram Krishnaswami will now join the scientific advisory board of Caribou. The investment will be used to progress an immune-cloaked allogeneic CAR-T cell therapy, CB-011. The company is currently evaluating the cell therapy in a Phase I CaMMouflage clinical trial for relapsed or refractory multiple myeloma. The US Food and Drug Administration granted fast track designation for CB-011 in April 2023. The complete ownership and control of the pipeline comprising allogeneic CAR-T and CAR-NK cell therapies will be retained by Caribou. Caribou president and CEO Rachel Haurwitz stated: “We believe Pfizer’s investment in Caribou highlights the potential of our clinical programmes and we are excited to establish this partnership with one ...
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