Protocols

Abraxis vet Neil Desai gets Celgene backing for $23M A round; Two more biotechs set IPO terms

Celgene joined the syndicate backing a $23 million Series A for Pacific Palisades, CA-based Aadi Bioscience. The money will be used to support a registration study of its lead drug, ABI-009, its targeted albumin-bound mTOR inhibitor. Neil Desai, a former SVP at Abraxis who helped invent Abraxane — acquired by Celgene — is running the biotech. Hermed Capital led the round with additional participation from Vivo Capital, Decheng Capital, the Helsinn Investment Fund and Star Summit Ventures.

→ The string of biotech IPOs is continuing with two new entries setting terms today. The cancer biotech G1 is looking to sell 6.3 million shares at $15 to $17 each, looking for around $100 million. Dutch biotech argenx is out to raise about $65 million selling shares at $18.18.

Durect Corporation {DRRX} inked a $293 million deal — $20 million upfront — with Novartis’ subsidiary Sandoz AG to develop and market the pain therapy Posimir in the US. The remedy is currently in Phase III.

→ The drumbeat of new checkpoint combo deals is proceeding today with three new pacts. Regeneron — which has some catching up to do — will be testing its PD-1 inhibitor REGN2810 in combination with two drugs from Inovio. Regeneron is also partnering with Korea’s SillaJen on kidney cancer. And Array is combining its MEK inhibitor, binimetinib, with Merck’s Keytruda.


The best place to read Endpoints News? In your inbox.

Full-text daily reports for those who discover, develop, and market drugs. Join 17,000+ biopharma pros who read Endpoints News by email every day.

Free Subscription

RAPS Regulatory Convergence 2017