Amid string of splashy pan­dem­ic IPOs, ADC re­turns for its mil­lions

Six months af­ter with­draw­ing their bid for a mas­sive IPO, ADC Ther­a­peu­tics is back with a more con­ser­v­a­tive num­ber: $100 mil­lion.

The Swiss biotech had swung from huge fund­ing round to huge fund­ing round be­fore, with its lead pro­gram near­ing a reg­u­la­to­ry sub­mis­sion. It filed for a $200 mil­lion IPO in Sep­tem­ber. They ev­i­dent­ly found few tak­ers, though, as they with­drew the bid with­in two weeks of pric­ing.

Now, though, the glob­al pan­dem­ic has drained mon­ey out of much of the stock mar­ket and fun­neled it in­to drug­mak­ers. Biotech IPO af­ter biotech IPO has land­ed with a splash. Zen­tal­is, a small and ob­scure can­cer biotech that pri­vate­ly raised a small frac­tion of what ADC has raised, man­aged a sur­pris­ing $165 mil­lion to open the month. ORIC Ther­a­peu­tics filed for a $75 mil­lion of­fer­ing and emerged less than a week lat­er with $120 mil­lion.

That should make it a ripe mar­ket for ADC, a com­pa­ny that, led by As­traZeneca vet­er­an Chris Mar­tin and Wyeth vet­er­an Jay Fein­gold, al­ready raised over $530 mil­lion on the pri­vate mar­ket since its 2011 found­ing and is clos­er to an FDA ap­proval than any of the oth­er pan­dem­ic era biotech IPOs. ADC has yet to price its new of­fer­ing, but the Sep­tem­ber at­tempt would’ve val­ued the com­pa­ny at $1.8 bil­lion.

ADC stands for an­ti­body-drug con­ju­gate, the old con­struct for build­ing tar­get­ed can­cer ther­a­pies that has gained steam again in re­cent years. The idea is to at­tach a cell-killing chem­i­cal — chemother­a­py — in­to an an­ti­body that guides the chem­i­cal di­rect­ly to the tu­mor, as op­posed to dif­fus­ing the chem­i­cal through­out the body like in tra­di­tion­al chemother­a­py. Three such drugs have been ap­proved in the last few years: two from Seat­tle Ge­net­ics and, last week, one from Im­munomedics.

ADC’s plat­form tries to im­prove on the orig­i­nal prin­ci­ple by us­ing a class of chem­i­cals called pyrroloben­zo­di­azepines in­stead of tra­di­tion­al chemother­a­py. Orig­i­nal­ly de­vel­oped in Strep­to­myces bac­te­ria, these chem­i­cals bond to spe­cif­ic grooves of DNA in­side the tu­mor, pre­vent­ing the can­cer cells from di­vid­ing and even­tu­al­ly killing them.

The com­pa­ny’s lead drug is AD­CT-402, or lon­cas­tux­imab tesirine, which they are test­ing in re­lapsed or re­frac­to­ry dif­fuse large B-cell lym­phoma. An ear­ly 52-pa­tient read­out from their 145-pa­tient piv­otal tri­al in De­cem­ber showed a 46.2% re­sponse rate and a 19.2% com­plete re­sponse rate. They are aim­ing for a BLA sub­mis­sion by the third quar­ter of 2020.

The com­pa­ny has re­port­ed promis­ing re­sults on a sec­ond can­di­date, AD­CT-301 or cami­dan­lum­ab tesirine, in Hodgkin’s lym­phoma, with a re­sponse rate of 86.5% at dos­ing in a Phase II tri­al of fifth-line pa­tients. This month, though, the FDA placed a par­tial clin­i­cal hold on the tri­al af­ter two pa­tients were di­ag­nosed with Guil­lain-Bar­ré syn­drome, a rapid mus­cle weak­ness caused by the im­mune sys­tem at­tack­ing its own tis­sue. A par­tial hold had been placed on a Phase I tri­al in 2017 for the same rea­son.

So­cial im­age: Chris Mar­tin, ADC Ther­a­peu­tics CEO via YouTube

The Avance Clinical leadership team: CEO Yvonne Lungershausen, Sandrien Louwaars - Director Business Development Operations, Gabriel Kremmidiotis - Chief Scientific Officer, Ben Edwards - Chief Strategy Officer

How Aus­tralia De­liv­ers Rapid Start-up and 43.5% Re­bate for Ear­ly Phase On­col­o­gy Tri­als

About Avance Clinical

Avance Clinical is an Australian owned Contract Research Organisation that has been providing high-quality clinical research services to the local and international drug development industry for 20 years. They specialise in working with biotech companies to execute Phase 1 and Phase 2 clinical trials to deliver high-quality outcomes fit for global regulatory standards.

As oncology sponsors look internationally to speed-up trials after unprecedented COVID-19 suspensions and delays, Australia, which has led the world in minimizing the pandemic’s impact, stands out as an attractive destination for early phase trials. This in combination with the streamlined regulatory system and the financial benefits including a very favourable exchange rate and the R & D cash rebate makes Australia the perfect location for accelerating biotech clinical programs.

David Chang, Allogene CEO (Jeff Rumans)

Head­ed to PhII: Al­lo­gene CEO David Chang com­pletes a pos­i­tive ear­ly snap­shot of their off-the-shelf CAR-T pi­o­neer

Allogene CEO David Chang has completed the upbeat first portrait of the biotech’s off-the-shelf CAR-T contender ALLO-501 at virtual ASCO today, keeping all eyes on a drug that will now try to go on to replace the first-wave personalized pioneers he helped create.

The overall response rate outlined in Allogene’s abstract for treatment-resistant patients with non-Hodgkin lymphoma slipped a little from the leadup, but if you narrow the patient profile to treatment-naïve patients — removing the 3 who had previous CAR-T therapy who didn’t respond, leaving 16 — the ORR lands at 75% with a 44% complete response rate. And 9 of the 12 responders remained in response at the data cutoff, offering a glimpse on durability that still has a long way to go before it can be completely nailed down.

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As­traZeneca trum­pets the good da­ta they found for Tagris­so in an ad­ju­vant set­ting for NSCLC — but many of the ex­perts aren’t cheer­ing along

AstraZeneca is rolling out the big guns this evening to provide a salute to their ADAURA data on Tagrisso at ASCO.

Cancer R&D chief José Baselga calls the disease-free survival data for their drug in an adjuvant setting of early stage, epidermal growth factor receptor-mutated NSCLC patients following surgery “momentous.” Roy Herbst, the principal investigator out of Yale, calls it “transformative.”

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Pablo Legorreta, founder and CEO of Royalty Pharma AG, speaks at the annual Milken Institute Global Conference in Beverly Hills, California (Patrick T. Fallon/Bloomberg via Getty Images)

Cap­i­tal­iz­ing Pablo: The world’s biggest drug roy­al­ty buy­er is go­ing pub­lic. And the low-key CEO di­vulges a few se­crets along the way

Pablo Legorreta is one of the most influential players in biopharma you likely never heard of.

Over the last 24 years, Legorreta’s Royalty Pharma group has become, by its own reckoning, the biggest buyer of drug royalties in the world. The CEO and founder has bought up a stake in a lengthy list of the world’s biggest drug franchises, spending $18 billion in the process — $2.2 billion last year alone. And he’s become one of the best-paid execs in the industry, reaping $28 million from the cash flow last year while reserving 20% of the cash flow, less expenses, for himself.

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Paul Hudson, Sanofi CEO (Getty Images)

Sanofi CEO Paul Hud­son has $23B burn­ing a hole in his pock­et. And here are some hints on how he plans to spend that

Sanofi has reaped $11.1 billion after selling off a big chunk of its Regeneron stock at $515 a share. And now everyone on the M&A side of the business is focused on how CEO Paul Hudson plans to spend it.

After getting stung in France for some awkward politicking — suggesting the US was in the front of the line for Sanofi’s vaccines given American financial support for their work, versus little help from European powers — Hudson now has the much more popular task of managing a major cash cache to pull off something in the order of a big bolt-on. Or two.

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Sanofi brings in 4 new ex­ec­u­tives in con­tin­ued shake-up, as vac­cines and con­sumer health chief head out the door

In the middle of Sanofi’s multi-pronged race to develop a Covid-19 vaccine, David Loew, the head of their sprawling vaccines unit, is leaving – part of the final flurry of moves in the French giant’ months-long corporate shuffle that will give them new-look leadership under new CEO Paul Hudson.

The company also said today that Alan Main, the head of their consumer healthcare unit, is out, and they named 4 executives to fill new or newly vacated positions, 3 of whom come from both outside both Sanofi and from Pharma.

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Pfiz­er, Mer­ck KGaA ce­ment Baven­cio blad­der can­cer win with OS da­ta — while carv­ing an­oth­er niche in rare can­cer

Pfizer and Merck KGaA have detailed the Phase III data that inspired FDA regulators to designate Bavencio a “breakthrough” for first-line advanced bladder cancer and offered an early glance at how the PD-L1 can help patients with a rare gynecological cancer — carving out niches in the checkpoint space for itself after being shut out of numerous others.

In JAVELIN Bladder 100, Bavencio led to a 31% reduction in risk of death compared to standard care alone. It also extended median survival by more than seven months — a historic feat in this setting, according to investigators at Queen Mary University of London.

Look­ing to move past an R&D fi­as­co, Ipsen poach­es their new CEO from Sanofi

Ipsen has turned to another Paris-based biopharma company for its next CEO.

Sanofi Pasteur chief David Loew — who’s been leading one of the most advanced efforts to develop vaccines for Covid-19 — is making the journey to Ipsen, 5 months after David Meek jumped ship to run a startup in late-stage development.

Loew arrives as Ipsen works to get back on track with their rare bone disease drug palovarotene, picked up in the $1.3 billion Clementia buyout, which was slammed with a partial hold after researchers observed cases of “early growth plate closure” in patients under the age of 14. But they are pushing ahead with the over-14 crowd after writing down slightly more than half of its initial development.

Iron­wood, Ab­b­Vie kick de­layed-re­lease Linzess for­mu­la­tion to the curb af­ter tri­al fail­ure

The delayed-release formulation of Ironwood and Allergan’s bowel drug Linzess will not see the light of day.

The experimental drug, MD-7246, failed to help patients with abdominal pain associated with irritable bowel syndrome with diarrhea (IBS-D) in a mid-stage study, prompting the partners to abandon the therapy.

First approved in 2012, Linzess (known chemically as linaclotide) enhances the activity of the intestinal enzyme guanylate cyclase-C to increase the secretion of intestinal fluid and then transit through the intestinal tract, as well as reduce visceral pain, to relieve pain and constipation associated with IBS.