Bay­er trims 2 top ex­ecs, shrinks man­age­ment board; Spring­Works boosts size of IPO

→ Af­ter wel­com­ing J&J deal­mak­er Mar­i­anne De Backer to their team as BD chief a lit­tle more than a week ago, Bay­er an­nounced that it will be re­duc­ing the size of the com­pa­ny’s board of man­age­ment. Hart­mut Klusik and Ke­mal Ma­lik will be hit­ting the ex­it and the com­pa­ny doesn’t plan on re­tain­ing those po­si­tions — tak­ing the board from sev­en to five mem­bers.

Ac­cord­ing to the com­pa­ny, as of Jan­u­ary 1, 2020, the board of man­age­ment will con­sist of chair­man Wern­er Bau­mann, CFO Wolf­gang Nickl and di­vi­sion pres­i­dents Liam Con­don (Crop Sci­ence), Ste­fan Oel­rich (Phar­ma­ceu­ti­cals) and Heiko Schip­per (Con­sumer Health).

→Bain-backed Pfiz­er spin­out Spring­Works Ther­a­peu­tics is rais­ing the pro­posed deal size for its up­com­ing IPO af­ter dis­clos­ing in Au­gust its in­ten­tion to reap a large wind­fall of $115 mil­lion to add to $228 mil­lion from pre­vi­ous fi­nanc­ings, in­clud­ing a $125 mil­lion B round in April. The biotech now plans to of­fer 9 mil­lion shares at a price range of $16 to $18 to raise $153 mil­lion. Spring­Works had pre­vi­ous­ly in­tend­ed to of­fer 7.4 mil­lion shares at the same range. At the mid­point of the re­vised range, Spring­Works Ther­a­peu­tics will raise 22% more in pro­ceeds than pre­vi­ous­ly an­tic­i­pat­ed.

JP Mor­gan, Gold­man Sachs and Cowen are the joint bookrun­ners on the deal. The com­pa­ny plans to list un­der the sym­bol $SWTX.

Lap­Corp’s Co­v­ance Drug De­vel­op­ment unit has cut the rib­bon on a new R&D cen­ter in Shang­hai, a 12,000-square-me­ter fa­cil­i­ty lo­cat­ed at the buzzing Zhangjiang Hi-Tech Park. The new site builds on a long his­to­ry in Chi­na that dates back to 1998, said CEO John Ratliff, and al­lows Co­v­ance to dou­ble up its clin­i­cal de­vel­op­ment, bio­an­a­lyt­i­cal and com­mer­cial­iza­tion ser­vices. Its ear­ly de­vel­op­ment fa­cil­i­ty re­mains in a near­by lo­ca­tion.

→ Gene ther­a­py play­er Ak­ou­os has un­veiled its first pro­gram tar­get­ing  sen­sorineur­al hear­ing loss, ze­ro­ing in on mu­ta­tions in the otofer­lin (OTOF) gene. The pro­gram, AK-OTOF, is de­signed to de­liv­er a healthy copy of the OTOF gene to cochlear hair cells via an AAV vec­tor. Backed by a slate of mar­quee in­vestors in­clud­ing 5AM and New En­ter­prise As­so­ci­ates, Ak­ou­os is con­duct­ing IND-en­abling work for the ex­per­i­men­tal treat­ment.

Back in No­vem­ber of 2018, Syg­na­ture Dis­cov­ery — a drug dis­cov­ery and pre­clin­i­cal ser­vices com­pa­ny with re­search fa­cil­i­ties in the UK — an­nounced the es­tab­lish­ment of its first US of­fice in Har­vard Square, Cam­bridge, Mass­a­chu­setts. The com­pa­ny is now mov­ing the of­fice a cou­ple miles down from the orig­i­nal lo­ca­tion to Kendall Square, the heart of the Cam­bridge–Boston biotech hub.

Scott Gottlieb, AP Images

Scott Got­tlieb is once again join­ing a team that en­joyed good times at the FDA un­der his high-en­er­gy stint at the helm

Right after jumping on Michael Milken’s FasterCures board on Monday, the newly departed FDA commissioner is back today with news about another life sciences board post that gives him a ringside chair to cheer on a lead player in the real-world evidence movement — one with very close ties to the FDA.

Aetion is reporting this morning that Gottlieb is joining their board, a group that includes Mohamad Makhzoumi, a general partner at New Enterprise Associates, where Gottlieb returned after stepping out of his role at the FDA 2 years after he started.

Gottlieb — one of the best connected execs in biopharma — knows this company well. As head of FDA he championed the use of real-world evidence to help guide drug developers and the agency in gaining greater efficiencies, which helped set up Aetion as a high-profile player in the game.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 59,700+ biopharma pros reading Endpoints daily — and it's free.

Deborah Dunsire. Lundbeck

UP­DAT­ED: Deb­o­rah Dun­sire is pay­ing $2B for a chance to leap di­rect­ly in­to a block­buster show­down with a few of the world's biggest phar­ma gi­ants

A year after taking the reins as CEO of Lundbeck, Deborah Dunsire is making a bold bid to beef up the Danish biotech’s portfolio of drugs in what will likely be a direct leap into an intense rivalry with a group of giants now carving up a growing market for new migraine drugs.

Bright and early European time Monday morning the company announced that it will pay up to about $2 billion to buy Alder, a little biotech that is far along the path in developing a quarterly IV formulation of a CGRP drug aimed at cutting back the number of crippling migraines patients experience each month. In a followup call, Dunsire also noted that the company will likely need 200 to 250 reps for this marketing task on both sides of the Atlantic. And analysts were quick to note that the dealmaking at Lundbeck isn’t done, with another $2 billion to $3 billion available for more deals to beef up the pipeline.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 59,700+ biopharma pros reading Endpoints daily — and it's free.

San Diego cou­ple charged with steal­ing trade se­crets, open­ing Chi­nese biotech as DOJ crack­down con­tin­ues

A San Diego couple has been charged with stealing trade secrets from a US hospital and opening a business based off those secrets in China as the controversial industry-wide crackdown on alleged corporate espionage continues. On the same day, the Department of Justice announced they had arrested Beijing representative Zhongsan Liu for allegedly trying to obtain research visas for government recruiters.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 59,700+ biopharma pros reading Endpoints daily — and it's free.

UP­DAT­ED: Bio­gen pulls the plug on prized IPF drug from $562M+ Stromedix buy­out

One of Biogen’s attempts to branch out has flopped as the biotech scraps a mid-stage program for idiopathic pulmonary fibrosis.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 59,700+ biopharma pros reading Endpoints daily — and it's free.

Tower Bridge in London [Shutterstock]

#UK­BIO19: Join GSK’s Hal Bar­ron and a group of top biotech ex­ecs for our 2nd an­nu­al biotech sum­mit in Lon­don

Over the past 10 years I’ve made a point of getting to know the Golden Triangle and the special role the UK biopharma industry plays there in drug development. The concentration of world class research institutes, some of the most accomplished scientists I’ve ever seen at work and a rising tide of global investment cash leaves an impression that there’s much, much more to come as biotech hubs are birthed and nurtured.

It’s fi­nal­ly over: Bio­gen, Ei­sai scrap big Alzheimer’s PhI­I­Is af­ter a pre­dictable BACE cat­a­stro­phe rais­es safe­ty fears

Months after analysts and investors called on Biogen and Eisai to scrap their BACE drug for Alzheimer’s and move on in the wake of a string of late-stage failures and rising safety fears, the partners have called it quits. And they said they were dropping the drug — elenbecestat — after the independent monitoring board raised concerns about…safety.

We don’t know exactly what researchers found in this latest catastrophe, but the companies noted in their release that investigators had determined that the drug was flunking the risk/benefit analysis.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 59,700+ biopharma pros reading Endpoints daily — and it's free.

Warts for the win: Aclar­is' lead drug clears piv­otal study

Aclaris Therapeutics has found a way to get rid of the warts and all.

The company — which earlier this month decided to focus on its arsenal of kinase inhibitors — on Monday unveiled positive data from a pivotal study testing its lead experimental drug for use in common warts.

The drug, A-101, was tested in a 502-patient study called THWART-2 — patients enrolled had one to six warts before qualifying for the trial. Patients either self-administered A-101 topical solution or a vehicle twice a week over a two-month period. A higher proportion of patients on the drug (a potent hydrogen peroxide topical solution) saw their warts disappear at day 60, versus the vehicle (p<0.0001) — meeting the main goal of the study.  Each secondary endpoint also emerged in favor of A-101, the company said.

Charles Nichols, LSU School of Medicine

Could psy­che­delics tack­le the obe­si­ty cri­sis? A long­time re­searcher in the field says his lat­est mouse study sug­gests po­ten­tial

Psychedelics have experienced a renaissance in recent years amid a torrent of preclinical and clinical research suggesting it might provide a path to treat mood disorders conventional remedies have only scraped at. Now a preclinical trial from a young biotech suggests at least one psychedelic compound has effects beyond the mind, and — if you believe the still very, very early hype — could provide the first single remedy for some of the main complications of obesity.

Ac­celeron drops a de­vel­op­ment pro­gram as #2 drug fails to spark func­tion­al ben­e­fits in pa­tients with a rare neu­ro­mus­cu­lar ail­ment

Acceleron is scrapping a muscular dystrophy development program underway for its number 2 drug in the pipeline after pouring over some failed mid-stage secondary data.

Gone is the ACE-083 project in patients with facioscapulohumeral muscular dystrophy. Their drug hit the primary endpoint on building muscle but flopped on key secondaries for functional improvements in patients, which execs felt was vital to the drug’s success.