Bi­cy­cle rais­es $61M in down­sized IPO, join­ing fel­low biotechs on Nas­daq who have hauled in $1.6B col­lec­tive­ly

A splashy syn­di­cate, some big name part­ner­ships and a tech­nol­o­gy de­signed to de­liv­er a ther­a­peu­tic pay­load more pre­cise­ly have en­ticed pub­lic in­vestors to Bi­cy­cle Ther­a­peu­tics’ Nas­daq de­but, which to­taled at $61 mil­lion.

The biotech priced its down­sized IPO $BCYC — in which in­sid­ers pur­chased up to $25 mil­lion — at $14, the low end of the range, a month af­ter pen­cil­ing in $86 mil­lion in the S-1.

With roots in Cam­bridge, UK dat­ing back to 2009, Bi­cy­cle has a foot plant­ed in the big Boston/Cam­bridge hub on the oth­er side of the At­lantic. It owes its name on the syn­thet­ic short pep­tides it’s de­vel­op­ing, which are made up of 9 to 15 amino acids and cre­ate two loops like the wheels of a bi­cy­cle. The the­o­ry is that the small­er struc­ture and ad­justable half-life al­lows their drugs to do their job — drop­ping a pay­load ei­ther aimed at a dis­ease tar­get or an im­mune re­sponse — and get out of the body quick­er than an­ti­bod­ies, low­er­ing the hur­dle on tox­i­c­i­ty.

Kevin Lee Bi­cy­cle

That ap­proach, CEO Kevin Lee con­tends, is ap­plic­a­ble in both its in-house on­col­o­gy work as well as the res­pi­ra­to­ry field (where As­traZeneca has signed up to col­lab­o­rate) and non-ma­lig­nant hema­tol­ogy (with a deal with Sanofi’s Biover­a­tiv to tout).

Bi­cy­cle has raised $147 mil­lion in cash so far for its large­ly pre­clin­i­cal dri­ve from pacts and VCs, with a big as­sist from the cor­po­rates in­clud­ing No­var­tis and SR One, still a part of GSK. Ver­tex, SV and At­las are al­so in for some eq­ui­ty.

It marks the 16th IPO of 2019 in the run-up to a half-year tal­ly, con­tribut­ing to a to­tal of $1.6 bil­lion raised so far. For com­par­i­son, a buoy­ant 2018 saw 32 biotechs go pub­lic in the first two quar­ters, com­pared to 16 in 2017 and 17 in 2016.

Im­age: Shut­ter­stock

Novartis CEO Vas Narasimhan [via Bloomberg/Getty]

I’m not per­fect: No­var­tis chief Vas Narasimhan al­most apol­o­gizes in the wake of a new cri­sis

Vas Narasimhan has warily stepped up with what might pass as something close to a borderline apology for the latest scandal to engulf Novartis.

But he couldn’t quite get there.

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Levi Garraway. Broad Institute via Youtube

Roche raids Eli Lil­ly for its next chief med­ical of­fi­cer as San­dra Horn­ing plans to step down

We found out Monday morning where Levi Garraway was headed after he left Eli Lilly as head of oncology R&D a few days ago. Roche named Garraway as their new chief medical officer, replacing Sandra Horning, who they say is retiring from the company.

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Af­ter a posse of Wall Street an­a­lysts pre­dict a like­ly new win for Sarep­ta, we're down to the wire on a crit­i­cal FDA de­ci­sion

As Bloomberg notes, most of the Wall Street analysts that cover Sarepta $SRPT are an upbeat bunch, ready to cheer on the team when it comes to their Duchenne MD drugs, or offer explanations when an odd setback occurs — as happened recently with a safety signal that was ‘erroneously’ reported last week.

Ritu Baral Cowen
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Saqib Islam. CheckRare via YouTube

Spring­Works seeks $115M to push Pfiz­er drugs across fin­ish line while Sat­suma sells mi­graine play in $86M IPO

SpringWorks and Satsuma — both biotech spinouts that have closed B rounds in April — are loading up with IPO cash to boost their respective late-stage plans.

Bain-backed SpringWorks is the better-known company of the two, and it’s gunning for a larger windfall of $115 million to add to $228 million from previous financings. In the process, the Stamford, CT-based team is also drawing the curtains on the partnerships it has in mind for the pair of assets it had initially licensed from Pfizer.

Mi­nor­i­ty racial groups con­tin­ue to be dis­mal­ly rep­re­sent­ed in can­cer tri­als — study

Data reveal that different racial and ethnic groups — by nature and/or nurture — can respond differently in terms of pharmacokinetics, efficacy, or safety to therapeutics, but this disparity is not necessarily accounted for in clinical trials. A fresh analysis of the last decade of US cancer drug approvals suggests the trend continues, cementing previous research that suggests oncology trials are woefully under-representative of the racial makeup of the real world.

Van­da shares slide af­ter FDA spurns their big end­point and re­jects a pitch on jet lag re­lief

Back in the spring of last year, Vanda Pharmaceuticals $VNDA served up a hot stew of mixed data for a slate of endpoints related to what they called clear evidence that their melatonin sleep drug Hetlioz (tasimelteon) could help millions of travelers suffering from jet lag.

Never mind that they couldn’t get a planned 90 people in the study, settling for 25 instead; Vanda CEO Mihael H. Polymeropoulos said they were building on a body of data to prove it would help jet-lagged patients looking for added sleep benefits. And that, they added, would be worth a major upgrade from the agency as they sought to tackle a big market.

Jim Mellon [via YouTube]

Health­i­er, longer lifes­pans will be a re­al­i­ty soon­er than you think, Ju­ve­nes­cence promis­es as it clos­es $100M round

Earlier this year, an executive from Juvenescence-backed AgeX predicted the field of longevity will eventually “dwarf the dotcom boom.” Greg Bailey, the UK-based anti-aging biotech’s CEO, certainly hopes so.

On Monday, Juvenescence completed its $100 million Series B round of financing. The company is backed by British billionaire Jim Mellon — who wrote his 400-page guide to investing in the field of longevity shortly after launching the company in 2017. Bailey, who served as a board director for seven years at Medivation before Pfizer swallowed the biotech for $14 billion, is joined by Declan Doogan, an industry veteran with stints at Pfizer $PFE and Amarin $AMRN.

AveX­is sci­en­tif­ic founder was axed — and No­var­tis names a new CSO in wake of an ethics scan­dal

Now at the center of a storm of controversy over its decision to keep its knowledge of manipulated data hidden from regulators during an FDA review, Novartis CEO Vas Narasimhan has found a longtime veteran in the ranks to head the scientific work underway at AveXis, where the incident occurred. And the scientific founder has hit the exit.

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Ab­b­Vie gets its FDA OK for JAK in­hibitor upadac­i­tinib, but don’t look for this one to hit ex­ecs’ lofty ex­pec­ta­tions

Another big drug approval came through on Friday afternoon as the FDA OK’d AbbVie’s upadacitinib — an oral JAK1 inhibitor that is hitting the rheumatoid arthritis market with a black box warning of serious malignancies, infections and thrombosis reflecting fears associated with the class.

It will be sold as Rinvoq — at a wholesale price of $59,000 a year — and will likely soon face competition from a drug that AbbVie once controlled, and spurned. Reuters reports that a 4-week supply of Humira, by comparison, is $5,174, adding up to about $67,000 a year.