Bicycle sets terms for $65M IPO; Lilly's Cyramza wins fifth cancer approval
→ Oncology company Bicycle Therapeutics, which has put its faith in synthetic short peptides that it believes can deliver a payload better than antibodies, has broken out the terms of its IPO. The Cambridge, United Kingdom-based company plans to offer 4.3 million American Depositary Shares (ADSs) in the price range of $14 to $16 to raise $65 million, it said in a filing on Monday. Bicycle, which was founded in 2009 and has raised $147 million in cash already, plans to list under the symbol BCYC.
→ Lilly’s $LLY cancer drug Cyramza is losing its boxed warning — highlighting the risk hemorrhage, gastrointestinal perforation and impaired wound healing — courtesy of the FDA, which also expanded the use of the drug for certain patients with hepatocellular carcinoma. This is the fifth approval for the drug for a type of advanced or metastatic cancer, which generated $821.4 million last year.
→ Vifor Pharma announced today that the primary endpoint in their Phase II AMBER study was met. The company says that the study showed that a significantly higher proportion of patients with resistant hypertension (RHTN) and chronic kidney disease (CKD) taking Veltassa (patiromer) —which enables spironolactone for blood pressure management by controlling blood potassium levels — remained on spironolactone therapy compared to patients taking placebo at week 12. The data were presented at the 2019 National Kidney Foundation (NKF) Congress in Boston, Massachusetts.