J&J, Bayer agree to $775M payout to settle Xarelto litigation; Biogen launches $5B buyback in the wake of a disaster; Hookipa pitches $86M IPO
→ Right on deadline this morning we learned that J&J and Bayer have reached a deal to settle their outstanding litigation on Xarelto with a lump $775 million settlement. The two companies were accused of failing to warn patients properly of the bleeding risk associated with the blood thinner. The legal war has been ongoing for 5 years.
→ With its share price beaten down brutally at the end of last week following the collapse of its Phase III Alzheimer’s work, a shaken Biogen is countering its misfortunes with a $5 billion buyback campaign.
→ Nine months after Gilead came in with a $400 million alliance, Vienna-based Hookipa Biotech has waded out with an $86 million IPO filing. Hookipa has focused on cytomegalovirus infection for its main in-house program while angling in on immune-oncology and a T cell attack on cancer. Gilead has been interested in using the same tech for hep B. The biotech plans to trade as $HOOK.
→ Several months after raising $46 million for its work revolving around NLRP3, Inflazome has scored a grant from The Michael J. Fox Foundation for Parkinson’s Research to develop an imaging tool. Specifically, the biotech will use $1 million to develop a NLRP3-specific PET tracer to show whether drugs are binding to target inflammasomes in the brain.
→ CanSino, one of the first biotechs to line up at the HKEX after the stock exchange opened up to pre-revenue biotechs, is finally closing in on its IPO. Known domestically for an Ebola vaccine approved in China, the vaccine specialist is planning to raise as much as $160 million and begin trading on March 28, according to Caixin. LAV Amber, OrbiMed and a fund tied to the Tianjin provincial government (where CanSino is based) are the cornerstone investors.
→ While Sanofi and Lexicon were hit by the FDA’s rejection of their type 1 diabetes drug, AstraZeneca’s SGLT2 drug Forxiga has been approved in Europe. The pharma giant says this is the first oral supplement to insulin in this particular market.