Boehringer Ingelheim to cash out Hikma stake; Breast cancer biotech sets terms for IPO
→ Boehringer Ingelheim is offloading a major chunk of its holding in Hikma, proposing to sell 28 million out of 40 million shares of the London-listed drugmaker. The stake is valued at nearly £1 billion, and Hikma has committed to buying no more than £295 million of it — which would amount to 4.99% of its stock’s value at the time the deal was unveiled. The German pharma giant had obtained these shares when it sold Roxane Laboratories to Hikma in 2016.
→ Stafford, TX-based Greenwich LifeSciences has set the price range for its IPO at $7.5 to $8.5, planning to raise $21 million by selling 2.7 million shares. Its lead drug is an immunotherapy designed to prevent the recurrence of breast cancer following surgery — with a Phase III planned for this year. At the midpoint of the range, the valuation would be $106 million.
→ Century Therapeutics is bringing Empirica Therapeutics and its glioblastoma expertise into the family. Founded by researchers at McMaster Children’s Hospital and the University of Toronto, Empirica has identified new targets for engineered immune cells to home in on. It will now become a subsidiary called Century Therapeutics Canada.