Canada hands Sanofi, Regeneron their first OK for sarilumab; Rigel raises $40 million

Mark W. Schwartz

• The FDA stiff-armed Sanofi and Regeneron’s rheumatoid arthritis drug sarilumab, but Canadian officials were happy to give the drug its first regulatory green light. The FDA’s CRL was pointed to some manufacturing problems at Sanofi, which it’s been working to overcome.  But most analysts expect a near-term US approval.

• Cerulean $CERU went 0 for 2 in Phase II last year, forcing a restructuring that eliminated half of its jobs. Now the company — which had $38 million in cash at the end of September — is following up with a look at its strategic alternatives.

• South San Francisco-based Rigel Pharmaceuticals has rounded up $40 million from a follow-on offering.

• Under investigation for its marketing practices, the biotech microcap Galena Biopharma $GALE has booted CEO Mark Schwartz.