De­men­tia Dis­cov­ery Fund clos­es $350M, re­cruits Cel­gene ex­ec as CEO; Ex-Lazard banker Ian Woo joins C-Bridge and Ever­est

→ With a fresh $60 mil­lion in­vest­ment from US AARP, the De­men­tia Dis­cov­ery Fund has of­fi­cial­ly closed its $350 mil­lion fundrais­ing round. The to­tal sur­passed the group’s ini­tial tar­get of $200 mil­lion. The DDF says it’s the first and largest fund ded­i­cat­ed to de­men­tia, in­clud­ing Alzheimer’s dis­ease. The fund is man­aged by SV Health and was formed with col­lab­o­ra­tion from Bio­gen, Eli Lil­ly, GSK, J&J, Ot­su­ka (As­tex), Pfiz­er and Take­da, the UK De­part­ment of Health and So­cial Care and the char­i­ty Alzheimer’s Re­search UK. Since the group’s launch in 2015, its made 16 in­vest­ments.

With its fresh in­fu­sion of cash, the DDF al­so an­nounced a new CEO in An­gus Grant, the for­mer cor­po­rate vice pres­i­dent of busi­ness de­vel­op­ment at Cel­gene.

“An­gus has a huge amount of ex­pe­ri­ence in iden­ti­fy­ing, de­vel­op­ing, fund­ing, reg­u­lat­ing and deal mak­ing with nov­el ther­a­pies in­ter­na­tion­al­ly and we look for­ward to the sig­nif­i­cant guid­ance and ex­per­tise that he will bring,” said Kate Bing­ham, man­ag­ing part­ner at SV Health In­vestors, in a state­ment.

C-Bridge Cap­i­tal has re­cruit­ed Ian Woo, a man­ag­ing di­rec­tor of glob­al health­care group Lazard, to serve as the com­pa­ny’s man­ag­ing di­rec­tor. Woo will al­so serve as pres­i­dent and CEO of Ever­est Med­i­cines, one of C-Bridge’s port­fo­lio com­pa­nies. “Ian has a proven track record of man­ag­ing cross-bor­der trans­ac­tions,” said Fu Wei, CEO of C-Bridge Cap­i­tal, in a state­ment. “As part of our team, he will help lead the ac­cel­er­a­tion of Ever­est’s li­cens­ing and de­vel­op­ment ef­forts for bio­phar­ma­ceu­ti­cal as­sets from the U.S. and Eu­rope for com­mer­cial­iza­tion in Chi­na and neigh­bor­ing Asian mar­kets.”

Jar­diance, the SGLT2 drug ap­proved for Type 2 di­a­betes has now come through on two stud­ies in­volv­ing Type 1 pa­tients. Eli Lil­ly $LLY and Boehringer say they’ll now ex­plore their reg­u­la­to­ry op­tions, stop­ping short of say­ing they’ll file for an OK.

Ver­tex $VRTX has long had a hard time con­vinc­ing sin­gle pay­ers in Eu­rope to pay up for their cys­tic fi­bro­sis drug Orkam­bi. Now New York state of­fi­cials are get­ting in­to the act, say­ing the cost of this drug just doesn’t mea­sure up to the lim­it­ed ef­fi­ca­cy. 

A fa­vorite in Alex­ion’s C-suite is leav­ing, and some mighty sur­prised an­a­lysts aren’t the least bit hap­py about it

Analysts hate to lose a biotech CFO they’ve come to trust and admire — especially if they’re being blindsided by a surprise exit.

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David Grainger [file photo]

'Dis­con­nect the bas­tard­s' — one biotech's plan to break can­cer cell­s' uni­fied de­fens­es

Chemotherapy and radiotherapy are the current gladiators of cancer treatment, but they come with well-known limitations and side-effects. The emergence of immunotherapy — a ferocious new titan in oncologist’s toolbox — takes the brakes off the immune system to kill cancer cells with remarkable success in some cases, but the approach is not always effective. What makes certain forms of cancer so resilient? Scientists may have finally pieced together a tantalizing piece of the puzzle, and a new biotech is banking on a new approach to fill the gap.

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While No­var­tis ban­ish­es Zol­gens­ma scan­dal scars — Bio­gen goes on a Spin­raza 'of­fen­sive'

While Novartis painstakingly works to mop up the stench of the data manipulation scandal associated with its expensive gene therapy for spinal muscular atrophy (SMA) Zolgensma— rival Biogen is attempting to expand the use of its SMA therapy, Spinraza. 

The US drugmaker $BIIB secured US approval for Spinraza for use in the often fatal genetic disease in 2016. The approval covered a broad range of patients with infantile-onset (most likely to develop Type 1) SMA. 

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Eye­ing big ther­a­peu­tic push, Gink­go bags $290M to build a cell pro­gram­ming em­pire

Ginkgo Bioworks is on a roll. Days after publicizing a plan to nurture new startups via partnerships with accelerators Y Combinator and Petri, the Boston biotech says it has raised another $290 million for its cell programming platform to reach further and wider.

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UP­DAT­ED: Speak­er Nan­cy Pelosi to un­veil bill for fed­er­al­ly ne­go­ti­at­ed drug prices

After months of buzz from both sides of the aisle, Speaker Nancy Pelosi will today introduce her plan to allow the federal government to negotiate prices for 250 prescription drugs, setting up a showdown with a pharmaceutical industry working overtime to prevent it.

The need to limit drug prices is a rare point of agreement between President Trump and Democrats, although the president has yet to comment on the proposal and will likely face pressure to back a more conservative option or no bill at all. Republican Senator Chuck Grassley is reportedly lobbying his fellow party members on a more modest proposal he negotiated with Democratic Senator Ron Wyden in July.

Jeff Kindler's Cen­trex­ion re­news bid to make pub­lic de­but

Jeffrey Kindler’s plan to take his biotech — which is developing a slate of non-opioid painkillers — public, is back on.

The Boston based company, led by former Pfizer $PFE chief Kindler, originally contemplated a $70 million to $80 million IPO last year— but eventually postponed that strategy. On Wednesday, the company revived its bid to make a public debut in a filing with the SEC — although no pricing details were disclosed.

Zachary Hornby. Boundless

'A fourth rev­o­lu­tion in can­cer ther­a­pies': ARCH-backed Bound­less Bio flash­es big check, makes big­ger promis­es in de­but

It was the cellular equivalent of opening your car door and finding an active, roaring engine in the driver seat.

Scientists learned strands of DNA could occasionally appear outside of its traditional home in the nucleus in the 1970s, when they appeared as little, innocuous circles on microscopes; inexplicable but apparently innate. But not until UC San Diego’s Paul Mischel published his first study in Science in 2014 did researchers realize these circles were not only active but potentially overactive and driving some cancer tumors’ superhuman growth.

It’s fi­nal­ly over: Bio­gen, Ei­sai scrap big Alzheimer’s PhI­I­Is af­ter a pre­dictable BACE cat­a­stro­phe rais­es safe­ty fears

Months after analysts and investors called on Biogen and Eisai to scrap their BACE drug for Alzheimer’s and move on in the wake of a string of late-stage failures and rising safety fears, the partners have called it quits. And they said they were dropping the drug — elenbecestat — after the independent monitoring board raised concerns about…safety.

We don’t know exactly what researchers found in this latest catastrophe, but the companies noted in their release that investigators had determined that the drug was flunking the risk/benefit analysis.

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Mer­ck helps bankroll new part­ner Themis' game plan to fin­ish the chikun­gun­ya race and be­gin on­colyt­ic virus quest

As Themis gears up for a Phase III trial of its chikungunya vaccine, the Vienna-based biotech has closed out €40 million ($44 million) to foot the clinical and manufacturing bills.

Its heavyweight partners at Merck — which signed a pact around a mysterious “blockbuster indication” last month — jumped into the Series D, led by new investors Farallon Capital and Hadean Ventures. Adjuvant Capital also joined, as did current investors Global Health Investment Fund, aws Gruenderfonds, Omnes Capital, Ventech and Wellington Partners Life Sciences.