Rafaèle Tordjman (Jeito)

Dou­bling down on Sanofi's French roots, Paul Hud­son in­fus­es €50M in­to Jeito Cap­i­tal to boost home­grown biotechs

Paul Hud­son head­ed in­to the Élysée Palace, sum­moned by French Pres­i­dent Em­man­u­al Macron, in deep trou­ble with the coun­try’s gov­ern­ing elites who were of­fend­ed by his sug­ges­tion that the US would get first dibs on Sanofi’s Covid-19 vac­cines.

Paul Hud­son

The CEO emerged, as it would be an­nounced a month lat­er in June, with a plan to in­vest in vac­cine R&D in its home coun­try and a bold de­c­la­ra­tion that “Sanofi’s heart beats in France.”

In keep­ing with those promis­es, he’s in­ject­ing €50 mil­lion in­to France-based Jeito Cap­i­tal — an­oth­er first ac­cord­ing to the pri­vate VC firm.

Rafaèle Tord­j­man, the Sofinno­va vet who launched Jeito this Jan­u­ary with €200 mil­lion, be­lieves it’s not just the Eu­ro­pean fo­cus that at­tract­ed the phar­ma gi­ant. She is spe­cif­ic about back­ing star­tups that can beat an ac­cel­er­at­ed path to mar­ket (“you lose one year of patent, you lose one year of peak sales”), but not picky about the stage of the com­pa­ny.

“Our mod­el is to go faster for the pa­tient, fur­ther with the en­tre­pre­neur,” she told End­points News.

And she has as­sem­bled a “mul­ti-tal­ent­ed team that’s com­ing across the whole val­ue chain from trans­la­tion­al sci­ence to mar­ket ac­cess” to get biotech ex­ecs think­ing about tri­al de­sign, pric­ing and re­im­burse­ment, both in Eu­rope and the US, right away.

Tord­j­man leads the Paris of­fice along­side J&J vet Sabine Dandigu­ian, while Rachel Mears, who led busi­ness strat­e­gy and op­er­a­tions at For­est Labs be­fore it be­came Al­ler­gan, works in New York. The three op­er­a­tional in­vestors bring ex­pe­ri­ence as a re­pro­duc­tive health-fo­cused biotech vet, a re­searcher on G pro­tein cou­pled re­cep­tors, and a for­mer head of trans­ac­tions and al­liance man­age­ment at GSK, re­spec­tive­ly.

With the ex­cep­tion of ul­tra ear­ly-stage fund­ing, Tord­j­man said Jeito is open to fol­low­ing a com­pa­ny all the way to post-IPO, ded­i­cat­ing $80 mil­lion per deal over the years.

Amer­i­can in­vestors such as RA Cap­i­tal and Bain Life Sci­ences are em­brac­ing what she calls con­ti­nu­ity in­vest­ing, Tord­j­man said. That kind of evo­lu­tion from siloed bets, in her opin­ion, is much need­ed in Eu­rope.

An­oth­er change she wants to pro­mote at Jeito: as­sur­ing en­tre­pre­neurs they can dare to be more am­bi­tious.

“It’s why I was hap­py with Neo­gene, be­cause it is a Eu­ro­pean deal, but à la US, à la Amer­i­can way, to show oth­er Eu­ro­pean com­pa­nies: Let’s do that,” she said, re­fer­ring to the $110 mil­lion Se­ries A that Arie Bellde­grun and David Chang helped put to­geth­er for Ton Schu­mach­er’s cell ther­a­py start­up. “Al­ways a ques­tion I love to ask en­tre­pre­neurs [is] in an ide­al world, you have all the mon­ey you want, what you will do.”

Jeito — a play on a Brazil­ian word evok­ing the spir­it of “if there’s a will, there’s a way” — has seen a steady in­flow of deals, and both Neo­gene and Spar­ingVi­sion, a Paris-based oph­thal­mol­o­gy play­er, were se­lect­ed out of 250 or so they’ve re­viewed as of Oc­to­ber. Deals #3 and #4 are on their way, Tord­j­man sug­gest­ed.

For Hud­son, it all bodes well for giv­ing Sanofi ac­cess to the very best med­ical in­no­va­tion in the re­gion out­side of its BD ef­forts and ven­ture arm.

“We strong­ly be­lieve in the po­ten­tial of France and Eu­rope to be­come a world-class hub for in­no­va­tion in life sci­ences, which just needs the ap­pro­pri­ate con­di­tions and a stim­u­lat­ing en­vi­ron­ment in or­der to thrive,” he said in a state­ment.

Biogen CEO Michel Vounatsos (via Getty Images)

With ad­u­canum­ab caught on a cliff, Bio­gen’s Michel Vounatsos bets bil­lions on an­oth­er high-risk neu­ro play

With its FDA pitch on the Alzheimer’s drug aducanumab hanging perilously close to disaster, Biogen is rolling the dice on a $3.1 billion deal that brings in commercial rights to one of the other spotlight neuro drugs in late-stage development — after it already failed its first Phase III.

The big biotech has turned to Sage Therapeutics for its latest deal, close to a year after the crushing failure of Sage-217, now dubbed zuranolone, in the MOUNTAIN study.

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Pascal Soriot (AP Images)

As­traZeneca, Ox­ford on the de­fen­sive as skep­tics dis­miss 70% av­er­age ef­fi­ca­cy for Covid-19 vac­cine

On the third straight Monday that the world wakes up to positive vaccine news, AstraZeneca and Oxford are declaring a new Phase III milestone in the fight against the pandemic. Not everyone is convinced they will play a big part, though.

With an average efficacy of 70%, the headline number struck analysts as less impressive than the 95% and 94.5% protection that Pfizer/BioNTech and Moderna have boasted in the past two weeks, respectively. But the British partners say they have several other bright spots going for their candidate. One of the two dosing regimens tested in Phase III showed a better profile, bringing efficacy up to 90%; the adenovirus vector-based vaccine requires minimal refrigeration, which may mean easier distribution; and AstraZeneca has pledged to sell it at a fraction of the price that the other two vaccine developers are charging.

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Jason Kelly, Ginkgo Bioworks CEO (Kyle Grillot/Bloomberg via Getty Images)

Af­ter Ko­dak de­ba­cle, US lends $1.1B to a syn­thet­ic bi­ol­o­gy com­pa­ny and their big Covid-19, mR­NA plans

In mid-August, as Kodak’s $765 million government-backed push into drug manufacturing slowly fell apart in national headlines, Ginkgo Bioworks CEO Jason Kelly got a message from his company’s government liaison: HHS wanted to know if they, too, might want a loan.

The government’s decision to lend Kodak three quarters of a billion dollars raised eyebrows because Kodak had never made drugs before. But Ginkgo, while not a manufacturing company, had spent the last decade refining new ways to produce materials inside cells and building automated facilities across Boston.

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Michelle Longmire, Medable CEO (Jeff Rumans)

Med­able gets $91M for vir­tu­al clin­i­cal tri­als, bring­ing to­tal raise to $136M

As biotechs look to get clinical studies back on track amid the pandemic, Medable returned to the venture well for the second time this year, bagging a $91 million Series C to build out its virtual trial platform.

The software provider recently launched three new apps for decentralizing clinical trials, and saw a 500% revenue spike this year. And it isn’t alone. Back in August, Science 37 secured a $40 million round for its virtual trial tech, with support from Novartis, Sanofi Ventures and Amgen. Patients and researchers are taking a liking to the online approach, suggesting regulators could allow it to become a new normal even after the pandemic is over.

Feng Tian, Ambrx CEO (Ambrx)

Af­ter 5 qui­et years, a for­mer Scripps spin­out rais­es $200M and an­nounces plans to try again at an IPO

The first time San Diego biotech Ambrx tried to go public in 2014, they failed and the company’s board switched to a radically different strategy: They sold themselves for an undisclosed amount to a syndicate of Chinese investors and pharma companies.

Now, after 5 quiet years, that syndicate has raised a mountain of cash and indicated they’ll soon make another bid to go public.

Earlier this month, Ambrx raised $200 million in what they billed as a crossover round financed by Fidelity, BlackRock, Cormorant Asset Management, HBM Healthcare Investments, Invus, Adage Capital Partners and Suvretta Capital Management. It’s the largest amount they’ve ever raised and, according to Crunchbase figures, more than doubles the total amount of VC capital collected since their launch 17 years ago.

The ad­u­canum­ab co­nun­drum: The PhI­II failed a clear reg­u­la­to­ry stan­dard, but no one is cer­tain what that means any­more at the FDA

Eighteen days ago, virtually all of the outside experts on an FDA adcomm got together to mug the agency’s Billy Dunn and the Biogen team when they presented their upbeat assessment on aducanumab. But here we are, more than 2 weeks later, and the ongoing debate over that Alzheimer’s drug’s fate continues unabated.

Instead of simply ruling out any chance of an approval, the logical conclusion based on what we heard during that session, a series of questionable approvals that preceded the controversy over the agency’s recent EUA decisions has come back to haunt the FDA, where the power of precedent is leaving an opening some experts believe can still be exploited by the big biotech.

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John Maraganore, Alnylam CEO (Scott Eisen/Bloomberg via Getty Images)

Al­ny­lam gets the green light from the FDA for drug #3 — and CEO John Maraganore is ready to roll

Score another early win at the FDA for Alnylam.

The FDA put out word today that the agency has approved its third drug, lumasiran, for primary hyperoxaluria type 1, better known as PH1. The news comes just 4 days after the European Commission took the lead in offering a green light.

An ultra rare genetic condition, Alnylam CEO John Maraganore says there are only some 1,000 to 1,700 patients in the US and Europe at any particular point. The patients, mostly kids, suffer from an overproduction of oxalate in the liver that spurs the development of kidney stones, right through to end stage kidney disease.

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Bob Nelsen (Photo by Michael Kovac/Getty Images)

Bob Nelsen rais­es $800M and re­cruits a star-stud­ded board to build the 'Fox­con­n' of biotech

Bob Nelsen spent his pandemic spring in his Seattle home, talking on the phone with Luciana Borio, the scientist who used to run pandemic preparedness on the National Security Council, and fuming with her about the dire state of American manufacturing.

Companies were rushing to develop vaccines and antibodies for the new virus, but even if they succeeded, there was no immediate supply chain or infrastructure to mass-produce them in a way that could make a dent in the outbreak.

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Peter Thiel (Riccardo Savi/Sipa via AP Images)

Tech bil­lion­aire Pe­ter Thiel backs a lead­ing psy­che­del­ic drug de­vel­op­er

Right on the heels of investing in antibody drug developer AbCellera, Facebook billionaire Peter Thiel has jumped into a syndicate putting up $125 million for a company with a portfolio of psychedelic drugs in the clinic for mental health.

The C round — which includes a $32 million conversion of notes to equity — will fuel the development programs at ATAI Life Sciences, a Berlin-based biotech that has assembled a portfolio of companies with psychedelic and non-psychedilc approaches to depression, anxiety and addiction.

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