#ESMO22: After day filled with investor, GSK appetite, SpringWorks brings out the data for cancer drug nearing FDA
On the cusp of asking the FDA to approve its cancer drug for progressing desmoid tumors, SpringWorks is out with a fuller picture of the therapy’s performance in a Phase III trial four months after declaring a topline win.
But before the biotech could disclose those results in a late-breaking oral presentation at ESMO, SpringWorks teed up investor interest with a $225 million private placement and an expanded collaboration with GSK on a Blenrep combination, which includes $75 million in equity and $550 million on the line. Those two deals, padding SpringWorks’ cash reserves until 2026, led to a nearly 6% uptick in the company’s shares {SWTX} Wednesday afternoon.
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