Exelixis, Storm join up in collaboration and license agreement; Teligent files for bankruptcy
Exelixis and RNA-focused biotech Storm Therapeutics entered into an exclusive collaboration and license agreement, the companies jointly announced today.
The deal is for discovering and advancing oncology candidates — initially focusing on ADAR1 and then exploring an undisclosed target.
Exelixis will pay Storm $17 million upfront and provide research funding, in exchange for licensing two of Storm’s discovery programs targeting RNA modifying enzymes, including ADAR1.
Exelixis will also be solely responsible for global development, manufacturing and commercializing any resulting molecules. Storm will be eligible for milestone payments as well as tiered royalties on sales of any commercialized compound done under the collaboration.
“We believe this collaboration has the potential to expand our portfolio of differentiated small molecule therapies in the field of oncology and deliver a first-in-class ADAR1 inhibitor,” said Exelixis executive VP of scientific strategy and CSO Peter Lamb.
Teligent files for Chapter 11 bankruptcy
New Jersey pharma company Teligent filed for bankruptcy this morning.
The pharma, which recently recalled its local anesthetic for being too potent, filed for voluntary protection under Chapter 11 of the US Bankruptcy Code in the Bankruptcy court in Delaware. There, they intend to sell the company.
To that end, Teligent started marketing before filing to determine market interest. Discussions regarding the sale are ongoing with “interested parties,” according to a report from RTT News.
The share price took a dive after the market opened as $TLGT went down more than 30%, coming in at just 17 cents a share.
The company expects to sell the entirety of the business or its main assets by early next year. Teligent’s Canadian affiliate, Teligent Canada, will be pursuing a sale process outside of court.
ACB raises $10 million more for MYC and contact inhibition restoration research
Chinese oncology biotech Anticancer Bioscience (ACB) announced more than $10 million raised today in seed extension funding from new Chinese investors, led by Three Rivers Capital.
The biotech, which was founded earlier this year and has now raised more than $31 million, will use the money to move preclinical development forward on two programs: MYC-synthetic lethality and contact inhibition restoration.
“It underlines our progress over the past months and will help accelerate our five drug discovery programs through optimization to candidate selection and IND enabling studies,” said ACB founder, president and CEO Dun Yang in a statement. “We aim to initiate two clinical trials in 2022.”
Sarepta unveils $500 million underwritten public offering
Sarepta revealed a new underwritten public offering of 6,172,840 shares of its common stock today — at a price to the public of $81.00 per share.
In addition, Sarepta is giving underwriters a 30-day option to purchase up to an additional 925,926 shares of that common stock on the same terms and conditions as initial shares that were sold to the underwriters.
The biotech anticipates gross proceeds from the offering to be around half a billion dollars, before expenses and before the underwriters’ option to purchase additional shares. The offering is expected to close somewhere around Monday, according to a company statement.
Sarepta is planning to use the funding to continue and start up clinical trials, and then funds for commercialization, manufacturing and other purposes.