Jim Tananbaum, Foresite

Fore­site re­turns to the SPAC well, as in­vestors won­der how long the run can last

Six months af­ter launch­ing his first biotech SPAC, Fore­site’s Jim Tanan­baum has start­ed a sec­ond. On Tues­day, the long­time life sci­ence in­vestor filed to raise $100 mil­lion by sell­ing 10 mil­lion shares of the blank check com­pa­ny FS de­vel­op­ment II.

It’s a quick re­turn to Wall Street for Fore­site, al­though oth­er firms have moved quick­er. Per­cep­tive Ad­vi­sors raised a $130 mil­lion SPAC in June and were back be­fore the end of Ju­ly to raise an­oth­er $125 mil­lion. By that point, the firm was ev­i­dent­ly near­ing a deal for the June SPAC, which would an­nounce a half-bil­lion-dol­lar merg­er with Cerev­el Ther­a­peu­tics on Ju­ly 30.

Tanan­baum sim­i­lar­ly man­aged to find a quick home for his first SPAC, merg­ing with the ge­net­ics-dri­ven eye dis­ease com­pa­ny Gem­i­ni Ther­a­peu­tics in a $216 mil­lion deal in Oc­to­ber. Bruce Booth, a part­ner at At­las Ven­ture, which helped launch Gem­i­ni, praised the deal at the time as the ar­che­type for a good SPAC tar­get: A com­pa­ny that hasn’t yet raised a crossover round but al­ready has an es­tab­lished pipeline that will gen­er­ate clin­i­cal da­ta.

The new S-1 of­fers few de­tails on Tanan­baum’s po­ten­tial tar­gets out­side of what’s be­come boil­er­plate lan­guage for life sci­ences SPACs. They’ll have two years to find a merg­er part­ner.

The new Fore­site of­fer­ing was one of two SPACs to file this week, join­ing the blunt­ly named Biotech Ac­qui­si­tion Corp. It was found­ed by Michael Shleifer, co-founder of SPRIM, which in­vests in and pro­vides ser­vices for CRO, health tech and oth­er life sci­ences and health­care com­pa­nies. Ac­cord­ing­ly, de­pend­ing on how you de­fine “biotech,” the SPAC’s ti­tle is a bit of a mis­nomer: They will al­so be look­ing at health tech and med­ical de­vice com­pa­nies for merg­ers.

Shleifer will look to raise even more than Fore­site, fil­ing for a $230 mil­lion of­fer.

Both firms, though, are fil­ing just as an­a­lysts be­gin to ques­tion how long the SPAC run can last. On Twit­ter, pri­vate in­vestor Brad Lon­car not­ed SPACs can be lu­cra­tive for VCs, cost­ing them just a few mil­lion dol­lars to bring pub­lic a com­pa­ny worth sev­er­al hun­dreds of mil­lions of dol­lars.

Still, he won­dered, whether the num­ber of SPACs was out­pac­ing the num­ber of vi­able tar­get com­pa­nies.

Biotech and Big Phar­ma: A blue­print for a suc­cess­ful part­ner­ship

Strategic partnerships have long been an important contributor to how drugs are discovered and developed. For decades, big pharma companies have been forming alliances with biotech innovators to increase R&D productivity, expand geographical reach and better manage late-stage commercialization costs.

Noël Brown, Managing Director and Head of Biotechnology Investment Banking, and Greg Wiederrecht, Ph.D., Managing Director in the Global Healthcare Investment Banking Group at RBC Capital Markets, are no strangers to the importance of these tie-ups. Noël has over 20 years of investment banking experience in the industry. Before moving to the banking world in 2015, Greg was the Vice President and Head of External Scientific Affairs (ESA) at Merck, where he was responsible for the scientific assessment of strategic partnership opportunities worldwide.

No­var­tis' sec­ond at­tempt to repli­cate a stun­ning can­cer re­sult falls flat

Novartis’ hopes of turning one of the most surprising trial data points of the last decade into a lung cancer drug has taken another setback.

The Swiss pharma announced Monday that its IL-1 inhibitor canakinumab did not significantly extend the lives or slow the disease progression of patients with previously untreated locally advanced or metastatic non-small cell lung cancer when compared to standard of-care alone.

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Peter Greenleaf, Aurinia CEO

Af­ter pass­ing on Ac­celeron, Bris­tol My­ers eyes bolt-on ac­qui­si­tion of au­toim­mune spe­cial­ist — re­port

Bristol Myers Squibb is looking to beef up its autoimmune portfolio by scooping up Aurinia Pharmaceuticals, Bloomberg reported.

The recent overtures to Aurinia, relayed by anonymous insiders, came just as Bristol Myers turned down buyout talks with partners at Acceleron — which Merck ultimately struck a deal to acquire for $11.5 billion. Bristol Myers has reportedly decided to cash out on its minority stake, likely bagging $1.3 billion in the process, while keeping the royalty deals on two of Acceleron’s blood disorder drugs.

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Robert Califf (Pablo Martinez Monsivais, AP Images, File)

As buzz on Califf FDA nom heats up, in­dus­try and agency in­sid­ers of­fer a strong nod for the ‘per­fect’ choice

For once in this long, dramatic road to finding a new FDA commissioner, there’s been some continuity. Both CNN and Politico reported this weekend that Rob Califf met with President Biden to discuss the permanent commish role, following earlier news broken by the Washington Post that all signs point to Califf.

Although there may be a few Democrats who continue to grandstand about the dangers of COI (Califf has worked for Verily, sits on the board of Centessa Pharmaceuticals, and has other ties to industry research), with the pandemic ongoing and the need for some kind of continuity at FDA mounting, Califf is likely to meet the same fate as when he first won Senate confirmation in 2016, by a vote of 89-4 — Bernie Sanders and 6 others didn’t vote.

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AstraZeneca CEO Pascal Soriot (Raphael Lafargue/Abaca/Sipa USA)

A com­bo of As­traZeneca's Imfinzi and chemo wins where oth­ers have failed in piv­otal bil­iary tract test

Looking to run with the big dogs in the PD-(L)1 class, AstraZeneca’s Imfinzi has a tall hill to climb to compete in an increasingly bustling market. An aggressive combo strategy for the drug has paid off so far, and now AstraZeneca is adding another notch to its belt.

A combo of Imfinzi (durvalumab) and chemotherapy significantly extended the lives of first-line patients with advanced biliary tract cancer over chemo alone, according to topline results from the Phase III TOPAZ-1 study revealed Monday.

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Sean Ianchulev, Eyenovia CEO and CMO

Re­cent court de­ci­sion push­es FDA to re­ject and re­clas­si­fy drug-de­vice com­bo, crush­ing shares

Back in April, the FDA lost a crucial court case in which its broad discretion of regulating medical products that might satisfy the legal definitions of either “drug” and/or “medical device” was sharply curtailed.

In addition to the appeals court ruling that Genus Medical Technologies’ contrast agent barium sulfate (aka Vanilla SilQ) should not be considered a drug, as the FDA had initially ruled, but as a medical device, the agency also was forced to spell out which drugs would transition to devices as a result of the ruling.

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So — that pig-to-hu­man trans­plant; Po­ten­tial di­a­betes cure reach­es pa­tient; Ac­cused MIT sci­en­tist lash­es back; and more

Welcome back to Endpoints Weekly, your review of the week’s top biopharma headlines. Want this in your inbox every Saturday morning? Current Endpoints readers can visit their reader profile to add Endpoints Weekly. New to Endpoints? Sign up here.

We’re incredibly excited to welcome Beth Bulik, seasoned pharma marketing reporter, to the team. You can find much of her work in our new Marketing channel — and in her weekly newsletter, Endpoints PharmaRx, which will launch in early November. Add it to your subscriptions here.

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NYU surgeon transplants an engineered pig kidney into the outside of a brain-dead patient (Joe Carrotta/NYU Langone Health)

No, sci­en­tists are not any clos­er to pig-to-hu­man trans­plants than they were last week

Steve Holtzman was awoken by a 1 a.m. call from a doctor at Duke University asking if he could put some pigs on a plane and fly them from Ohio to North Carolina that day. A motorcyclist had gotten into a horrific crash, the doctor explained. He believed the pigs’ livers, sutured onto the patient’s skin like an external filter, might be able to tide the young man over until a donor liver became available.

UP­DAT­ED: Agenus calls out FDA for play­ing fa­vorites with Mer­ck, pulls cer­vi­cal can­cer BLA at agen­cy's re­quest

While criticizing the FDA for what may be some favoritism towards Merck, Agenus on Friday officially pulled its accelerated BLA for its anti-PD-1 inhibitor balstilimab as a potential second-line treatment for cervical cancer because of the recent full approval for Merck’s Keytruda in the same indication.

The company said the BLA, which was due for an FDA decision by Dec. 16, was withdrawn “when the window for accelerated approval of balstilimab closed,” thanks to the conversion of Keytruda’s accelerated approval to a full approval four months prior to its PDUFA date.

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