Global CRO WuXi AppTec looks to raise $900M-plus from Shanghai IPO; Edge shares crushed on PhIII failure
→ Ge Li’s WuXi AppTec has filed for an IPO in Shanghai that’s expected to haul in more than $900 million to back a new building program for their research and development facilities. The big CRO has extensive contacts throughout the global industry. Ge Li took the company private a little more than two years ago — with a $3.3 billion value, according to the South China Morning Post — and is now driving back to the public market in China at a time biopharma in general has been sizzling hot. WuXi got the green light for the IPO in a matter of weeks, which analysts say is a sign of the intense rivalry building up between the exchanges in Shanghai and Hong Kong.
→ Edge Therapeutics is getting blasted this morning. The small, Berkeley Heights, NJ-based biotech $EDGE washed its hands of their Phase III study of EG-1962 in adults with aneurysmal subarachnoid hemorrhage after an interim analysis concluded that there was little possibility of success. The next step will be to cut staff and hunker down on costs as they seek to preserve capital, with $88 million on hand at the end of December. The stock was crushed by the news regarding its only clinical-stage asset, plunging 87%.
→ Urovant Sciences has begun its Phase III study of vibegron, an oral β3-adrenergic agonist and their lead drug, in adults overactive bladder. The Roivant company in-licensed the drug from Merck. “I am proud of our team’s efforts to rapidly launch this pivotal study for a promising therapy,” said CEO Keith Katkin.
→ San Diego-based Abide Therapeutics has forged a licensing deal with Celgene covering rights to a preclinical drug dubbed ABX-1772. The deal terms are remaining under wraps, with an unspecified upfront and milestones involved.