Gold­man Sach­s' Ankang Li heads to biotech Terns as new CFO; SV re­cruits new part­ner for De­men­tia Dis­cov­ery Fund

Ankang Li Busi­ness Wire

→ Fresh off a NASH deal with French drug­mak­er Gen­fit, Terns Phar­ma has ap­point­ed Ankang Li as CFO. The Chi­nese biotech scooped Li from Gold­man Sachs, where he led high pro­file biotech IPOs as ex­ec­u­tive di­rec­tor of health­care in­vest­ment bank­ing. A law school grad­u­ate with a back­ground in bio­med­ical re­search — his ca­reer has tak­en him to Salk In­sti­tute and Mer­ck’s Asia Pa­cif­ic in­no­va­tion hub — Li will hold ex­ten­sive re­spon­si­bil­i­ties in cor­po­rate fi­nanc­ing and busi­ness de­vel­op­ment.

→ Ven­ture Cap­i­tal SV Health In­vestors an­nounced the ap­point­ment of Jonathan Behr as part­ner in the De­men­tia Dis­cov­ery Fund — which at the com­ple­tion of its fundrais­ing in 2018 raised £250 mil­lion ($350 mil­lion). Behr joins the fund from JDRF T1D fund, where he served as its first man­ag­ing di­rec­tor. He brings ex­pe­ri­ence from var­i­ous roles at PureTech Ven­tures, En­light Bio­sciences and more than 13 oth­er com­pa­nies. 

Mitchell Chan Linkedin

Viela Bio has pro­mot­ed Mitchell Chan, one of the As­traZeneca ex­ecs who mi­grat­ed to the spin­out, to CFO. Hav­ing as­sist­ed in rais­ing cap­i­tal as head of fi­nance and cor­po­rate strat­e­gy, he will now add trea­sury, in­vestor re­la­tions and oth­er re­spon­si­bil­i­ties to his plate. His place­ment in the C-suite comes at a time Viela is gear­ing up to bring its lead drug, inebi­lizum­ab, to the FDA.

→ The mak­er of the wide­ly-abused opi­oid drug Oxy­con­tin, Pur­due Phar­ma is try­ing to leave its bad rep­u­ta­tion be­hind and re­build its R&D sec­tor with the ap­point­ment of Julie Ducharme as the com­pa­ny’s vice pres­i­dent and CSO. The com­pa­ny says that Ducharme will al­so “sup­port the com­pa­ny’s on­go­ing ef­forts to help ad­dress the opi­oid ad­dic­tion cri­sis.” Ducharme has 25 years of ex­pe­ri­ence un­der her belt and brings skills from her time at As­traZeneca, Mu­nid­phar­ma and the Na­tion­al Re­search Coun­cil (Cana­da). Pur­due Phar­ma is re­port­ed­ly con­sid­er­ing bank­rupt­cy — a route tak­en by Sub­sys-mak­er In­syswhich is re­port­ed­ly con­sid­er­ing bank­rupt­cy — a route tak­en by Sub­sys-mak­er In­sys.

Julie Ducharme Linkedin

→ Swiss-based Ob­sE­va — a com­pa­ny fo­cus­ing on ther­a­pies for con­di­tions that com­pro­mise the fe­male re­pro­duc­tive health and preg­nan­cy — wel­comed Eliz­a­beth Gar­ner to the ranks as its CMO. The cur­rent CMO and head of phar­ma­covig­i­lance, Elke Bestel, will be nom­i­nat­ed as the com­pa­ny’s vice pres­i­dent, head of drug safe­ty and phar­ma­covig­i­lance and re­main on Ob­sE­va’s ex­ec­u­tive com­mit­tee. Most re­cent­ly, Gar­ner served as CMO and SVP clin­i­cal de­vel­op­ment at Ag­ile Ther­a­peu­tics. Her pre­vi­ous stints in­clude roles at Myr­i­ad Ge­net­ics Lab­o­ra­to­ries, Mer­ck Re­search Lab­o­ra­to­ries and Ab­bott Lab­o­ra­to­ries — where she was the clin­i­cal lead of the en­dometrio­sis pro­gram for the now FDA-ap­proved elagolix (Orilis­sa).

→ CEO and pres­i­dent of Arch On­col­o­gy — a clin­i­cal-stage im­muno-on­col­o­gy com­pa­ny de­vel­op­ing an­ti-CD47 mAbs — Julie Cher­ring­ton, has joined the board of di­rec­tors at Mi­rati Ther­a­peu­tics — a biotech­nol­o­gy com­pa­ny fo­cused on can­cer ther­a­pies. Cher­ring­ton was the key con­trib­u­tor to the de­vel­op­ment of FDA-ap­proved prod­ucts Su­tent, Pal­la­dia, Vis­tide, Viread and Hep­sera. Cher­ring­ton has a wealth of ex­ec­u­tive ex­pe­ri­ence and has served at Gilead Sci­ences, Zenith Epi­ge­net­ics and Path­way Ther­a­peu­tics among oth­ers. 

Eliz­a­beth Gar­ner Linkedin

In­Med Phar­ma­ceu­ti­cals — a com­pa­ny fo­cused on cannabi­noids — has ap­point­ed Take­da vet Cather­ine Saz­danoff to its board of di­rec­tors. Saz­danoff joined Take­da in 2006 and pri­or to that, she served in var­i­ous roles at Ab­bott Lab­o­ra­to­ries since 1984. Saz­danoff is al­so the in­de­pen­dent di­rec­tor of the board of Merid­i­an Bio­science and the cur­rent pres­i­dent and CEO of Saz­danoff Con­sult­ing

Squarex, a low-pro­file biotech work­ing on a pre­ven­ta­tive treat­ment for cold sores, has tapped a sea­soned CEO to suc­ceed its founder at the helm. Jack Tal­ley joins just past his four-year an­niver­sary with Izun Phar­ma, which fol­lowed pre­vi­ous stints at Alis­sa, Ac­tini­um and Epi­Cept. He is charged with steer­ing SQX770, a top­i­cal for­mu­la­tion of the im­munomod­u­la­tor squar­ic acid dibutyl es­ter, from Phase II tri­als to­ward an ap­proval. Hugh Mc­Tavish, who co-in­vent­ed the com­pa­ny’s tech­nol­o­gy with hopes of one-up­ping cur­rent drugs for her­pes labi­alis, is tran­si­tion­ing to an ex­ec­u­tive chair­man role.

Julie Cher­ring­ton Linkedin

SOPHiA GE­NET­ICS — a health tech com­pa­ny who de­vel­oped the AI SOPHiA for health­care pro­fes­sion­als — wel­comed Foun­da­tion Med­i­cine vet Troy Cox to its board of di­rec­tors. Pri­or to serv­ing at the Foun­da­tion Med­i­cine, Cox held roles at Genen­tech, UCB Bio­Phar­ma­ceu­ti­cals, Sanofi-Aven­tis and Scher­ing-Plough.

Con­quer­ing a silent killer: HDV and Eiger Bio­Phar­ma­ceu­ti­cals

Hepatitis delta, also known as hepatitis D, is a liver infection caused by the hepatitis delta virus (HDV) that results in the most severe form of human viral hepatitis for which there is no approved therapy.

HDV is a single-stranded, circular RNA virus that requires the envelope protein (HBsAg) of the hepatitis B virus (HBV) for its own assembly. As a result, hepatitis delta virus (HDV) infection occurs only as a co-infection in individuals infected with HBV. However, HDV/HBV co-infections lead to more serious liver disease than HBV infection alone. HDV is associated with faster progression to liver fibrosis (progressing to cirrhosis in about 80% of individuals in 5-10 years), increased risk of liver cancer, and early decompensated cirrhosis and liver failure.
HDV is the most severe form of viral hepatitis with no approved treatment.
Approved nucleos(t)ide treatments for HBV only suppress HBV DNA, do not appreciably impact HBsAg and have no impact on HDV. Investigational agents in development for HBV target multiple new mechanisms. Aspirations are high, but a functional cure for HBV has not been achieved nor is one anticipated in the forseeable future. Without clearance of HBsAg, anti-HBV investigational treatments are not expected to impact the deadly course of HDV infection anytime soon.

No­var­tis is ax­ing 150 ear­ly dis­cov­ery jobs as CNI­BR shifts fo­cus to the de­vel­op­ment side of R&D

Novartis is axing some 150 early discover jobs in Shanghai as it swells its staff on the drug development side of the equation in China. And the company is concurrently beefing up its investment in China’s fast-growing biotech sector with a plan to add to its investments in local VCs.

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Democratic presidential candidate, U.S. Sen. Elizabeth Warren (D-MA) speaks during the Nevada Democrats' "First in the West" event at Bellagio Resort & Casino on November 17, 2019 in Las Vegas, Nevada (Getty Images)

Eliz­a­beth War­ren pro­pos­es us­ing com­pul­so­ry li­cens­ing, an­titrust ac­tions to break bio­phar­ma’s con­trol of drug pric­ing — and here are the block­busters she’s tar­get­ing first

Nancy Pelosi’s drug pricing bill may have sparked some industrial strength headaches on the money side of biopharma, but Elizabeth Warren seems determined to become biopharma’s Nightmare on Pennsylvania Avenue.
Warren, one of the top-ranked candidates for the Democratic presidential nomination backing Medicare for all, is circulating a new plan that promises to break the industry’s grip on drug prices — and she has some very specific examples of how she would do it.
The Warren plan would rely on the federal government’s compulsory licensing powers to seize the IP of blockbuster drugs like Truvada and Harvoni to provide them at a fraction of what Gilead sells them for in the US. And she would throw some antitrust actions in as needed to rein in the price of Humira, AbbVie’s cash cow that continues to dominate the list of the most profitable therapeutics on the market.
Notably, she plans to rely on the powers already vested in the federal government, rather than suggest remedies that would require the assent of a deeply divided Congress.
In addition to the blockbusters on the list, Warren sends a clear signal that the same tactics would be used to beef up the supply of cheap antibiotics, as needed. And the same action could befall any other therapy patients can’t afford.

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Mer­ck’s $1B cash gam­ble pays off with a sur­pris­ing PhI­II car­dio suc­cess for Bay­er’s heart drug veri­ciguat

More than 3 years after Merck stepped up and paid $1 billion in cold, hard cash to gain the US commercial rights to Bayer’s high-risk heart drug vericiguat in a broad-ranging cardio alliance, the partners say their Phase III study has come through with promising data and a date with regulators.
We don’t have the data, and won’t until they put it out at an upcoming scientific session, but Merck touted the results, saying that their big Phase III VICTORIA study hit the primary endpoint  — with vericiguat combined with available therapies reducing “the risk of the composite endpoint of heart failure hospitalization or cardiovascular death in patients with worsening chronic heart failure with reduced ejection fraction (HFrEF) compared to placebo when given in combination with available heart failure therapies.”
Depending on the hard data, and how it breaks out with the combinations used, this drug could pose a threat to Novartis’ blockbuster drug Entresto, currently at $1.6 billion while analysts expect peak sales to hit $4 billion.
The drug is a soluble guanylate cyclase (sGC) stimulator, which Bayer and Merck have had high hopes for. Evidently, so did cardiologists. Cowen’s last analysis set potential sales at $400 million in 2024, but that number could go up significantly now.
Cowen’s Steve Scala noted this morning:
Vericiguat could be a lucrative product for Merck, and one with potentially under-appreciated value. At Cowen’s Therapeutics Conference in September 2019, 80% of specialists anticipated a positive result from VICTORIA whereas only 51% of investors shared this optimism.
Investigators recruited more than 5,000 patients at more than 600 centers in 42 countries for this study — one of the most expensive propositions in R&D. Millions of people in the US suffer from heart failure with reduced ejection fraction when the failing heart fails to contract properly to eject blood into the system. Bayer holds ex-US rights to the drug and also stands to earn cash from the $1.1 billion in milestones Merck agreed on for their collaboration.
Remarkably, the drug was pushed into Phase III despite failing the mid-stage trial — though investigators flagged a success at the high dose of 10 mg. In VICTORIA, researchers started patients at 2.5 mg and then titrated up to 5 and then 10 mg.

Alk­er­mes forges $950M biotech buy­out deal in a bold bet on an ear­ly-stage CNS drug plat­form

Alkermes $ALKS is investing $100 million cash and committing up to $850 million more in milestones in a big wager on a very early-stage CNS discovery platform. And the biotech is adding $20 million more to fund next year’s new research work on the platform it’s acquiring in today’s buyout with an eye to expanding the research work in oncology.

The biotech, helmed by Richard Pops, is buying Rodin Therapeutics, which had focused early on Alzheimer’s disease. Pops’ buyout, though, isn’t focused solely on the most troublesome sector in pharma R&D.

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Left to right: Arthur Pappas, Robert Nelsen, Peter Kolchinsky Doug Cole and David Beier

In rare po­lit­i­cal for­ay, top biotech in­vestors urge Con­gress to re­ject drug pric­ing bill

Thirteen of the top biotech venture capitalists in the country wrote a letter last week warning lawmakers that if Congress passes a drug pricing bill House Speaker Nancy Pelosi has put before lawmakers, they won’t be able to invest in biomedical research at their current rate, and patients will suffer.

“If policies such as those included within H.R. 3, the Lower Drug Costs Now Act, are passed, our ability to continue to invest in future biomedical innovation will be severely constrained, thus crushing the hopes of millions of patient waiting for the next breakthroughs to treat or cure their cancers, rare genetic diseases, Alzheimer’s, or other serious and life-threatening conditions,” they wrote in a letter addressed to the highest-ranking Democrats and Republicans in the House and Senate and acquired by Endpoints News. 

Dicer­na scores broad, 'rest of liv­er' deal with No­vo Nordisk, bag­ging $225M in cash to hit some 30 tar­gets with RNAi plat­form

Turns out Dicerna wasn’t done with deals yet after locking in $200 million upfront from Roche for a hepatitis B cocktail two weeks ago.

Novo Nordisk has signed on as the latest partner to its GalXC RNAi platform, handing over $175 million in cash to claim any and all targets of interest in liver-related cardio-metabolic diseases that are not already reserved in previous pacts. The Danish drugmaker — which has signaled its interest to expand considerably beyond its core diabetes franchise into areas like NASH — is also purchasing $50 million worth of Dicerna’s equity at a 25% premium of $21.93 per share. More research payments and milestones extending to the billions are on the line.

Gene ther­a­py wins the in­side track at EMA; PPD files for IPO

→ Gene therapy maker Orchard Therapeutics has been granted an accelerated assessment for OTL-200 by the EMA’s Committee for Medicinal Products for Human Use (CHMP). The gene therapy — in development in partnership with the San Raffaele-Telethon Institute for Gene Therapy (SR-Tiget) in Milan, Italy — being used towards the treatment of metachromatic leukodystrophy.

→ Pharmaceutical Product Development has announced that its parent company, PPD, Inc has submitted a draft to the SEC relating to the proposal of an IPO of the parent company’s common stock. Number of shares and price range have not yet been determined.

Pfiz­er gets biosim­i­lar ap­proved for Hu­mi­ra, set­ting up com­pe­ti­tion — in 2023

In the story lawmakers and drug pricing reform advocates have told about the drug industry, there are perhaps few greater villains than Humira and its maker AbbVie.

Between 2012 and 2018, AbbVie upped the drug’s annual after-rebates cost from $19,000 to $38,000 in the US, with sticker prices now over $60,000 per year — increases that led to accusations of price gouging, most recently from Democratic presidential frontrunner Elizabeth Warren.