Hint­ing at an IPO and big things ahead for syn­thet­ic lethal­i­ty, pre­clin­i­cal Ideaya touts a $94M round

Big botech ven­ture rounds are com­ing fast and fu­ri­ous in Q1, and much of the mon­ey is be­ing fun­neled in­to pre­clin­i­cal out­fits like Ideaya Bio­sciences — abun­dant­ly hope­ful on promise in a hot can­cer R&D field but skimpy with de­tails.

Yu­jiro Ha­ta

The South San Fran­cis­co-based biotech has all the key fea­tures that’s made biotech such a trendy in­vest­ment for packed syn­di­cates. And to­day it’s tak­ing the wraps off a whop­ping $94 mil­lion B round.

There’s some tech hype: It promis­es to go well be­yond the first gen­er­a­tion of PARP in­hibitors and show what can be done with syn­thet­ic lethal­i­ty, a ge­net­i­cal­ly tar­get­ed ap­proach at trig­ger­ing the de­struc­tion of can­cer cells. Pipeline plans al­so call for mul­ti­ple projects on im­muno-on­col­o­gy.

There’s no da­ta, but there are a few hints at where it’s head­ed: In this case PARG, where the com­pa­ny just an­nounced a deal to work with CRUK in Lon­don on small mol­e­cule drugs. PARG is a cel­lu­lar en­zyme that breaks down Poly(ADP-ri­bose), aim­ing at a pro­tein func­tion re­quired for DNA re­pair — the very essence of syn­thet­ic lethal­i­ty.

An A-list of mar­quee in­vestors: Roche and Cel­gene are both jump­ing in here, along­side No­var­tis, which came to the ta­ble dur­ing the $46 mil­lion A round. The full mix on the crossover round in­clude new in­vestors BVF Part­ners, Per­cep­tive Ad­vi­sors LLC, Nex­tech In­vest Ltd, GV (you’ll call them Google Ven­tures), Roche Ven­ture Fund, 6 Di­men­sions Cap­i­tal, Box­er Cap­i­tal of the Tavi­s­tock Group, and Driehaus Cap­i­tal Man­age­ment. Cel­gene came back with 5AM Ven­tures, Canaan Part­ners, WuXi Health­care Ven­tures and Alexan­dria Ven­ture In­vest­ments.

Eye­ing an IPO? Yes, but there’s no time­line. In fact, there are no time­lines about any­thing.

“I would say where we are dif­fer­en­ti­at­ed,” says CEO Yu­jiro Ha­ta, “we’re prob­a­bly the fur­thest ahead with the most di­verse port­fo­lio.”

No, he’s not de­tail­ing the port­fo­lio. This ear­ly in the game, not many would, par­tic­u­lar­ly with sev­er­al oth­er ven­ture-backed ri­vals in the field.

Ha­ta al­so has the ad­van­tage of be­ing an ex­pe­ri­enced play­er in biotech. He was the COO at Flexus, which was bought out by Bris­tol-My­ers for $1.25 bil­lion. His for­mer boss Ter­ry Rosen just com­plet­ed a $120 mil­lion IPO. And these days ex­pe­ri­enced teams with close ties to the ven­ture crowd can raise hun­dreds of mil­lions of dol­lars be­fore see­ing any hu­man da­ta.

John Hood [file photo]

UP­DATE: Cel­gene and the sci­en­tist who cham­pi­oned fe­dra­tinib's rise from Sanofi's R&D grave­yard win FDA OK

Six years after Sanofi gave it up for dead, the FDA has approved the myelofibrosis drug fedratinib, now owned by Celgene.

The drug will be sold as Inrebic, and will soon land in the portfolio at Bristol-Myers Squibb, which is finalizing a deal to acquire Celgene.

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Ab­b­Vie gets its FDA OK for JAK in­hibitor upadac­i­tinib, but don’t look for this one to hit ex­ecs’ lofty ex­pec­ta­tions

Another big drug approval came through on Friday afternoon as the FDA OK’d AbbVie’s upadacitinib — an oral JAK1 inhibitor that is hitting the rheumatoid arthritis market with a black box warning of serious malignancies, infections and thrombosis reflecting fears associated with the class.

It will be sold as Rinvoq — at a wholesale price of $59,000 a year — and will likely soon face competition from a drug that AbbVie once controlled, and spurned. Reuters reports that a 4-week supply of Humira, by comparison, is $5,174, adding up to about $67,000 a year.

UP­DAT­ED: AveX­is sci­en­tif­ic founder was axed — and No­var­tis names a new CSO in wake of an ethics scan­dal

Now at the center of a storm of controversy over its decision to keep its knowledge of manipulated data hidden from regulators during an FDA review, Novartis CEO Vas Narasimhan has found a longtime veteran in the ranks to head the scientific work underway at AveXis, where the incident occurred. And the scientific founder has hit the exit.

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The top 10 fran­chise drugs in bio­phar­ma his­to­ry will earn a to­tal of $1.4T (tril­lion) by 2024 — what does that tell us?

Just in case you were looking for more evidence of just how important Amgen’s patent win on Enbrel is for the company and its investors, EvaluatePharma has come up with a forward-looking consensus estimate on what the list of top 10 drugs will look like in 2024.

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UP­DAT­ED: Sci­en­tist-CEO ac­cused of im­prop­er­ly us­ing con­fi­den­tial in­fo from uni­corn Alec­tor

The executive team at Alector $ALEC has a bone to pick with scientific co-founder Asa Abeliovich. Their latest quarterly rundown has this brief note buried inside:

On June 18, 2019, we initiated a confidential arbitration proceeding against Dr. Asa Abeliovich, our former consulting co-founder, related to alleged breaches of his consulting agreement and the improper use of our confidential information that he learned during the course of rendering services to us as our consulting Chief Scientific Officer/Chief Innovation Officer. We are in the early stage of this arbitration proceeding and are unable to assess or provide any assurances regarding its possible outcome.

There’s no explicit word in the filing on what kind of confidential info was involved, but the proceeding got started 2 days ahead of Abeliovich’s IPO.

Abeliovich, formerly a tenured associate professor at Columbia, is a top scientist in the field of neurodegeneration, which is where Alector is targeted. More recently, he’s also helped start up Prevail Therapeutics as the CEO, which raised $125 million in an IPO. And there he’s planning on working on new gene therapies that target genetically defined subpopulations of Parkinson’s disease. Followup programs target Gaucher disease, frontotemporal dementia and synucleinopathies.

But this time Abeliovich is the CEO rather than a founding scientist. And some of their pipeline overlaps with Alector’s.

Abeliovich and Prevail, though, aren’t taking this one lying down.

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Chi­na has be­come a CEO-lev­el pri­or­i­ty for multi­na­tion­al phar­ma­ceu­ti­cal com­pa­nies: the trend and the im­pli­ca­tions

After a “hot” period of rapid growth between 2009 and 2012, and a relatively “cooler” period of slower growth from 2013 to 2015, China has once again become a top-of-mind priority for the CEOs of most large, multinational pharmaceutical companies.

At the International Pharma Forum, hosted in March in Beijing by the R&D Based Pharmaceutical Association Committee (RDPAC) and the Pharmaceutical Research and Manufacturers of America (PhRMA), no fewer than seven CEOs of major multinational pharmaceutical firms participated, including GSK, Eli Lilly, LEO Pharma, Merck KGaA, Pfizer, Sanofi and UCB. A few days earlier, the CEOs of several other large multinationals attended the China Development Forum, an annual business forum hosted by the research arm of China’s State Council. It’s hard to imagine any other country, except the US, having such drawing power at CEO level.

As dis­as­ter struck, Ab­b­Vie’s Rick Gon­za­lez swooped in on Al­ler­gan with an of­fer Brent Saun­ders couldn’t say no to

Early March was a no good, awful, terrible time for Allergan CEO Brent Saunders. His big lead drug had imploded in a Phase III disaster and activists were after his hide — or at least his chairman’s title — as the stock price continued a steady droop that had eviscerated share value for investors.

But it was a perfect time for AbbVie CEO Rick Gonzalez to pick up the phone and ask Saunders if he’d like to consider a “strategic” deal.

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As­traZeneca's jug­ger­naut PARP play­er Lyn­parza scoops up an­oth­er dom­i­nant win in PhI­II as the FDA adds a 'break­through' for Calquence

AstraZeneca’s oncology R&D group under José Baselga keeps churning out hits.

Wednesday morning the pharma giant and their partners at Merck parted the curtains on a successful readout for their Phase III PAOLA-1 study, demonstrating statistically significant improvement in progression-free survival for women with ovarian cancer in a first-line maintenance setting who added their PARP Lynparza to Avastin. This is their second late-stage success in ovarian cancer, which will help stave off rivals like GSK.

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ICER blasts FDA, PTC and Sarep­ta for high prices on DMD drugs Em­flaza, Ex­ondys 51

ICER has some strong words for PTC, Sarepta and the FDA as the US drug price watchdog concludes that as currently priced, their respective new treatments for Duchenne muscular dystrophy are decidedly not cost-effective.

The final report — which cements the conclusions of a draft issued in May — incorporates the opinion of a panel of 17 experts ICER convened in a public meeting last month. It also based its analysis of Emflaza (deflazacort) and Exondys 51 (eteplirsen) on updated annual costs of $81,400 and over $1 million, respectively, after citing “incorrect” lower numbers in the initial calculations.