Jeff Capello joins Biogen as CFO; Tesaro enters $500M loan agreement; Palatin licenses female libido drug to Korea's Kwangdon
→ Biogen has recruited Jeff Capello as CFO and executive vice president, filling the position a few months after losing Paul Clancy to Alexion. Capello, whose slate of previous employers spans Ortho Clinical Diagnostics, Boston Scientific Corporation and Perkin Elmer, jumps ship from Beacon Health Options, where he held the same roles. His financial experience will likely be crucial for the big biotech $BIIB as it executes a plan to “streamline” operations.
→ Tesaro has gotten its hands on $500 million in the form of a non-dilutive term loan financing from BioPharma Credit — and it plans to draw the first $300 million this month. The additional $200 million, referred to as the Tranche B loan in the 8-K, is available until December, 2018, and the oncology-focused biopharma will have to pay everything back by end of 2024. The interest rates for the two tranches will be 8% and 7.5%, respectively, and each comes with a 2% funding fee. Here’s CEO Lonnie Moulder, who with co-founder Mary Lynne Hedley was just named EY National Entrepreneurs of the Year: “We plan to use the proceeds from the financing to strengthen our leading PARP inhibitor franchise in ovarian cancer, further expand the development of Zejula in other tumor types in order to help realize its full potential, and rapidly advance our robust immuno-oncology portfolio using combination-based approaches.”
→ Palatin Technologies, a penny stock company $PTN working on a drug to spur the female libido, has entered a license agreement with Kwangdon Pharmaceutical Co. Ltd. that gives Kwangdon rights to develop and commercialize its lead product candidate in the Republic of Korea. The deal gets Palatin a $500,000 upfront payment and a $3 million milestone payment on the first commercial sale in Korea. Palatin is eligible to receive up to $37.5 million in milestones and royalties as part of the deal. This is the latest in a string of licensing deals with companies commercializing Palatin’s drug bremelanotide in other regions. Here in the US, Palatin expects to file a NDA for bremelanotide by Q1 2018.
With additional reporting from Brittany Meiling.