KKR backs monster $300M raise to build up a new-model biotech — designed by Neil Kumar and MIT’s Andrew Lo
Neil Kumar always wanted to build a different kind of biotech company at BridgeBio. And now the CEO has banked right under $300 million to continue construction work on the grand design as he thinks about growing the pipeline and starting their first marketing efforts.
Basic subscription required
Unlock this story instantly and join 57,400+ biopharma pros reading Endpoints daily — and it's free.
Vanda shares slide after FDA spurns their big endpoint and rejects a pitch on jet lag relief
Back in the spring of last year, Vanda Pharmaceuticals $VNDA served up a hot stew of mixed data for a slate of endpoints related to what they called clear evidence that their melatonin sleep drug Hetlioz (tasimelteon) could help millions of travelers suffering from jet lag.
Never mind that they couldn’t get a planned 90 people in the study, settling for 25 instead; Vanda CEO Mihael H. Polymeropoulos said they were building on a body of data to prove it would help jet-lagged patients looking for added sleep benefits. And that, they added, would be worth a major upgrade from the agency as they sought to tackle a big market.
Healthier, longer lifespans will be a reality sooner than you think, Juvenescence promises as it closes $100M round
Earlier this year, an executive from Juvenescence-backed AgeX predicted the field of longevity will eventually “dwarf the dotcom boom.” Greg Bailey, the UK-based anti-aging biotech’s CEO, certainly hopes so.
On Monday, Juvenescence completed its $100 million Series B round of financing. The company is backed by British billionaire Jim Mellon — who wrote his 400-page guide to investing in the field of longevity shortly after launching the company in 2017. Bailey, who served as a board director for seven years at Medivation before Pfizer swallowed the biotech for $14 billion, is joined by Declan Doogan, an industry veteran with stints at Pfizer $PFE and Amarin $AMRN.
August 14, 2019 10:42 AM EDTUpdated August 15, 11:41 AM
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.
Basic subscription required
Unlock this story instantly and join 57,400+ biopharma pros reading Endpoints daily — and it's free.
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.
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.
Basic subscription required
Unlock this story instantly and join 57,400+ biopharma pros reading Endpoints daily — and it's free.
August 15, 2019 11:33 AM EDTUpdated August 16, 04:41 AM
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.
Basic subscription required
Unlock this story instantly and join 57,400+ biopharma pros reading Endpoints daily — and it's free.
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.
