Turn out the lights, the par­ty is over at Mil­len­do Ther­a­peu­tics.

Nine months af­ter pulling the plug on a piv­otal study of their lead drug, the Ann Ar­bor, MI-based biotech is shut­ter­ing its sole re­main­ing ear­ly-stage study for their NK3R an­tag­o­nist MLE-301. And they’re sound­ing a bleak note, plan­ning some deep cuts for the re­main­ing staff while the board goes about the busi­ness of find­ing a way to gain some val­ue out of this for share­hold­ers.

At the top of the al­ter­na­tive strate­gies on the ta­ble: A sale or merg­er of the com­pa­ny, or what’s left of it.

The biotech is wash­ing its hands of a drug aimed at treat­ing menopausal va­so­mo­tor symp­toms. Af­ter look­ing over the re­sults from their dose-as­cend­ing Phase I, re­searchers found lit­tle rea­son to re­main op­ti­mistic — es­pe­cial­ly giv­en the com­pet­i­tive land­scape of NK3R drugs.

This is the drug Mil­len­do — long helmed by Ju­lia Owens — turned to af­ter its Phase IIb tri­al for liv­o­le­tide went bel­ly up last spring.

The stock $ML­ND, which has erased vir­tu­al­ly all of its once high-fly­ing val­ue, dropped 14% Tues­day morn­ing,

Com­pa­ny chair­man Car­ol Gal­lagher summed it up in a state­ment:

The board has con­tin­ued to sup­port the com­pa­ny’s on­go­ing plans and ex­e­cu­tion ef­forts; how­ev­er, at this time the board be­lieves that it is in the best in­ter­est of the com­pa­ny and its share­hold­ers to ac­tive­ly seek a broad range of strate­gic al­ter­na­tives, in­clud­ing a sale or merg­er of the com­pa­ny in or­der to max­i­mize share­hold­er val­ue.

Biotech is one of the smartest, best educated industries on the planet. PhDs abound. We’ve had a long enough track record to see a new generation of savvy, experienced execs coming together to run startups.

And in these times, they are being tested as never before.

Biotech is going through quite a rough patch right now. For 2 years, practically anyone with a decent resume and some half-baked ideas on biotech could start a company and get it funded. The pandemic made it easy in many ways to pull off an IPO, with traditional road shows shut down in exchange for a series of quick Zoom meetings. Generalist investors flocked as the numbers raised soared into the stratosphere.

It looks like Warren Buffett is sticking to ice cream and railroads for the moment.

The billionaire CEO of Berkshire Hathaway backed out of two major holdings in the pharma industry, Forexlive first reported, including a $410 million investment in AbbVie and a $324.4 million stake in Bristol Myers Squibb.

The move comes after Berkshire abandoned its Teva shares just last quarter, Bloomberg reported.

Nearly a year ago, more than 200 workers at Novartis’ Grimsby, UK, facility were able to hang on to their jobs after the pharma closed a Switzerland site as a part of its workforce restructuring plan. Now, it looks like those employees’ time is up, as the site has been sold, Grimsby Telegraph reported today.

The manufacturing site has been sold to Humber Industrials, a subsidiary of International Process Plants. None of the current staff members will be working with the new owners, however.

Usually reserved for making decisions on drug applications or enforcing what Congress stipulates, the FDA is now dipping its toe into the wild world of congressional politics as it attempts to fix a major court decision that could have a chilling effect on rare disease R&D.

The case in question from last October saw a US appeals court overturn a prior FDA court win, saying that the agency never should’ve approved a rare disease drug because a previously approved but more expensive drug with the same active ingredient has orphan drug exclusivity barring such an approval.

When bluebird bio’s gene therapy to treat beta thalassemia won European approval in 2019, the nearly $2 million per patient price tag for the potential cure seemed like a surmountable hurdle.

Fast forward two years later, and bluebird has withdrawn Zynteglo, the beta thal drug, along with the rest of its gene therapy portfolio from Europe, which the company said is generally unwilling to pay a fair price for the treatment.