Pfizer invests in Ribon Therapeutics; Argenx gets PDUFA date extension
Massachusetts-based biotech Ribon Therapeutics has roped in a big name for some financial backing.
Ribon announced on Monday that Pfizer has invested $25 million into the biotech. Robert Rickert, Pfizer’s head of cancer immunology discovery, will be coming onto Ribon’s scientific advisory board. The startup will use the funds to support the development of its programs for oncology and immunology.
Both companies also reached an agreement to have Pfizer provide expertise to support moving forward Ribon’s pipeline, but the biotech will keep the economic rights and control of the development of all programs. Ribon’s candidates include a PARP7 inhibitor that targets solid tumors and a PARP14 inhibitor going after inflammatory diseases.
“Pfizer’s capital support and expertise will be instrumental as we work to advance our lead programs—RBN-2397 in cancer and RBN-3143 in immunology—to key clinical milestones and enable further drug discovery and development from our proprietary BEACON+ platform,” said Ribon CEO Prakash Raman, in a release.
Argenx’s PDUFA date extended
The FDA has decided to extend the review for the Belgian-based company argenx.
Last week, argenx announced US regulators had extended the review of the BLA for subcutaneous efgartigimod for treating adults with the autoimmune disease generalized myasthenia gravis (gMG). The date has now been pushed back to the summer, specifically June 20.
The biotech added that the information submitted for the drug review had a “major amendment” and needed an extension so it could be looked at. However, no additional data or studies will need to be done for now.
“We are confident in the profile of SC efgartigimod and the strength of the ADAPT-SC dataset showing noninferiority of our subcutaneous product to VYVGART. “We will continue to work closely with the FDA as it completes its review to bring this important medicine to people living with gMG,” said argenx CMO Luc Truyen, in a release.
In November of last year, the company netted a priority review voucher for $102 million from bluebird bio, which planned to shorten the review period from 10 months to around six months.
Structure Therapeutics sets the terms for its IPO
Another biotech looks to be tossing its hat into the IPO ring.
Structure Therapeutics, a California-based company, focuses on GPCRs (also the proposed ticker symbol) and has candidates targeting diabetes and idiopathic pulmonary fibrosis.
According to SEC documents, Structure is looking to enter Nasdaq, offering up 8,950,000 shares, and expecting the IPO to be priced between $13 to $15.
Structure plans to net around $111.5 million from the IPO, with around $90 million being put toward the development of its GLP-1R program meant to treat diabetes and obesity.
The funds will be used to finish a Phase Ib and Phase IIa study. Around $13 million will go to another program, with the remaining cash being used for R&D and other general uses. The IPO is meant to fund the company through 2025.
The shareholders include several venture capital firms along with CEO Raymond Stevens and CFO Jun Yoon holding over 3%, among others.
Editor’s Note: A correction has been made to the spelling of Prakash Raman’s name.