Pfizer stokes rumor mill with plan to raise $5B in debt; Lilly’s CGRP Emgality wins speedy review for cluster headaches

Pfizer $PFE is raising $5 billion in debt, and in this heated M&A environment, there’s quite a bit of buzz about what the money will be spent on. For the record, their statement says it will be used for general corporate uses plus debt restructuring. But that won’t stop the rumors on Twitter.

Lilly’s $LLY migraine drug is up for another approval. The treatment Emgality — one of the crop of recently approved CGRP inhibitors used for migraine prevention — has been granted priority review by the FDA to prevent episodic cluster headaches in adults. The under-recognized and often misdiagnosed disorder has no FDA-approved preventative treatments so far.

Erasca, which is harnessing its artificial intelligence drug discovery platform to fight cancer, has closed an expanded Series A raising a total of $64 million. Proceeds will support the company’s efforts to in-license new investigational compounds and accelerate the buildout of its AI platform for a “new generation of oncology drugs designed to not just treat, but actually cure, cancer.” New investors in the the round included ARCH Venture Partners, Andreessen Horowitz, Reneo Capital, and other investors. “Because cancer is such a formidable foe, we are committed to leveraging all available tools to beat it, including supplementing our in-house efforts with both external innovation and in silico approaches like machine learning,” said Erasca chief Jonathan Lim in a statement.

With contribution from John Carroll

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