Agios sets out to raise $150M; AC Immune IPO sets valuation at $700M
In biotech, you raise money when you can. And just days after Agios $AGIO spelled out plans for a shot at two accelerated approval plans for its two top drugs, CEO David Schenkein isn’t about to let the opportunity pass. Agios has filed to sell $150 million in shares to cover upcoming trial expenses.
AC Immune has set a range for its upcoming IPO. The Alzheimer’s company, which is closely allied with Roche on crenezumab, hopes to sell 4.55 million shares at $11 to $13 a share, which Reuters reports will value the company at close to $700 million. At that range, it could earn up to $59 million on the high end. The Swiss biotech, run by CEO Andrea Pfeifer, has garnered significant support from German billionaire Dietmar Hopp.
In the Pipeline blogger Derek Lowe has the latest word on the Merck R&D cuts. He has word that some 50 chemists in New Jersey have been axed, including some longtime investigators. Of course, he adds, it’s unlikely they were getting much work done recently, with everyone wondering who gets to stay, and who has to leave.