Ready to con­sum­mate its Shire buy­out, Take­da plans US dual list­ing while NYSE los­es a ma­jor phar­ma to Nas­daq

Tak­ing an­oth­er step in Take­da’s as­cent in­to the top rank of glob­al in­dus­try play­ers, ex­ecs at the Japan­ese drug­mak­er say that by the time they com­plete their $62 bil­lion ac­qui­si­tion of Shire, the new com­pa­ny will be trad­ing on the NYSE.

Take­da — which will keep its pri­ma­ry list­ing on the Tokyo Stock Ex­change, where it has trad­ed since 1949 — will pub­licly de­but in New York on Christ­mas Eve this year.

Cos­ta Saroukos

“Our dual list­ing on the NYSE and TSE re­flects our po­si­tion as a lead­ing glob­al bio­phar­ma­ceu­ti­cal com­pa­ny and will pro­vide wider cap­i­tal mar­kets ac­cess with ex­pand­ed trad­ing hours for our in­vestors world­wide,” said CFO Cos­ta Saroukos.

The new list­ing will al­so “fa­cil­i­tate own­er­ship of Take­da shares,” the com­pa­ny added. Cur­rent­ly list­ed on the Nas­daq, Shire will of­fer its share­hold­ers ei­ther $30.33 in cash or Take­da shares (0.839 new Take­da shares or 1.678 Take­da ADSs) for each Shire share held.

Christophe We­ber

Take­da in­vestors vot­ed in fa­vor of the deal just days ago, over­pow­er­ing the tra­di­tion­al­ists in the com­pa­ny who ve­he­ment­ly op­posed CEO Christophe We­ber’s buy­out deal and of­fi­cial­ly cre­at­ing a new play­er among the top 10 glob­al phar­ma com­pa­nies.

The deal is sched­uled to close on Jan­u­ary 8, 2019, right in the mid­dle of the an­nu­al JP Mor­gan con­fab in San Fran­cis­co.

While the Nas­daq has been the pre­ferred des­ti­na­tion for the ma­jor­i­ty of biotechs seek­ing pub­lic list­ings, the NYSE hous­es phar­ma gi­ants J&J and Pfiz­er. France’s Sanofi, how­ev­er, has just an­nounced it’s mov­ing across.

BiTE® Plat­form and the Evo­lu­tion To­ward Off-The-Shelf Im­muno-On­col­o­gy Ap­proach­es

Despite rapid advances in the field of immuno-oncology that have transformed the cancer treatment landscape, many cancer patients are still left behind.1,2 Not every person has access to innovative therapies designed specifically to treat his or her disease. Many currently available immuno-oncology-based approaches and chemotherapies have brought long-term benefits to some patients — but many patients still need other therapeutic options.3

Fangliang Zhang (Imaginechina via AP Images)

The big mon­ey: Poised to make drug R&D his­to­ry, a Chi­na biotech un­veils uni­corn rac­ing am­bi­tions in a bid to raise $350M-plus on Nas­daq

Almost exactly three years after Shanghai-based Legend came out of nowhere to steal the show at ASCO with jaw-dropping data on their BCMA-targeted CAR-T for multiple myeloma, the little player with Big Pharma connections is taking a giant step toward making it big on Wall Street. And this time they want to seal the deal on a global rep after staking out a unicorn valuation in what’s turned out to be a bull market for biotech IPOs — in the middle of a pandemic.

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Gilead re­leas­es an­oth­er round of murky remde­sivir re­sults

A month after the NIH declared the first trial on remdesivir in Covid-19 a success, Gilead is out with new results on their antiviral. But although the study met one of its primary endpoints, the data are likely to only add to a growing debate over how effective the drug actually is.

In a Phase III trial, patients given a 5-day dose of remdesivir were 65% more likely to show “clinical improvement” compared to an arm given standard-of-care. The trial, though, gave little indication for whether the drug had an impact on key endpoints such as survival or time-to-recovery. And in a surprising twist, a 10-day dosing arm of remdesivir didn’t lead to a statistically significant improvement over standard of care.

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Len Schleifer (left) and George Yancopoulos, Regeneron (Vimeo)

Eyes on he­mo­phil­ia prize, Re­gen­eron adds a $100M wa­ger on joint de­vel­op­ment cam­paign with In­tel­lia

When George Yancopoulos first signed up Intellia to be its CRISPR/Cas9 partner on gene editing projects 4 years ago, the upstart smartly ramped up its IPO at the same time. Today, Regeneron $REGN is coming back in, adding $100 million in an upfront fee and equity to significantly boot up a whole roster of new development projects.

And they’re highlighting some clinical hemophilia research plans in the process.

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Iterum's fu­ture looks un­cer­tain, af­ter lead an­tibi­ot­ic fails con­sec­u­tive piv­otal stud­ies

While the market for antibiotics remains in tatters — unlike many of its bankrupt (or at the brink of bankruptcy) peers — Iterum is suffering not because its antibiotic isn’t selling, but because the compound has now failed back-to-back late-stage studies.

The experimental drug, sulopenem, was designed to tackle drug-resistant infections with an outpatient focus (in addition to hospitals), to avert those reimbursement challenges that incentivize hospitals to prescribe cheaper, generic broad-spectrum antibiotics.

IPOs abound in the time of coro­n­avirus, as For­ma Ther­a­peu­tics pen­cils in $150M Nas­daq de­but

The IPO engine is thriving, never mind the rampage of the coronavirus crisis on R&D timelines.

On Friday, along with synthetic lethality-focused biotech Repare Therapeutics, another Bristol Myers partner Forma Therapeutics also unveiled its plans to vault on to the Nasdaq — penciling in a target of $150 million.

The Watertown, Massachusetts-based company — which poached senior Genentech executive Frank Lee to take over the reins last year after more than a decade under founder Steve Tregay — raised a plump $100 million late last year, while shepherding its sickle cell disease (SCD) drug through an early-stage trial.

Covid-19 roundup: Did in­sid­ers cash in on pos­i­tive news re­port about Gilead be­fore pub­li­ca­tion?

A series of bullish trades on Gilead options just before the release of a favorable news story is raising questions among regulatory experts, Reuters reported.

On April 16, just hours before STAT published anecdotes from a Chicago hospital that served as one of the clinical sites to test Gilead’s remdesivir in Covid-19 patients, the California-based company’s shares were trading at around $75. Four large blocks of options were purchased for about $1.5 million each, betting that the stock would rise beyond that to as much as $87.5 by mid-August.

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Pablo Legorreta, founder and CEO of Royalty Pharma AG, speaks at the annual Milken Institute Global Conference in Beverly Hills, California (Patrick T. Fallon/Bloomberg via Getty Images)

Cap­i­tal­iz­ing Pablo: The world’s biggest drug roy­al­ty buy­er is go­ing pub­lic. And the low-key CEO di­vulges a few se­crets along the way

Pablo Legorreta is one of the most influential players in biopharma you likely never heard of.

Over the last 24 years, Legorreta’s Royalty Pharma group has become, by its own reckoning, the biggest buyer of drug royalties in the world. The CEO and founder has bought up a stake in a lengthy list of the world’s biggest drug franchises, spending $18 billion in the process — $2.2 billion last year alone. And he’s become one of the best-paid execs in the industry, reaping $28 million from the cash flow last year while reserving 20% of the cash flow, less expenses, for himself.

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Ab­b­Vie grabs SHP2 in­hibitors from Chi­na's Ja­co­bio; Chi-Med set on US fil­ing of su­r­u­fa­tinib

AbbVie has found its next targeted cancer therapy in China, licensing a suite of SHP2 inhibitors from Beijing-based Jacobio. A key node on the RAS/MAP kinase pathway, SHP2 helps drive abnormal cell growth and plays a role in cytokine production as well as immune cell response — which gives two good reasons to block it. Jacobio has so far developed two early-stage oral small molecule candidates, and they will complete early clinical trials on AbbVie’s tab before handing off to the pharma giant.