Roivant's rare disease shop captures FDA designations; China biotech lands $18M launch round
→ Weeks after Alexion’s $ALXN Rachelle Jacques jumped ship to assume the role of CEO of Enzyvant Sciences — forged out of Vivek Ramaswamy’s prolific shop at Roivant — the rare disease drugmaker’s preclinical enzyme replacement therapy for Farber disease, dubbed RVT-801, has won rare pediatric disease and fast track designations from the FDA.
→ The flow of cash into China’s biotech scene continues, with an $18 million launch round for neoantigen upstart GenoImmune. GF Xinde Investment Management led the round.
→ The big bad drugmaker pinpointed as the main villain behind the crisis of prescription painkiller abuse — Purdue Pharma — has scored itself some greatly needed advice as it reportedly explores bankruptcy, cowering under mounting litigation accusing the Oxycontin maker of misleading doctors and patients about the risks associated with prolonged use of its prescription opioids. NBC on Wednesday reported that a former senior DEA official who testified in front of Congress on the government’s efforts to stop the opioid epidemic is being paid by Purdue to dispense advice, citing people familiar with the matter.