Sage seeks $575M in public offering; Pfizer inks discovery pact with Chinese firm
→ Sage Therapeutics is hoping to raise a whopping $575 million through its latest public offering, announced a day after the biotech $SAGE received a breakthrough therapy designation for its lead drug on major depressive disorder. In an SEC filing, the company wrote it “anticipates that the net proceeds of the offering, together with its existing capital resources and estimated brexanolone IV product sales, if the product is approved, will enable the company to fund its operating expenses and capital expenditure requirements into 2020.”
→ Novocure $NVCR, the oncology biotech known for its devices utilizing electric fields to treat tumors, has secured a $150 million loan from BioPharma Credit to ease its financial troubles. Two-thirds of that will be used to pay back a debt, while the rest will fund working capital.
→ Pfizer $PFE has signed a two-year discovery pact with Chengdu, China-based NetVation DL Medicine, taking an undisclosed financial stake in the little biotech in exchange for its help in discovering and screening novel drug candidates. The Chinese team will utilize DNA-encoded libraries from HitGen, one of DL Medicine’s backers, to identify and optimize leads for unspecified diseases.