Six years af­ter a spec­tac­u­lar de­but, Warp Dri­ve Bio is pow­er­ing down and hand­ing its 'un­drug­gable' am­bi­tions over to Rev­o­lu­tion

Close to six years af­ter Third Rock launched Warp Dri­ve Bio with a big-mon­ey col­lab­o­ra­tion from Sanofi and am­bi­tious plans to drug the un­drug­gable with new tech out of Har­vard, the biotech has reached the end of the line as an in­de­pen­dent op­er­a­tion. 

To­day Warp Dri­ve is dis­patch­ing its pipeline to an­oth­er Third Rock start­up com­pa­ny, Rev­o­lu­tion Med­i­cines, with the CEOs of both com­pa­nies in­sist­ing that this is a win-win for all in­volved, though Warp Dri­ve nev­er ac­tu­al­ly made the leap in­to the clin­ic.

Lau­rence Reid

Pressed on the point, Warp Dri­ve CEO Lau­rence Reid con­cedes that every de­ci­sion like this has its “up­sides and down­sides,” but he in­sists that the de­ci­sion by the board rep­re­sents the best path for­ward for in­vestors as well as the med­i­cines they have been toil­ing on since 2012.

Warp Dri­ve was a biotech child of its time. The com­pa­ny boast­ed of a ”ge­nom­ic search en­gine” that “en­ables hid­den nat­ur­al prod­ucts to be re­vealed on the ba­sis of their dis­tinc­tive ge­nom­ic sig­na­ture.” And with the likes of Greg Ver­dine — who left to do 2 new star­tups — and George Church out of Har­vard be­hind it, there were plen­ty of be­liev­ers.

What­ev­er the two CEOs say to­day about all the pos­i­tives be­hind the deal, any biotech com­pa­ny that goes six years with­out get­ting in­to the clin­ic — or an­nounc­ing plans to — is like­ly to get a thor­ough re­view from in­vestors. Reid, though, says that Third Rock and the oth­er in­vestors were will­ing to go back in­to a Se­ries B, the orig­i­nal plan for fi­nanc­ing the next step, be­fore the board set this new path out.

The fate of the 43 staffers?

Mark Gold­smith

That’s still to be de­cid­ed, says CEO Mark Gold­smith of Rev­o­lu­tion, which on­ly re­cent­ly un­der­went a tran­si­tion to on­col­o­gy af­ter aban­don­ing its ear­ly work on an an­ti-fun­gal. Ob­vi­ous­ly, he added, not every­one will make the jump from the East to the West Coast where Rev­o­lu­tion is based, and that in it­self will mean some re­duc­tion in staff.

The big Sanofi col­lab­o­ra­tions that were her­ald­ed in an­tibi­otics and on­col­o­gy? Those end­ed in 2017 and 2016, says Reid. And the lights went out on those part­ner­ships with­out any of the rah-rah that at­tend­ed their ar­rival.

Sanofi cur­rent­ly has 40% of the eq­ui­ty in Warp Dri­ve, with no rights to any of its prod­ucts.

How much is that worth af­ter the deal goes through, with Rev­o­lu­tion hand­ing out stock to in­vestors?

They aren’t say­ing.

The two oth­er col­lab­o­ra­tions that were formed with Glax­o­SmithK­line and Roche, which front­ed $87 mil­lion for the up­front and pre­clin­i­cal mile­stones? Con­tin­u­ing un­der re­view, to be de­cid­ed on lat­er, af­ter Rev­o­lu­tion’s ex­ec team “de­ter­mines its busi­ness strat­e­gy for the genome min­ing plat­form.”

Gold­smith al­so hit a va­ri­ety of up­beat notes about the deal, say­ing this would bring to­geth­er two high­ly com­ple­men­tary pipelines and al­low a more rapid de­vel­op­ment of the Warp Dri­ve as­sets.

Asked when the most ad­vanced Warp Dri­ve pro­gram could ex­pect to en­ter the clin­ic, Gold­smith replied that they aren’t pro­vid­ing time­lines.

 

UP­DAT­ED: In sur­prise switch, Bris­tol-My­ers is sell­ing off block­buster Ote­zla, promis­ing to com­plete Cel­gene ac­qui­si­tion — just lat­er

Apart from revealing its checkpoint inhibitor Opdivo blew a big liver cancer study on Monday, Bristol-Myers Squibb said its plans to swallow Celgene will require the sale of blockbuster psoriasis treatment Otezla to keep the Federal Trade Commission (FTC) at bay.

The announcement — which has potentially delayed the completion of the takeover to early 2020 — irked investors, triggering the New York-based drugmaker’s shares to tumble Monday morning in premarket trading.

Celgene’s Otezla, approved in 2014 for psoriasis and psoriatic arthritis, is a rising star. It generated global sales of $1.6 billion last year, up from the nearly $1.3 billion in 2017. Apart from the partial overlap of Bristol-Myers injectable Orencia, the company’s rival oral TYK2 psoriasis drug is in late-stage development, after the firm posted encouraging mid-stage data on the drug, BMS-986165, last fall. With Monday’s decision, it appears Bristol-Myers is favoring its experimental drug, and discounting Otezla’s future.

The move blindsided some analysts. Credit Suisse’s Vamil Divan noted just days ago:

Endpoints News

Basic subscription required

Unlock this story instantly and join 53,400+ biopharma pros reading Endpoints daily — and it's free.

Novotech CEO Dr. John Moller

Novotech CRO Award­ed Frost & Sul­li­van Best Biotech CRO Asia-Pa­cif­ic 2019

Known in the in­dus­try as the Asia-Pa­cif­ic CRO, Novotech is now lead CRO ser­vices provider for the grow­ing num­ber of in­ter­na­tion­al biotechs se­lect­ing the re­gion for their stud­ies.

Re­flect­ing this Asia-Pa­cif­ic growth, Novotech staff num­bers are up 20% since De­cem­ber 2018 to 600 in-house clin­i­cal re­search peo­ple across a full range of ser­vices, across the re­gion.

Novotech’s ca­pa­bil­i­ties have been rec­og­nized by an­a­lysts like Frost & Sul­li­van, most re­cent­ly with the pres­ti­gious Asia-Pa­cif­ic CRO Biotech of the year award for best prac­tices in clin­i­cal re­search for biotechs for the fifth year. See oth­er awards here.

Fol­low­ing news of job cuts in Eu­ro­pean R&D ops, Sanofi con­firms it’s of­fer­ing US work­ers an 'ear­ly ex­it'

Ear­li­er in the week we learned that Sanofi was bring­ing out the bud­get ax to trim 466 R&D jobs in Eu­rope, re­tool­ing its ap­proach to car­dio as re­search chief John Reed beefed up their work in can­cer and gene ther­a­pies. And we’re end­ing the week with news that the phar­ma gi­ant has al­so been qui­et­ly re­duc­ing staff in the US, tar­get­ing hun­dreds of jobs as the com­pa­ny push­es vol­un­tary buy­outs with a fo­cus on R&D sup­port ser­vices.

Suf­fer­ing No­var­tis part­ner Cona­tus is pack­ing it in on NASH af­ter a se­ries of un­for­tu­nate tri­al events

The NASH par­ty is over at No­var­tis-backed Cona­tus. And this time they’re turn­ing off the lights.

More than 2 years af­ter No­var­tis sur­prised the biotech in­vest­ment com­mu­ni­ty with its $50 mil­lion up­front and promise of R&D sup­port to part­ner with the lit­tle biotech on NASH — ig­nit­ing a light­ning strike for the share price — Cona­tus $CNAT is back with the lat­est bit­ter tale to tell about em­ri­c­as­an, which once in­spired con­fi­dence at the phar­ma gi­ant.

Dean Hum. Nasdaq via YouTube

Gen­fit goes to Chi­na with a deal worth up to $228M for NASH drug

Fresh off the high of its Nas­daq IPO de­but, and the low of com­par­isons to Cymabay — whose NASH drug re­cent­ly stum­bled — Gen­fit on Mon­day un­veiled an up to $228 mil­lion deal with transpa­cif­ic biotech Terns Phar­ma­ceu­ti­cals to de­vel­op its flag­ship ex­per­i­men­tal liv­er drug — elafi­bra­nor — in Greater Chi­na.

The deal comes more than a week af­ter Gen­fit $GN­FT is­sued a fiery de­fense of its dual PPAR ag­o­nist elafi­bra­nor, when com­peti­tor Cymabay’s PPARδ ag­o­nist, se­ladel­par, fiz­zled in a snap­shot of da­ta from an on­go­ing mid-stage tri­al. The main goal at the end of 12 weeks was for se­ladel­par to in­duce a sta­tis­ti­cal­ly sig­nif­i­cant im­prove­ment in liv­er fat con­tent, but da­ta showed that pa­tients on the place­bo ac­tu­al­ly per­formed bet­ter.

Alex­ion wins pri­or­i­ty re­view for Ul­tomiris' aHUS in­di­ca­tion; FDA ex­pands ap­proval of Ver­tex's Symdeko

→ Alex­ion $ALXN has scored a speedy re­view for Ul­tomiris for pa­tients with atyp­i­cal he­molyt­ic ure­mic syn­drome (aHUS) af­ter post­ing pos­i­tive da­ta from a piv­otal study in Jan­u­ary. The drug is the rare dis­ease com­pa­ny’s shot at pro­tect­ing its block­buster blood dis­or­der fran­chise that is cur­rent­ly cen­tered around its flag­ship drug, Soliris, which is a com­ple­ment in­hibitor typ­i­cal­ly ad­min­is­tered every two weeks. Ul­tomiris has a sim­i­lar mech­a­nism of ac­tion but re­quires less-fre­quent dos­ing — every eight weeks. The de­ci­sion date has been set to Oc­to­ber 19. Late last year, Ul­tomiris se­cured ap­proval for noc­tur­nal he­mo­glo­bin­uria (PNH) pa­tients.

Bet­ter than Am­bi­en? Min­er­va soars on PhI­Ib up­date on sel­torex­ant for in­som­nia

A month af­ter roil­ing in­vestors with what skep­tics dis­missed as cher­ry pick­ing of its de­pres­sion da­ta, Min­er­va is back with a clean slate of da­ta from its Phase IIb in­som­nia tri­al.

In a de­tailed up­date, the Waltham, MA-based biotech said sel­torex­ant (MIN-202) hit both the pri­ma­ry and sev­er­al sec­ondary end­points, ef­fec­tive­ly im­prov­ing sleep in­duc­tion and pro­long­ing sleep du­ra­tion. In­ves­ti­ga­tors made a point to note that the ef­fects were con­sis­tent across the adult and el­der­ly pop­u­la­tions, with the lat­ter more prone to the sleep dis­or­der.

Gene ther­a­py biotech sees its stock rock­et high­er on promis­ing re­sults for rare cas­es of but­ter­fly dis­ease

Shares of Krys­tal Biotech took off this morn­ing $KRYS af­ter the lit­tle biotech re­port­ed promis­ing re­sults from its gene ther­a­py to treat a rare skin dis­ease called epi­der­mol­y­sis bul­losa.

Fo­cus­ing on an up­date with 4 new pa­tients, re­searchers spot­light­ed the suc­cess of KB103 in clos­ing some stub­born wounds. Krys­tal says that of 4 re­cur­ring and 2 chron­ic skin wounds treat­ed with the gene ther­a­py, the KB103 group saw the clo­sure of 5. The 6th — a chron­ic wound, de­fined as a wound that had re­mained open for more than 12 weeks — was par­tial­ly closed. That brings the to­tal so far to 8 treat­ed wounds, with 7 clo­sures.

Ab­b­Vie gets a green light to re­sume re­cruit­ing pa­tients for one myelo­ma study — but Ven­clex­ta re­mains un­der a cloud

Three months af­ter reg­u­la­tors at the FDA forced Ab­b­Vie to halt en­rolling pa­tients in its tri­als of a com­bi­na­tion us­ing Ven­clex­ta (vene­to­clax) to treat drug-re­sis­tant cas­es of mul­ti­ple myelo­ma, the agency has green-light­ed the re­sump­tion of one of those stud­ies, while keep­ing the rest on the side­lines.

The CANO­VA (M13-494) study can now get back in busi­ness re­cruit­ing pa­tients to test the drug for a pop­u­la­tion that shares a par­tic­u­lar ge­net­ic bio­mark­er. To get that per­mis­sion, Ab­b­Vie — which is part­nered with Roche on this pro­gram — was forced to re­vise the pro­to­col, mak­ing un­spec­i­fied changes in­volv­ing risk mit­i­ga­tion mea­sures, pro­to­col-spec­i­fied guide­lines and an up­dat­ed fu­til­i­ty cri­te­ria.