Mark Timney, Blade Therapeutics chairman (Blade)

SPAC merg­er called off as com­pa­ny con­nect­ed to ex-Pur­due CEO de­cides to re­main pri­vate

Some­times, the third time is not the charm.

Blade Ther­a­peu­tics an­nounced Mon­day morn­ing that the com­pa­ny and its pro­posed merg­er part­ner, Biotech Ac­qui­si­tion Com­pa­ny, mu­tu­al­ly agreed to call things off, ef­fec­tive im­me­di­ate­ly. This takes place just sev­en months af­ter Blade, the small San Fran­cis­co biotech where ex-Pur­due CEO Mark Tim­ney is board chair, an­nounced the re­verse merg­er worth $254.3 mil­lion.

Blade’s com­mu­ni­ca­tions SVP Michael Blash tells End­points News that a share­hold­er meet­ing was de­layed twice.

“The ra­tio­nale dri­ving that was we weren’t meet­ing all the con­di­tions that were set up in the orig­i­nal de­fin­i­tive merg­er agree­ment. And we ar­rived at a point where it was ap­par­ent that it was best to mu­tu­al­ly agree to not fin­ish with the merg­er,” Blash added.

A press re­lease from June 2 al­so hint­ed at tim­ing be­ing an is­sue, say­ing that “The post­pone­ment of the Ex­tra­or­di­nary Meet­ing is in­tend­ed to per­mit more time to sat­is­fy all con­di­tions nec­es­sary to ef­fect the clos­ing of the pro­posed Busi­ness Com­bi­na­tion.”

When the SPAC was an­nounced last No­vem­ber, Blade said in a state­ment that the SPAC cash would fund and push for­ward “clin­i­cal, man­u­fac­tur­ing and pre­clin­i­cal ac­tiv­i­ties” for its lead pro­grams.

As for what’s next for Blade, the cur­rent plan is to con­tin­ue de­vel­op­ment on its cur­rent lead pro­gram, cud­e­tax­e­s­tat. Blade de­scribes the treat­ment as a “non-com­pet­i­tive, re­versible in­hibitor of au­to­tax­in,” added that it plans to launch a Phase II study for id­io­path­ic pul­monary fi­bro­sis some­time this year, a po­ten­tial de­lay from an an­nounce­ment ear­li­er this year when the SPAC merg­er was first an­nounced, say­ing it would be­gin in the first half of 2022.

Ac­cord­ing to Blade, the plan is to re­main as a pri­vate com­pa­ny for the fore­see­able fu­ture.

While Tim­ney has been named in dozens of law­suits for his role lead­ing Pur­due dur­ing the opi­oid epi­dem­ic, he has not gone with­out oth­er job op­por­tu­ni­ties. He pre­vi­ous­ly joined The Med­i­cines Com­pa­ny as CEO in De­cem­ber 2018, earn­ing $65 mil­lion af­ter No­var­tis said it over­paid when it spent $9.7 bil­lion to ac­quire the com­pa­ny. And last year, Tim­ney joined At­tralus Ther­a­peu­tics as CEO in his next stop.

Lina Gugucheva, NewAmsterdam Pharma CBO

Phar­ma group bets up to $1B-plus on the PhI­II res­ur­rec­tion of a once dead-and-buried LDL drug

Close to 5 years after then-Amgen R&D chief Sean Harper tamped the last spade of dirt on the last broadly focused CETP cholesterol drug — burying their $300 million upfront and the few remaining hopes for the class with it — the therapy has been fully resurrected. And today, the NewAmsterdam Pharma crew that did the Lazarus treatment on obicetrapib is taking another big step on the comeback trail with a €1 billion-plus regional licensing deal, complete with close to $150 million in upfront cash.

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How pre­pared is bio­phar­ma for the cy­ber dooms­day?

One of the largest cyberattacks in history happened on a Friday, Eric Perakslis distinctly remembers.

Perakslis, who was head of Takeda’s R&D Data Sciences Institute and visiting faculty at Harvard Medical School at the time, had spent that morning completing a review on cybersecurity for the British Medical Journal. Moments after he turned it in, he heard back from the editor: “Have you heard what’s going on right now?”

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Scoop: Boehringer qui­et­ly shut­ters a PhII for one of its top drugs — now un­der re­view

Boehringer Ingelheim has quietly shut down a small Phase II study for one of its lead drugs.

The private pharma player confirmed to Endpoints News that it had shuttered a study testing spesolimab as a therapy for Crohn’s patients suffering from bowel obstructions.

A spokesperson for the company tells Endpoints:

Taking into consideration the current therapeutic landscape and ongoing clinical development programs, Boehringer Ingelheim decided to discontinue our program in Crohn’s disease. It is important to note that this decision is not based on any safety findings in the clinical trials.

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Pearl Huang, Dunad Therapeutics CEO (Ken Richardson, PR Newswire)

Long­time biotech leader Pearl Huang takes the reins as CEO of No­var­tis-backed up­start

It has only been a few months since Pearl Huang exited the top seat at Cygnal Therapeutics, but now she’s back at the helm of another biotech.

After taking a few months off — passing an exam in that time to get her captain’s license from the US Coast Guard — she’s been named CEO of Dunad Therapeutics, a biotech focused on developing a small molecule covalent therapies that was founded in 2020. Huang told Endpoints News that two factors attracted her to going back to the c-suite: the company’s technology and its co-founders.

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Matt Gline, Roivant CEO (John Sciulli/Getty Images for GLG)

Roivant chops sick­le cell gene ther­a­py, der­ma­tol­ogy drugs to fo­cus on 'high­er val­ue pro­ject­s'

Roivant is sweeping a suite of drugs, including a gene therapy for sickle cell disease already in the clinic, out of its pipeline.

Six programs from four of its “vants” are being wound down as part of “a company-wide cost optimization and pipeline reprioritization initiative to reduce our expected operating expenses and prioritize our capital resources.”

When reached by Endpoints News, a spokesperson said, “We don’t anticipate a material reduction in headcount but we will likely reassign some folks to higher value projects as part of winding down specific programs.”

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Alex­ion puts €65M for­ward to strength­en its po­si­tion on the Emer­ald Isle

Ireland has been on a roll in 2022, with several large pharma companies announcing multimillion-euro projects. Now AstraZeneca’s rare disease outfit Alexion is looking to get in on the action.

Alexion on Friday announced a €65 million ($68.8 million) investment in new and enhanced capabilities across two sites in the country, including at College Park in the Dublin suburb of Blanchardstown and the Monksland Industrial Park in the central Irish town of Athlone, according to the Industrial Development Agency of Ireland.

Members of the G7 from left to right: Prime Minister of Italy Mario Draghi, European Commission President Ursula von der Leyen, President Joe Biden, German Chancellor Olaf Scholz, British Prime Minister Boris Johnson, Canadian Prime Minister Justin Trudeau, Prime Minister of Japan Fumio Kishida, French President Emmanuel Macron and European Council President Charles Michel (AP Photo/Susan Walsh)

Biden and G7 na­tions of­fer funds for vac­cine and med­ical prod­uct man­u­fac­tur­ing project in Sene­gal

Amidst recently broader vaccine manufacturing initiatives from the EU and European companies, the G7 summit in the mountains of Bavaria has brought about some positive news for closing vaccine and medical product manufacturing gaps around the globe.

According to a statement from the White House, the G7 leaders have formally launched the partnership for global infrastructure, PGII. The effort will aim to mobilize hundreds of billions of dollars to deliver infrastructure projects in several sectors including the medical and pharmaceutical manufacturing space.

Laurence Reid, Decibel CEO

Still in pre­clin­i­cal test­ing for ear gene ther­a­pies, Deci­bel touts small snap­shot of chemo-in­duced hear­ing loss drug

Though Decibel Therapeutics has largely pivoted toward gene therapies for the inner ear, its lead clinical candidate simply aims to protect cancer patients from chemotherapy-induced hearing loss. On Tuesday, the biotech presented its first efficacy data for the program, and execs like what they see.

Decibel reported interim results from a Phase Ib study showing the experimental drug, dubbed DB-020, largely protected a small group of patients from losing their hearing. Researchers used a particularly unique study design, administering the compound in one of each patients’ ears before they received cisplatin chemotherapy and placebo in the other.

Ben Zimmer, Priovant CEO

Roivant un­veils lat­est spin­out as Pfiz­er en­trusts JAK1/TYK2 to Pri­o­vant

In November, Pfizer disclosed it’s spun out the Phase II dual JAK1/TYK2 inhibitor to a startup formed in collaboration with an unnamed, experienced partner.

We now know who the partner is. And as Pfizer and Roivant officially take the wraps off Priovant Therapeutics, the companies reveal that they have started two registrational trials of the drug, brepocitinib, as part of a broader plan to develop a big, first-in-class franchise spanning multiple orphan and specialty autoimmune diseases.