Teva spinout raises $85M in IPO; Novartis beefs up generics unit with $440M deal
→ After Teva spinout 89bio recently announced that its IPO was being held up, the company is back in the game offering 5,304,687 shares at a price of $16 per share. The company has raised $84.9 million IPO in gross proceeds and will be listed under the ticker symbol $ETNB. BofA Securities, SVB Leerink and RBC Capital Markets are the joint book-running managers for the offering. Oppenheimer & Co is the co-manager for the offering.
→ Looking to amp up its presence in Japan’s hospitals, Novartis has struck a deal to buy out Aspen’s portfolio of generics in the world’s third largest healthcare market. The pharma giant is paying $440 million for Aspen’s Japanese subsidiary.
→ Novartis said tropifexor, a non-bile acid FXR agonist, has scored on several key biomarkers of NASH in a Phase IIb trial, including reductions in hepatic fat, alanine aminotransferase and body weight compared to a placebo at 12 weeks.
→ Daré Bioscience has acquired Gates-Foundation-backed Microchips Biotech, which is developing an implant engineered to deliver hundreds of therapeutic doses over months or years. The technology, first created in the lab of prolific MIT scientist Bob Langer, has been validated in osteoporosis patients and is being evaluated for use as a reversible contraceptive. “The addition of this user-controlled, long-acting reversible contraceptive opportunity to Daré’s pipeline, which already includes the novel monthly, hormone-free contraceptive Ovaprene, will uniquely position Daré with two of the potentially most disruptive innovations in the contraceptive category, said Daré chief Sabrina Martucci Johnson. Daré is prepping to report the data from the ovaprene postcoital test clinical trial and a pre-pivotal study to support product registration.
→ The tide of antibiotic resistance shows no signs of stopping, and the FDA is rewarding the companies that are still in the field. A Phase III intravenous combination antibiotic, ATM-AVI,
→ On the heels of positive data unveiled at ESMO, Chi-Med has secured a place in line at China’s drug regulatory agency for surufatinib. The National Medical Products Administration is reviewing an NDA for the kinase inhibitor in advanced non-pancreatic neuroendocrine tumors, which would be Chi-Med’s second product on the market. The London-listed biotech reported last month in the SANET-ep trial, surufatinib extended median progression-free survival to 9.2 months compared to 3.8 months on placebo.
→ Novo Nordisk is taking another careful step into the NASH space by licensing a preclinical compound from Japan’s UBE. UD-014 is a semicarbazide-sensitive amine oxidase/vascular adhesion protein-1 inhibitor that is believed to have both anti-inflammatory and antioxidative effects. The Danish drugmaker, known for its diabetes franchise, has collaborated with Gilead to test its GLP-1 drug semaglutide as part of a triple NASH combo.
→ Abcam signed off a cash payment of €120 million to purchase Expedeon AG‘s proteomics and immunology business activities. The agreement is still subject to a shareholder approval at a meeting held next month by Expedeon.