→ With just a few more days before he officially becomes Novartis’ new CEO, Vas Narasimhan is joining the world’s power circle. Case in point: Narasimhan joined a group of big-time European CEOs who sat down with President Donald Trump for dinner at Davos.
→ Two IPOs pitched at a year-end blitz have materialized. Focusing on elderly respiratory tract infections, resTORbio has raised $85 million by offering 5.7 million shares at $15. The Cambridge, MA biotech plans to list as $TORC, a tribute to the mTORC1 inhibitors its founders believe have potential to treat a variety of aging-related ailments. Then there’s I/O player Armo Biosciences, which went above its original $86 million for 6.7 million shares plan and bagged $128 million instead with an offering of 7.5 million shares at $17. It will go on Nasdaq as $ARMO.
→ Following ertugliflozin’s approval in the US, an EMA panel recommendation today sets Merck $MRK and Pfizer $PFE on the path for a European green light. The diabetes drug, marketed as Steglatro, will have some tough competition in the SGLT2 inhibitor class with products from Eli Lilly, J&J and AstraZeneca. With Sanofi/Lexicon ready to join the party, all eyes are on the upcoming cardio data, which will likely determine the winners.
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