From L-R: UVA president Jim Ryan, Gov. Glenn Youngkin (R-VA), Paul Manning, UVA Health CEO K. Craig Kent and university rector Whitt Clement at Friday’s announcement (Photo by Erin Edgerton, University Communications courtesy University of Virginia)

VC in­vestor Paul Man­ning do­nates $100M to UVA for new R&D in­sti­tute

PBM Cap­i­tal’s Paul Man­ning has do­nat­ed $100 mil­lion to the Uni­ver­si­ty of Vir­ginia, and it’s go­ing to be used to ad­vance drug de­vel­op­ment.

At a cer­e­mo­ny on cam­pus Fri­day, lead­ers from across the uni­ver­si­ty and UVA Health an­nounced the launch of the Paul and Di­ane Man­ning In­sti­tute of Biotech­nol­o­gy. State of­fi­cials, in­clud­ing Vir­ginia Gov. Glenn Youngkin and Vir­ginia House of Del­e­gates Speak­er Todd Gilbert, were al­so present.

While al­so em­pha­siz­ing modal­i­ties such as cel­lu­lar ther­a­py, gene ther­a­py and nan­otech­nol­o­gy, the in­sti­tute’s main goal will be to help find new treat­ments and cures for “even the most chal­leng­ing and dev­as­tat­ing dis­eases,” ac­cord­ing to an an­nounce­ment from the uni­ver­si­ty. The in­sti­tute will al­so al­low UVA to ex­pand its clin­i­cal tri­al of­fer­ings.

The crown jew­el of the new in­sti­tute will be a new high-tech fa­cil­i­ty lo­cat­ed in Fontaine Re­search Park, on the west side of the uni­ver­si­ty’s cam­pus. While ad­di­tion­al de­tails such as the name are to be an­nounced at a lat­er date, the an­nounce­ment says that the fa­cil­i­ty will bring re­search, man­u­fac­tur­ing and pa­tient care space un­der one roof.

UVA’s provost and chief aca­d­e­m­ic of­fi­cer Ian Bau­com said in a state­ment that this is the type of fa­cil­i­ty “most uni­ver­si­ties can on­ly dream of,” adding that it will help the uni­ver­si­ty in terms of re­cruit­ing tal­ent.

The in­sti­tute, while lever­ag­ing $100 mil­lion from the Man­nings, will be sup­port­ed by an ini­tial in­vest­ment of $300 mil­lion. The re­main­ing $200 mil­lion comes from two oth­er en­ti­ties: $150 mil­lion from UVA, and the fi­nal $50 mil­lion from the state of Vir­ginia.

Man­ning got his wealth from the sale of PBM Prod­ucts, a com­pa­ny that makes pri­vate-la­bel in­fant for­mu­la. Fol­low­ing the sale of the com­pa­ny to Per­ri­go for $800 mil­lion, Man­ning start­ed up PBM Cap­i­tal in 2010.

Since then, PBM Cap­i­tal has had its hands in­volved in sev­er­al biotechs over the years, in­clud­ing Sali­o­Gen, Taysha Gene Ther­a­pies, and Can­del Ther­a­peu­tics — the com­pa­ny head­ed by for­mer GSK vet Paul Pe­ter Tak, once GSK’s chief im­munol­o­gy of­fi­cer. One of the biggest suc­cess­es was AveX­is, the gene ther­a­py out­fit ac­quired by No­var­tis in 2018 for $8.7 bil­lion.

A spokesper­son for the uni­ver­si­ty did not im­me­di­ate­ly re­spond to End­points News.

Teresa Graham, incoming Roche Pharmaceuticals CEO

In­com­ing Roche CEO builds out his top team, tap­ping Genen­tech vet to lead phar­ma di­vi­sion

Roche announced another leadership shuffle Thursday morning – the head of global product strategy, Teresa Graham, will take over as CEO of Roche Pharmaceuticals in March while the company’s corporate executive committee will make a spot for Levi Garraway, CMO and executive VP of global product development.

Thomas Schinecker will take over the top spot as Roche group CEO in March, leaving his spot as head of diagnostics.

Raymond Stevens, Structure Therapeutics CEO

Be­hind Fri­day's $161M IPO: A star sci­en­tist, GPCR drug dis­cov­ery and a plan to chal­lenge phar­ma in di­a­betes

What does it take to pull off a $161 million biotech IPO these days?

In Structure Therapeutics’ case, it means having a star scientist co-founder paired with the computational drug discovery company Schrödinger, $198 million in private funding from blue-chip investors, almost six years of research work on G protein-coupled receptors and a slate of oral, small-molecule drugs, with an eye on the huge and growing diabetes and weight-loss market.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 158,500+ biopharma pros reading Endpoints daily — and it's free.

Sen. Ron Wyden (D-OR) (Francis Chung/E&E News/Politico via AP Images)

In­fla­tion re­bates in­com­ing: Wyden calls on CMS to move quick­ly as No­var­tis CEO pledges re­ver­sal

Senate Finance Chair Ron Wyden (D-OR) this week sent a letter to the head of the Centers for Medicare & Medicaid Services seeking an update on how and when new inflation-linked rebates will take effect for drugs that see major price spikes.

The newly signed Inflation Reduction Act requires manufacturers to pay a rebate to Medicare when they increase drug prices faster than the rate of inflation.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 158,500+ biopharma pros reading Endpoints daily — and it's free.

Trodelvy notch­es a win in most com­mon form of breast can­cer

Following a promise last year to go “big and fast in breast cancer,” Gilead has secured a win for Trodelvy in the most common form.

The drug was approved to treat HR-positive, HER2-negative breast cancer patients who’ve already received endocrine-based therapy and at least two other systemic therapies for metastatic cancer, Gilead announced on Friday.

Trodelvy won its first indication in metastatic triple-negative breast cancer back in 2020, and has since added urothelial cancer to the list. HR-positive HER2-negative breast cancer accounts for roughly 70% of new breast cancer cases worldwide per year, according to senior VP of oncology clinical development Bill Grossman, and many patients develop resistance to endocrine-based therapies or worsen on chemotherapy.

John Roberts, exiting Vyant Bio CEO

Neu­rode­gen­er­a­tive biotech Vyant warns of po­ten­tial wind-down

The CEO and chief scientific officer of Vyant Bio are out the door as the little-known but publicly-listed neurodegenerative biotech searches for an exit or, if all else fails, a wind-down.

The soul-searching bookends a winding journey for the biotech, which rebranded and transitioned from diagnostics company Cancer Genetics in 2021 after a merger with StemoniX. That came after a failed merger attempt with NovellusDx (now Fore Biotherapeutics) in 2018. In the last few years, units have been sold off and the stock price $VYNT has plummeted from the $30 range to penny stock territory.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 158,500+ biopharma pros reading Endpoints daily — and it's free.

Medicago's vaccine greenhouse (Medicago via YouTube)

Cana­di­an plant-based vac­cine de­vel­op­er Med­ica­go shut­ters months af­ter lay­offs

Plant-based Covid-19 vaccine developer Medicago shut down this week with little fanfare. And its two subsidiaries, Medicago R&D and Medicago USA, are also closing their doors, according to a company news release.

The lone shareholder left standing, Japan-based Mitsubishi Chemical Group, “has determined not to make further investments in Medicago and to proceed with an orderly wind-up of its business and operations in Canada and in the United States.”

Af­ter 13 years, Ramy Mah­moud steps in­to CEO seat at Opti­nose; Ru­pert Vessey set to ex­it Bris­tol My­ers in Ju­ly

After 13 years as president and COO at Optinose, Ramy Mahmoud has stepped into a new role as its CEO. He is taking the place of Peter Miller, who stepped down earlier this week, though Miller is still staying with the company as a consultant.

In 2010, the two business partners joined Optinose to take it in a new direction, transforming it from a delivery platform to product company. They previously worked together at Johnson & Johnson, when Miller was president at Janssen and Mahmoud headed medical affairs. Miller said after he learned about Optinose, “I did what I always do, which is find people smarter than me to talk with about the idea. And the first person I called was Ramy … and I said, ‘Hey, Ramy, what do you think of this technology?’”

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 158,500+ biopharma pros reading Endpoints daily — and it's free.

Te­va drops out of in­dus­try trade group PhRMA

Following in AbbVie’s footsteps, Teva confirmed on Friday that it’s dropping out of the industry trade group Pharmaceutical Research and Manufacturers of America (PhRMA).

Teva didn’t give a reason for its decision to leave, saying only in a statement to Endpoints News that it annually reviews “effectiveness and value of engagements, consultants and memberships to ensure our investments are properly seated.”

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 158,500+ biopharma pros reading Endpoints daily — and it's free.

Sanofi CFO Jean-Baptiste de Chatillon (L) and CEO Paul Hudson (Romuald Meigneux/Sipa via AP Images)

Sanofi sees downtick in flu sales as it preps for launch of RSV an­ti­body

Sanofi expects its RSV antibody jointly developed with AstraZeneca will be available next season, executive VP of vaccines Thomas Triomphe announced on the company’s quarterly call.

Beyfortus, also known as nirsevimab, was approved in the EU back in November and is currently under FDA review with an expected decision coming in the third quarter of this year. The news comes as the FDA plans to hold advisory committee meetings over the next couple months to review RSV vaccines from Pfizer and GSK.