[Updated 3/10/15 4:48 pm. See below.] Amgen subsidiary Onyx Pharmaceuticals delivered good news last week. But it has received bad news in return. Thousand Oaks, CA-based Amgen (NASDAQ: [[ticker:AMGN]]), which bought Onyx in August 2013 for $10.4 billion, is shutting down Onyx’s South San Francisco, CA, facility and plans to lay off about 300 people, … Continue reading “In Oncology Shuffle, Amgen To Shutter Onyx, Lay Off About 300”
Author: Alex Lash
I've spent nearly all my working life as a journalist. I covered the rise and fall of the dot-com era in the second half of the 1990s, then switched to life sciences in the new millennium. I've written about the strategy, financing and scientific breakthroughs of biotech for The Deal, Elsevier's Start-Up, In Vivo and The Pink Sheet, and Xconomy.
CTI Goes Up, And Down, And Back Up On Phase 3 Myelofibrosis News
Seattle’s CTI Biopharma (NADSAQ: [[ticker:CTIC]]) just ended a rollercoaster trading day. First thing Monday, the firm released positive Phase 3 trial results for its myelofibrosis treatment, pacritinib, and shares shot up 11 percent higher than the Friday closing price of $2.65. Before noon, shares had given back all those gains, then immediately began to rise … Continue reading “CTI Goes Up, And Down, And Back Up On Phase 3 Myelofibrosis News”
West Coast Biotech Roundup: Pharmacyclics, Gates, Ikaria & More
[Corrected 3/9/15, 11:46 pm. See below.] What a week for West Coast news, topped off by AbbVie’s surprise $21 billion grab of Pharmacyclics. It’s the ninth-largest biopharma acquisition of all time, according to one analyst. There was also immunotherapy news—a sentence that seems these days to apply to any week of the calendar—and immunotherapy views, … Continue reading “West Coast Biotech Roundup: Pharmacyclics, Gates, Ikaria & More”
“Voice for Everyone”—Life-Sci Women Talk Venture, Pharma Gender Gap
By the numbers, the rare-disease drug developer Raptor Pharmaceutical (NASDAQ: [[ticker:RPTP]]) recently upped its chances of better market performance. That’s because biopharma veteran Julie Anne Smith (pictured) on Jan. 1 officially took the helm of the Novato, CA-based biotech firm from Christopher Starr, and time and again, studies show that companies with more women in … Continue reading ““Voice for Everyone”—Life-Sci Women Talk Venture, Pharma Gender Gap”
Tiger Teams, Dropping Subs, and Biotech’s Elusive Second Strikes
Onesie-twosie? Double dipping? The old razzle dazzle? Whatever you call it, it’s a rare feat to sell a biotech company, hold something back to start a new company, then ride that second horse to success. The team behind Flexus Biosciences is halfway there, as I wrote about last week. They sold a preclinical cancer immunotherapy … Continue reading “Tiger Teams, Dropping Subs, and Biotech’s Elusive Second Strikes”
With FDA Nod, Nonprofit Drug Firm Launches New IUD—And New Model
An unusual women’s health biopharma with a very unusual strategy has passed its first big test. The FDA said today that Medicines360 can bring a contraceptive to market. That’s not the unusual part, and neither is the product. It’s an intrauterine device, and IUDs have been around for a century in one form or another. … Continue reading “With FDA Nod, Nonprofit Drug Firm Launches New IUD—And New Model”
West Coast Biotech Roundup: Flexus, NGM, Illumina, Bob Klein & More
A few West Coast companies made news back east this week at the Advances in Genome Biology and Technology conference in Florida, while others (Flexus Biosciences, NGM Biotherapeutics) stayed home to count hundreds of millions of dollars rolling in from huge deals. But the biggest number of the week—$100 billion—came from the mouth of California … Continue reading “West Coast Biotech Roundup: Flexus, NGM, Illumina, Bob Klein & More”
Yes to Flexus: The Science And Strategy Behind A Huge Biotech Return
It was hard to miss the numbers. On Monday, Bristol-Myers Squibb (NYSE: [[ticker:BMY]]) bought Flexus Biosciences—or a large chunk of it—and still provided one of the best returns in recent biotech memory: $800 million guaranteed and potentially $450 million more, all from a $38 million investment over less than two years. It was also hard … Continue reading “Yes to Flexus: The Science And Strategy Behind A Huge Biotech Return”
Well-Funded NGM Bio Nabs $200M To Boost Merck’s Metabolic Pipeline
Call it a long, lucrative leash. In a deal announced today, NGM Biopharmaceuticals of South San Francisco, CA, has signed over 15 percent of its equity and potentially much of its preclinical work to Merck & Co. (NYSE: [[ticker:MRK]]), but the arrangement also gives NGM an unusual amount of freedom. Here’s why it’s lucrative: Merck … Continue reading “Well-Funded NGM Bio Nabs $200M To Boost Merck’s Metabolic Pipeline”
As New Sanofi CEO Starts, Viehbacher’s Biotech Fingerprints Abound
After the abrupt firing of former CEO Chris Viehbacher last fall, Sanofi (NYSE: [[ticker:SNY]]) has finally named a new chief executive. The Paris-based global pharma has tapped for the job native Frenchman Olivier Brandicourt (pictured), the current top executive of Bayer Healthcare. On April 2, Brandicourt takes the reins of a company with roughly the … Continue reading “As New Sanofi CEO Starts, Viehbacher’s Biotech Fingerprints Abound”
West Coast Biotech Roundup: Laguna, SeaGen, Unchained, DME & More
We’ve grouped our items according to topic this week. First come the financings, led by the relocated Laguna Pharma in San Diego. Then comes the clinical and regulatory news, which is topped by the long-awaited results of a government-sponsored trial to compare three different treatments—including two from Genentech—for diabetic macular edema, a type of vision … Continue reading “West Coast Biotech Roundup: Laguna, SeaGen, Unchained, DME & More”
Ready, Aim, CRISPR: Will Gene-Editing Tools Hit Their Targets?
Gene therapy is finally upon us. After more than two decades of work, one product is approved in Europe. Others are steadily advancing through clinical trials, and gene therapy companies are doing big deals and raising big sums of cash. Now here comes a more precise version of gene therapy—gene editing. Instead of trying to … Continue reading “Ready, Aim, CRISPR: Will Gene-Editing Tools Hit Their Targets?”
Any Given Cell: Can Biotech Pioneer Steve Fodor Do it Again?
[Corrected 2/13/15, 4:45 pm. See below.] Someday, we might have instruments that peer inside a human to record what each cell in the body is doing. That sounds like science fiction, but it’s no more outlandish than the notion, fifty years ago, that one day we would be able to analyze a tissue sample and … Continue reading “Any Given Cell: Can Biotech Pioneer Steve Fodor Do it Again?”
West Coast Biotech Roundup: Dendreon, Invitae, Juno, Regulus & More
Seattle might be second in professional handegg, but it comes first in this week’s West Coast roundup. The big news is that former high flyer Dendreon is all but sold, with the ever-acquisitive Quebeckers at Valeant on the buying end. Moving down the coast to the Bay Area, we’ve got Invitae pulling off the year’s … Continue reading “West Coast Biotech Roundup: Dendreon, Invitae, Juno, Regulus & More”
Aiming for One-Stop Diagnostic Tests, Invitae Raises $102M in IPO
Invitae, a diagnostics company in San Francisco, has scored the first big biotech IPO of the year. The firm priced 6.35 million shares of its stock at $16 per share to raise nearly $102 million. The firm is led by CEO Randy Scott (pictured), the former CEO of another Bay Area diagnostics firm, Genomic Health. … Continue reading “Aiming for One-Stop Diagnostic Tests, Invitae Raises $102M in IPO”
NIH Opens Discussion: How to Build a U.S. Health Research Database?
National Institutes of Health director Francis Collins kicked off a two-day meeting in Bethesda, MD, this morning to discuss how to turn President Obama’s call for a national health research database into reality. The database, which NIH officials are calling the National Research Cohort, is one of two main thrusts of the administration’s precision medicine … Continue reading “NIH Opens Discussion: How to Build a U.S. Health Research Database?”
End of Dendreon: Valeant’s $400M is Sole Offer, Purchase is Next
There will be no auction for bankrupt biotech Dendreon (NASDAQ: [[ticker:DNDNQ]]). Valeant Pharmaceuticals (NYSE: [[ticker:VRX]]) has made the only bid for the Seattle company, and with a bankruptcy judge’s approval the bid will become a $400 million acquisition. Dendreon entered Chapter 11 bankruptcy last fall after a long spiral downward. Valeant first bid $296 million … Continue reading “End of Dendreon: Valeant’s $400M is Sole Offer, Purchase is Next”
Metasurvey Says: Fewer Biopharmas Capturing More Venture Dollars
In biotech, young companies have been raising money from public and private investors alike at an astounding rate. But all the rain isn’t letting a thousand flowers bloom. In other words, there’s more money going into new biopharma companies, but the cash is not being spread widely. That’s according to a new survey released today … Continue reading “Metasurvey Says: Fewer Biopharmas Capturing More Venture Dollars”
West Coast Biotech Roundup: Tracon, Mirati, Third Rock, & Dendreon
This week, we’ll take our roundup on a West Coast roadtrip from south to north. First, down San Diego way, the news the past seven days was mostly financial, led by Tracon Pharmceuticals’ IPO. In San Francisco, Genentech had breakthrough news, while KaloBios had more bad news. And in Seattle, bankrupt Dendreon found a potential … Continue reading “West Coast Biotech Roundup: Tracon, Mirati, Third Rock, & Dendreon”
FDA’s Hamburg Stepping Down With Biopharma Turnaround as Her Legacy
[Corrected 2/6/15, 2:40 pm. See below.] FDA Commissioner Margaret “Peggy” Hamburg will step down in March after nearly six eventful years, transforming the agency from one of the life science industry’s biggest bete noirs into, arguably, a fairly reliable arbiter for innovators. She announced her decision this morning in an open letter to FDA employees. … Continue reading “FDA’s Hamburg Stepping Down With Biopharma Turnaround as Her Legacy”
Third Rock’s New Revolution Looks to Squeeze More Drugs From Nature
Over and over, drugmakers have turned discoveries in nature into human medicine. Aspirin came from the willow plant, and the cholesterol-lowering statins originated in fungi. But once the foundation of the drug business, so-called natural products have fallen out of favor in our high-tech age. Third Rock Ventures thinks it can go back to nature … Continue reading “Third Rock’s New Revolution Looks to Squeeze More Drugs From Nature”
As Promised, LTI Pulls In Big Series A to Advance Parkinson’s Drug
Lysosomal Therapeutics of Cambridge, MA, has closed a $20 million Series A round to push forward a drug for Parkinson’s disease that exploits the link between neurodegeneration and a family of rare genetic disorders. LTI raised a $5 million seed round last year. When it found a compound to develop as its lead Parkinson’s candidate, … Continue reading “As Promised, LTI Pulls In Big Series A to Advance Parkinson’s Drug”
Now Playing: California’s $1 Billion Stem-Cell Renovation Show
Home remodeling shows are a reality TV staple. But no Park Avenue mansion or country estate can top the nearly $1 billion price tag of the house C. Randal Mills is trying to renovate on the fly in California. Mills, who goes by Randy, is the president of the State of California’s stem cell agency, … Continue reading “Now Playing: California’s $1 Billion Stem-Cell Renovation Show”
Obama Wants You (And 1 Million Others) For ‘Precision’ Health Data
[Updated 1/30/15 1:15 pm. See below.] President Obama’s precision medicine plan just got a bit more precise, and it has a $215 million price tag. Starting with that cash, his administration wants to build a massive national database to study long-term public health trends, gathering head-to-toe health data from a million or more volunteers over … Continue reading “Obama Wants You (And 1 Million Others) For ‘Precision’ Health Data”
West Coast Biotech Roundup: Qualcomm, Google X, Mapp, Onyx, & More
Most of California hasn’t had rain in a month, Seattle had a few days of “Juneuary” this past week, and West Coast tech titans warmed up the life-science news flow. Qualcomm, with its interest in digital health, is teaming with Roche to monitor patients in clinical trials. Google, with its interest in, well, everything, will … Continue reading “West Coast Biotech Roundup: Qualcomm, Google X, Mapp, Onyx, & More”
Genomic Search Engine One Codex Wins CDC Prize to Catch Bad E. Coli
San Francisco genomic data firm Reference Genomics says it has the tools to spot nasty microbes fast. The U.S. Centers for Disease Control and Prevention agrees. With its One Codex search platform, the startup has won a CDC-sponsored “no petri dish” contest to identify a toxic strain of the bacteria E. coli without the time-consuming … Continue reading “Genomic Search Engine One Codex Wins CDC Prize to Catch Bad E. Coli”
Speaking LINGO, Biogen R&D Chief Wants to Push Nerve Repair Boundary
The biggest clinical trial news of 2015 so far, arguably, was a report from Biogen Idec (NASDAQ: [[ticker:BIIB]]) about a drug meant to do something never done before: repair nerve damage in multiple sclerosis patients and possibly reverse the course of the disease. The news was also quite ambiguous. In a Jan. 8 release, the … Continue reading “Speaking LINGO, Biogen R&D Chief Wants to Push Nerve Repair Boundary”
West Coast Biotech Roundup: Zymeworks, Lee Hood, Sue Biggins, Nektar
The news flow has been slow since the end of this year’s J.P. Morgan madness. The week in life sciences was dominated by President Obama’s call for a national precision medicine initiative. (For a West Coast angle, Xconomy asked genetics pioneer and Seattle fixture Lee Hood to weigh in with his thoughts.) Let’s start our … Continue reading “West Coast Biotech Roundup: Zymeworks, Lee Hood, Sue Biggins, Nektar”
Two Generations of Geneticists, Two “Precision Medicine” Wish Lists
In late 2012, President Obama awarded Leroy “Lee” Hood the National Medal of Science for a lifetime of achievements, including the invention of machines that made the historic Human Genome Project possible. So when Obama announced yesterday a “precision medicine initiative”—something that would surely require ever-deeper knowledge about the personal genetic differences that influence health … Continue reading “Two Generations of Geneticists, Two “Precision Medicine” Wish Lists”
What President Obama’s Precision Medicine Initiative Might Include
In case you missed it, President Obama used his State of the Union speech Tuesday night to call for a national “precision medicine” initiative. But, as often happens in these Halloween candy bags of Presidential wish lists, the details were scant. Here’s the entirety of what he said about it: I want the country that … Continue reading “What President Obama’s Precision Medicine Initiative Might Include”
In the Jiu-Jitsu Match of Biotech Risk, a Reminder of Other Paths
Risk makes for great headlines. I’m guilty as charged. My first column for Xconomy questioned whether biotech venture capitalists were losing relevance, running away from risk in an inherently risky business. Heading full steam into the new year, there will be plenty of headlines and stories from us and our peers about the brave and … Continue reading “In the Jiu-Jitsu Match of Biotech Risk, a Reminder of Other Paths”
J.P. Morgan 2015: Notes, Thoughts, And Conversations From the Vortex
The word “story” gets ill treatment at events like the J.P. Morgan Healthcare Conference. It often means an elevator pitch from a harried CEO to a distracted investor, or a few observations a journalist strings together with a headline, or Twitter snark trying to pass for insight. But we heard a real story on Sunday … Continue reading “J.P. Morgan 2015: Notes, Thoughts, And Conversations From the Vortex”
West Coast Biotech Roundup: Tobira, Novartis, NantCell, & More
Whew. J.P. Morgan is almost over. (The healthcare conference, that is, not the investment bank.) Opening the week’s proceedings at the Biotech Showcase, a satellite conference that features small, private, often European companies that would get trampled at the main event, Sangamo Biosciences CEO Ed Lanphier greeted the early crowd: “Welcome to Hell Week.” We’ll … Continue reading “West Coast Biotech Roundup: Tobira, Novartis, NantCell, & More”
Attacking Parkinson’s Via Gaucher Link, LTI Ready for Its Series A
When his company raised nearly $5 million in seed funding last year, Lysosomal Therapeutics founder, president, and CEO Kees Been said he had two goals: learn more about the underlying connection between the rare Gaucher disease and Parkinson’s disease, and sort through compounds licensed from the National Institutes of Health to find the best one … Continue reading “Attacking Parkinson’s Via Gaucher Link, LTI Ready for Its Series A”
With Vedanta Deal, J&J Marks Big-Pharma Milestone in the Microbiome
Through its Janssen Biotech division, Johnson & Johnson (NYSE: [[ticker:JNJ]]) is taking over the development of a biotech bacterial mix that within a couple years could become the latest microbiome-related treatment in human testing. Although the microbiome is an immensely promising area to mine for human health secrets—not to mention fascinating as-yet-undiscovered biology—no big drug … Continue reading “With Vedanta Deal, J&J Marks Big-Pharma Milestone in the Microbiome”
10X Genomics Emerges With $80M and Toaster-Sized Sequencer Upgrade
Making Illumina’s industry-leading gene sequencing machines better? There’s an app for that. That’s the shorthand pitch from fresh-from-stealth sequencing company 10X Genomics, which is unveiling itself today with $80 million in venture funding. It has already raised two rounds, the latest being a $55.5 million Series B led by Foresite Capital Management, with Venrock, the … Continue reading “10X Genomics Emerges With $80M and Toaster-Sized Sequencer Upgrade”
Second Genome Has Begun First Drug Trial Based on Microbiome Secrets
The microbiome is moving forward. Second Genome of South San Francisco, CA, said Monday that it has begun its first human trial, and what could be the first in the field, of a drug based upon the emerging field of research around the trillions of microbes that live in our guts. Second Genome began life … Continue reading “Second Genome Has Begun First Drug Trial Based on Microbiome Secrets”
West Coast Biotech Roundup: Hep C, 23andMe, Kite, Cash, Isis & More
What a week for life sciences news, and it’s not even over. Perhaps we’ll get a slight break as the healthcare and biopharma worlds get on airplanes and descend upon San Francisco starting in 3…2…1…. Two requests from this veteran attendee: Leave your colds and flu at home, and wear bright colors if the weather’s … Continue reading “West Coast Biotech Roundup: Hep C, 23andMe, Kite, Cash, Isis & More”
One Week Into The New Year, Five Biotechs Reel in $220M Venture Cash
Is everyone in biotech putting out news this week so they won’t be distracted from their partying next week at the J.P. Morgan healthcare conference in San Francisco? That’s a joke, of course, but the news flow of the new year is serious enough to merit an extra round-up from us. We’ll still have our … Continue reading “One Week Into The New Year, Five Biotechs Reel in $220M Venture Cash”
Surface Oncology Raises $35M to Develop Cancer Immunotherapies
Surface Oncology of Cambridge, MA, announced today a $35 million Series A round led by Atlas Venture, Fidelity Biosciences, New Enterprise Associates, and Lilly Ventures. Surface wants to develop cancer immunotherapies, but acting CEO Dave Grayzel (pictured) says it’s got different ideas than Juno Therapeutics (NASDAQ: [[ticker:JUNO]]), Novartis (NYSE: [[ticker:NVS]]), Bristol-Myers Squibb (NYSE: [[ticker:BMY]]), Amgen … Continue reading “Surface Oncology Raises $35M to Develop Cancer Immunotherapies”
CART + CRISPR = 1st-Of-Its-Kind Biotech Deal From Novartis, Intellia
Novartis has already invested in Intellia Therapeutics. Now it wants to use Intellia’s cutting-edge gene-editing tools on one of the world’s most promising new kinds of medicine. In a deal that brings together two of the highest-profile fields in biotech, healthcare giant Novartis (NYSE: [[ticker:NVS]]) has negotiated with tiny Intellia for exclusive rights to the … Continue reading “CART + CRISPR = 1st-Of-Its-Kind Biotech Deal From Novartis, Intellia”
Don’t Get Comfortable: 5 Biopharma Flashpoints to Consider in 2015
The annual J.P. Morgan healthcare conference starts this weekend in San Francisco. Pundits are predicting a much higher tally of shoulder injuries than usual. You know, from all the people patting themselves on the back. After a year filled with medical promise and cash raining down from everywhere, the self-congratulation could be thicker than the … Continue reading “Don’t Get Comfortable: 5 Biopharma Flashpoints to Consider in 2015”
Larry Corey, Cofounder of 2014 Top Biotech Juno: “It’s No Outlier”
Xconomy doesn’t have annual awards (the X-ies, anyone?), but I don’t have any hesitation naming Juno Therapeutics (NASDAQ: [[ticker:JUNO]]) the biotech company of the year for 2014. This is neither a prediction of future success nor an endorsement. Rather, it’s an acknowledgment that hands-down, Juno was the most atypical biotech I’ve seen in years, perhaps … Continue reading “Larry Corey, Cofounder of 2014 Top Biotech Juno: “It’s No Outlier””
West Coast Biotech Roundup: Gilead/AbbVie, Juno, Auspex, Bina & More
It was a very good year for the Bay Area’s Gilead Sciences (NASDAQ: [[ticker:GILD]]), which saw its new hepatitis C treatments— sofosbuvir (Sovaldi) and Harvoni (a combination of sofosbuvir and ledipasvir)—make big inroads and help cure patients, even as the price tag of the drugs raised ire. Hackles were up not just among longtime industry watchdogs like … Continue reading “West Coast Biotech Roundup: Gilead/AbbVie, Juno, Auspex, Bina & More”
Juno Just Raised A Ton of Cash. Here Comes the Spending Part.
The IPO is just another round of financing. Forgive the biotech cliché, but with Juno Therapeutics, it’s never been more evident. Seattle-based Juno (NASDAQ: [[ticker:JUNO]]) ended its first day of trading Friday, and both investors and company should be happy. The stock price rose nearly 50 percent, from $24 at the opening bell to $35 … Continue reading “Juno Just Raised A Ton of Cash. Here Comes the Spending Part.”
With $2B Market Cap and New Shareholder Rules, Juno Ready for Debut
Juno Therapeutics of Seattle set the price late Thursday for its initial public offering. It is selling 11 million shares at $24 each, which is where shares will start trading tomorrow morning on the Nasdaq. That puts $264 million into Juno’s bank account, minus fees to bankers and others, for Juno to use as it … Continue reading “With $2B Market Cap and New Shareholder Rules, Juno Ready for Debut”
Intrigue and Outdated Rules Complicate Big Biotech Patent Fight
How’s this for strange? What’s likely the most important biotech patent battle of the decade is now being fought under outmoded rules that the U.S. Congress, in a rare spasm of common purpose three years ago, agreed roundly were due for a once-in-a-lifetime overhaul. The fight is over CRISPR/Cas9, a potential Nobel-winning biotech discovery, and … Continue reading “Intrigue and Outdated Rules Complicate Big Biotech Patent Fight”
Déjà Vu? Elan Alumni Start Antibody Firm to Fight Neurodegeneration
Former employees of Elan, the Irish-American drug company that grabbed plenty of headlines before it was broken into parts, have launched a company to develop monoclonal antibodies to treat neurodegenerative disease. The company is Annexon Bioscience of Redwood City, CA, and it has $34 million in Series A backing from Novartis’s venture group and others. … Continue reading “Déjà Vu? Elan Alumni Start Antibody Firm to Fight Neurodegeneration”
West Coast Biotech Roundup: Versant, BayBio/CHI Merger, von Emster
A programming note: The American Society of Hematology’s annual meeting, which took place Friday through Tuesday in San Francisco, took up much of the week’s biopharma news. We’ve decided to post a separate roundup of our own reports and news we couldn’t cover. Overshadowed by ASH, there was nonetheless other news on the West Coast. … Continue reading “West Coast Biotech Roundup: Versant, BayBio/CHI Merger, von Emster”
“Innovation at Biotech’s Epicenter,” Dec. 17: Check Out the Agenda
A quick reminder that we’re one week away from our annual biotech event in San Francisco. This year, it’s called Xconomy Forum: Innovation at Biotech’s Epicenter, and we’re gathering December 17 in the Mission Bay neighborhood to talk about the emerging science, unique geography, and risk-taking strategies that will spur the Bay Area’s biomedical innovation … Continue reading ““Innovation at Biotech’s Epicenter,” Dec. 17: Check Out the Agenda”