When Shire bought Baxalta earlier this year, one of the programs it inherited was a treatment that, at one point, was the leader in an emerging race to treat hemophilia with gene therapy. Competition has changed the landscape significantly, however, and now Shire has tossed that program onto the scrap heap. On a conference call … Continue reading “Shire Steps Back in Hemophilia Gene Therapy Race, Scraps Baxalta Drug”
Author: Ben Fidler
Ben is former Xconomy Deputy Editor, Biotechnology. He is a seasoned business journalist that comes to Xconomy after a nine-year stint at The Deal, where he covered corporate transactions in industries ranging from biotech to auto parts and gaming. Most recently, Ben was The Deal’s senior healthcare writer, focusing on acquisitions, venture financings, IPOs, partnerships and industry trends in the pharmaceutical, biotech, diagnostics and med tech spaces. Ben wrote features on creative biotech financing models, analyses of middle market and large cap buyouts, spin-offs and restructurings, and enterprise pieces on legal issues such as pay-for-delay agreements and the Affordable Care Act. Before switching to the healthcare beat, Ben was The Deal's senior bankruptcy reporter, covering the restructurings of the Texas Rangers, Phoenix Coyotes, GM, Delphi, Trump Entertainment Resorts and Blockbuster, among others. Ben has a bachelor’s degree in English from Binghamton University.
More Gene Therapy Momentum as Startup Avrobio Grabs $25M From Atlas, SV
Gene therapy developers are on bit of a roll. Last week saw the release of promising data on gene therapies for hemophilia and the acquisition by Pfizer of a startup dedicated to the technology. And now another recently launched company, Avrobio, just grabbed a $25 million round of funding. The Cambridge, MA-based company was formally … Continue reading “More Gene Therapy Momentum as Startup Avrobio Grabs $25M From Atlas, SV”
Biogen Buys Ionis Spine Disease Drug For $75M, Eyes FDA Filing
Spinal muscular atrophy affects over 25,000 people in the U.S. and stops many of them from ever being able to walk. Yet scientists’ understanding of the underlying genetic cause of SMA is fairly recent, which is why drugs for the disease are only now progressing through the pipelines of biotech and pharma companies. The most … Continue reading “Biogen Buys Ionis Spine Disease Drug For $75M, Eyes FDA Filing”
In a Microbiome Setback, Seres Drug Fails in Phase 2, Shares Crushed
Seres Therapeutics raised $134 million in an IPO and made history in the process, becoming the first drug developer targeting the microbiome to go public in the U.S. But disappointing news from the Cambridge, MA, company today shows just how much we have yet to understand about the relationship between trillions of bacteria that colonize … Continue reading “In a Microbiome Setback, Seres Drug Fails in Phase 2, Shares Crushed”
At Big Hemophilia Meeting, More Data, and Promise, For Gene Therapy
This week’s World Federation of Hemophilia World Congress in Orlando, FL, where researchers gathered to present the latest updates in treatments for the chronic bleeding disorder, marked the latest step in a journey that dates back more than two decades for one particular treatment: gene therapy. Gene therapy provides the potential of a long-term treatment … Continue reading “At Big Hemophilia Meeting, More Data, and Promise, For Gene Therapy”
With $40M Bid, Pfizer Set to Buy, And Close, Bankrupt Bind Tx
[Updated, 2:30 p.m. ET, see below] It’s not uncommon for a biotech’s larger partner to make a buyout offer for its smaller counterpart. But unfortunately for Bind Therapeutics, that bid, from pharma giant Pfizer, means the company could be about to close down for good. Cambridge, MA-based Bind (NASDAQ: [[ticker:BIND]]) said that Pfizer (NYSE: [[ticker:PFE]]) … Continue reading “With $40M Bid, Pfizer Set to Buy, And Close, Bankrupt Bind Tx”
Eli Lilly CEO Lechleiter to Retire After Eight-Year Stint
After eight years at the helm of Eli Lilly, a tenure characterized by a steadfast belief in home-grown research, rather than deals, John Lechleiter is retiring from the Indianapolis pharma giant. Lilly (NYSE: [[ticker:LLY]]) said this morning that Lechleiter, its chairman, president, and CEO, will retire at the end of the year. He’ll remain Lilly’s … Continue reading “Eli Lilly CEO Lechleiter to Retire After Eight-Year Stint”
Tokai Pharma Shutters Prostate Cancer Drug Trial Early, Shares Crumble
Tokai Pharmaceuticals has been trying to play catch-up for years in the fast-moving field of prostate cancer treatments. But that plan just took a major hit this morning. Cambridge, MA-based Tokai (NASDAQ: [[ticker:TKAI]]) said that an independent data monitoring committee instructed the company to stop the big Phase 3 trial of its prospective prostate cancer … Continue reading “Tokai Pharma Shutters Prostate Cancer Drug Trial Early, Shares Crumble”
Tobira Fails Main Goal in NASH Study, But Forges Ahead To Next Trial
[Updated, 9:40 a.m. ET, see below] Developing treatments for nonalcoholic steatohepatitis, a dangerous liver disease that’s fast becoming an epidemic, is one of the most competitive fields in biotech. Tobira Therapeutics is one of several companies in the mix, and although data released this morning cast doubt on the potential of its drug, the company … Continue reading “Tobira Fails Main Goal in NASH Study, But Forges Ahead To Next Trial”
Biotech Roundup: Scangos’s Exit, Zafgen’s Shakeup, Jounce, Relypsa & More
The top news in biotech this week centers around one big job opening: the head seat at Biogen, now that George Scangos has announced plans to leave the company. Who takes the gig, and the strategic direction he or she chooses for Biogen will have implications not just for the company and its employees, but … Continue reading “Biotech Roundup: Scangos’s Exit, Zafgen’s Shakeup, Jounce, Relypsa & More”
Boston Pharma Taps Ex-Catabasis Exec as CFO
Boston Pharmaceuticals has named ex-Catabasis Pharmaceuticals (NASDAQ: [[ticker:CATB]]) chief financial officer Ian Sanderson, a one-time pharmaceuticals analyst at Cowen and Co., its new CFO. Boston Pharma was formed last year with a $600 million bankroll and is chaired by former Sanofi CEO Chris Viehbacher and headed by Robert Armstrong, a former executive at Eli Lilly’s … Continue reading “Boston Pharma Taps Ex-Catabasis Exec as CFO”
With Biogen at a Crossroads, CEO Scangos to Step Down
[Updated, 9:20 a.m. ET, see below] Biogen has seen its highest highs under CEO George Scangos, but some lows too. After a year in which Biogen’s share price has fallen by more than a third and one of its top drug prospects failed, Scangos, who has led the company since 2010, has announced plans to … Continue reading “With Biogen at a Crossroads, CEO Scangos to Step Down”
After Rival Stumbles, Relypsa Gets $1.5B Buyout Bid From Galenica
Relypsa got a big boost in May when a rival stumbled. Now it’s being rewarded with a buyout offer worth close to three times the price it went public at in 2013. Switzerland’s Galenica Group has agreed to buy Relypsa (NASDAQ: [[ticker:RLYP]]) for $32 a share in cash, or $1.53 billion overall, to grab rights … Continue reading “After Rival Stumbles, Relypsa Gets $1.5B Buyout Bid From Galenica”
Audentes Prices $75M IPO As Gene Therapy Eyes First U.S. Approval
As the possibility of the first ever gene therapy approval in the U.S. draws closer, more gene therapy players are entering the public markets. Today, it’s San Francisco’s Audentes Therapeutics, which aims to use gene therapy to treat a group of rare diseases. Audentes sold 5 million shares at $15 apiece in its IPO last … Continue reading “Audentes Prices $75M IPO As Gene Therapy Eyes First U.S. Approval”
Zafgen Restructures, Abandons Obesity Drug Following FDA Meeting
Zafgen’s prospects have been unclear ever since two patients died in a Phase 3 trial of its lead drug candidate, beloranib, a potential treatment for obesity in patients with a rare disease known as Prader-Willi Syndrome. The question looming over the Boston company: Could Zafgen win approval of the drug despite its apparent safety risks, … Continue reading “Zafgen Restructures, Abandons Obesity Drug Following FDA Meeting”
Oncorus Bags $57M, Touts Next-Gen Take on Cancer-Fighting Viruses
The field of cancer immunotherapy is so crowded and competitive these days that many companies are trying to stand by touting a next-generation approach. The latest company to do so is Oncorus, a Cambridge, MA-based startup that this morning closed a $57 million from a large group of investors. Oncorus was incubated within MPM Capital last year … Continue reading “Oncorus Bags $57M, Touts Next-Gen Take on Cancer-Fighting Viruses”
Forum Exodus Continues as CSO Koenig Heads to Quartet
Forum Pharmaceuticals shut down a few weeks ago, and now one of its top executives has resurfaced at a new company. Gerhard Koenig, Forum’s former chief scientific officer and head of research, has been named the CEO of Cambridge, MA-based Quartet Medicine, a startup developing pain drugs. Merck, in January, grabbed an exclusive option to … Continue reading “Forum Exodus Continues as CSO Koenig Heads to Quartet”
Ex-Epizyme CEO’s New Startup, Fulcrum, Nabs $55M For Gene Control Drugs
Former Epizyme CEO Robert Gould is back with a new startup. A year after stepping down as the CEO of Cambridge, MA-based Epizyme, Gould has re-emerged to lead another Cambridge company, Fulcrum Therapeutics, which has secured a massive $55 million Series A round from Third Rock Ventures. There are some similarities between Gould’s old job … Continue reading “Ex-Epizyme CEO’s New Startup, Fulcrum, Nabs $55M For Gene Control Drugs”
Harvard’s Springer Gets $51.5M From Pharmas, Others, For Latest Startup
Inside our bodies, our cells move around, communicate, form new tissue, and heal wounds with the help of proteins called integrins. But when disease occurs, integrins get the wrong cues and do damage—they might help tumors grow, or promote inflammation or scarring inside the body. Several drugs to block bad integrin behavior and treat a … Continue reading “Harvard’s Springer Gets $51.5M From Pharmas, Others, For Latest Startup”
Syros Cuts Price But Bags $50M in IPO to Fuel Cancer Drug Trials
Syros Pharmaceuticals has a long way to go before it knows whether its drug discovery work will pay off. But insiders and Wall Street investors have given the firm’s efforts a boost, helping it go public Wednesday evening with a $50 million IPO. Cambridge, MA-based Syros sold 4 million shares at $12.50 apiece in the … Continue reading “Syros Cuts Price But Bags $50M in IPO to Fuel Cancer Drug Trials”
Moderna Gets $200M More, Deepens Merck Ties With New Cancer Pact
Moderna Therapeutics still hasn’t produced data in humans supporting its technology, which is meant to turn our bodies into little drugmaking factories. But the Cambridge, MA-based company nonetheless keeps grabbing the attention, and cash, of other drugmakers. Moderna said today that it will work with Merck (NYSE: [[ticker:MRK]]) to develop “personalized” cancer vaccines based on … Continue reading “Moderna Gets $200M More, Deepens Merck Ties With New Cancer Pact”
More Job Cuts at Infinity As AbbVie Sends Back Blood Cancer Drug
The outlook for Infinity Pharmaceuticals didn’t look good after its blood cancer drug, duvelisib, came up short in a critical clinical trial a few weeks ago, and the situation has gotten worse today. AbbVie has sent the rights to duvelisib back to Infinity, leading to another round of job cuts at the Cambridge, MA, company. … Continue reading “More Job Cuts at Infinity As AbbVie Sends Back Blood Cancer Drug”
Regulus Shares Crumble As FDA Halts Testing of Hepatitis C Drug
A new wave of drugs has changed the way hepatitis C is treated. Regulus Therapeutics has not been part of that wave, but the company’s plans to join it took a big hit this afternoon. La Jolla, CA-based Regulus (NASDAQ: [[ticker:RGLS]]) said that the FDA has suspended the clinical testing of its lead drug, RG-101, … Continue reading “Regulus Shares Crumble As FDA Halts Testing of Hepatitis C Drug”
After Failed Schizophrenia Trial, Forum Pharma To Shutter This Week
Waltham, MA-based Forum Pharmaceuticals, which spent more than decade pursuing a drug for Alzheimer’s and other neurological diseases, is shutting down, Xconomy has learned. According to a Forum spokesperson, the company will be closed “by the end of the week.” The process appears to have begun already: Forum’s website is no longer operating, and as … Continue reading “After Failed Schizophrenia Trial, Forum Pharma To Shutter This Week”
Biotech Roundup: CRISPR’s 1st Trial, IPO Insiders, Zika & More
It’s a week for the history books. The United Kingdom voted to leave the European Union last night, triggering worldwide financial fears and, perhaps, a breakup of the U.K. itself. Closer to home, Cleveland (pictured) celebrated LeBron James & the Cavaliers’ historic comeback that brought the city its first sports title in over 50 years. … Continue reading “Biotech Roundup: CRISPR’s 1st Trial, IPO Insiders, Zika & More”
As Macchiarini Faces Charges, Biostage Forges Ahead With New Tech
Engineered organ developer Harvard Apparatus Regenerative Technology has done all it can to disassociate itself from the surgeon Paolo Macchiarini. The Holliston, MA-based company is now known as Biostage (NASDAQ: [[ticker:BSTG]]), uses a different technology, is led by a different management team, and no longer helps Macchiarini perform the surgeries that led to the company’s … Continue reading “As Macchiarini Faces Charges, Biostage Forges Ahead With New Tech”
Many Biotechs Need Inside IPO Help, But Selecta Is An Extreme Case
Because public investors have had a more discerning attitude toward biotech IPOs this year, insiders have had to step up to help their companies go public. One extreme example is Selecta Biosciences, which just priced its offering late Tuesday with its pre-IPO investors likely buying around 60 percent of the shares. Selecta, of Watertown, MA, … Continue reading “Many Biotechs Need Inside IPO Help, But Selecta Is An Extreme Case”
Atlas, Novartis Put $27M Into IFM to Battle Cancer, Autoimmune Diseases
There is no shortage of companies out there trying to tweak our immune systems in one way or another to treat diseases like cancer. Today, IFM Therapeutics, a new startup seeded by Boston firm Atlas Venture, has joined the fray. IFM, a startup in Cambridge, MA, disclosed a $27 million Series A round led by … Continue reading “Atlas, Novartis Put $27M Into IFM to Battle Cancer, Autoimmune Diseases”
Epizyme Touts Early Data From Key Trial Of Blood Cancer Drug
At a medical meeting today, Cambridge, MA-based Epizyme (NASDAQ: [[ticker:EPZM]]) is providing the latest look at the most significant trial in its nine-year history, a Phase 2 study of its cancer drug tazemetostat. Epizyme for some time has touted tazemetostat as a potential treatment for a wide array of cancers that could also be safe … Continue reading “Epizyme Touts Early Data From Key Trial Of Blood Cancer Drug”
Paratek Shares Climb After Antibiotic Clears First Phase 3 Hurdle
Paratek Pharmaceuticals has stuck with its antibiotic omadacycline over the years, even as three of the company’s pharmaceutical partners bailed on the drug. Today the Boston company has taken a key step closer to proving it made the right call. Paratek (NASDAQ: [[ticker:PRTK]]) said this afternoon that omadacycline hit all its main and secondary goals … Continue reading “Paratek Shares Climb After Antibiotic Clears First Phase 3 Hurdle”
Struggling Aegerion, QLT to Merge, Change Name to Novelion
It wasn’t too long ago that Aegerion Pharmaceuticals seemed to be a successful biotech turnaround story with its first drug on the market and optimism ahead. But just a few short years, a plummeting stock price and a new executive team later, Aegerion is about to merge with a Canadian biotech to survive. Cambridge, MA-based … Continue reading “Struggling Aegerion, QLT to Merge, Change Name to Novelion”
Westphal, Termeer Step Down From Verastem Board
Cambridge, MA-based Verastem (NASDAQ: [[ticker:VSTM]]) has shaken up its board of directors. Christoph Westphal, who co-founded the company in 2010, ran it as chairman and CEO in its early days, and took the company public in 2012, has stepped down from the board, as has former Genzyme CEO Henri Termeer. Westphal moved from Verastem CEO … Continue reading “Westphal, Termeer Step Down From Verastem Board”
Infinity Closes Research Ops as Blood Cancer Drug Comes Up Short
Infinity Pharmaceuticals got a new lease on life in 2014 when pharma giant AbbVie plunked down $275 million to see if the company’s blood cancer drug, duvelisib, could stand out in a crowded field. The answer came back negative today, and Cambridge, MA-based Infinity has decided to gut its workforce as a result. Though duvelisib … Continue reading “Infinity Closes Research Ops as Blood Cancer Drug Comes Up Short”
X4 Pharma Names Former Igenica, ArQule Exec New COO
Cambridge, MA-based cancer drug startup X4 Pharmaceuticals has named John Celebi its chief operating officer. Celebi is coming off stints at Igenica Biotherapeutics, ArQule, and Cyclis Pharmaceuticals.
Eleven Bio, Still Breathing, Sells Eye Drug to Roche
[Corrected, 6/14/16, see below] Eleven Biotherapeutics’s (NASDAQ: [[ticker:EBIO]]) may be in strategic limbo, but today it’s gotten some cash to help figure out its next steps. The Cambridge, MA-based company licensed EBI-031, an experimental, preclinical drug it’s been developing for eye diseases like diabetic macular edema and uveitis, to Swiss pharma giant Roche. Eleven got … Continue reading “Eleven Bio, Still Breathing, Sells Eye Drug to Roche”
Alpine Immune Sciences, Former Dendreon CEO’s Latest Startup, Gets $48M
Mitch Gold, the former CEO of Dendreon, has just gotten some big backing for his latest cancer drug startup. Alpine Immune Sciences, a Seattle company touting a next-gen method of harnessing our body’s defenses against cancer, has raised a whopping $48 million Series A round. The cash comes from a group of OrbiMed Advisors, Frazier … Continue reading “Alpine Immune Sciences, Former Dendreon CEO’s Latest Startup, Gets $48M”
Anemia Ups and Downs: Agios Hit On One Drug, Touts Data For Another
Two days after news from one anemia drug program sent its stock down more than 20 percent, Agios Pharmaceuticals (NASDAQ: [[ticker:AGIO]]) is reporting promising data from a second anemia treatment. In an interview, CEO David Schenkein downplayed the information, which emerged Thursday, that a healthy volunteer developed thrombocytopenia, or low platelets, after taking the experimental … Continue reading “Anemia Ups and Downs: Agios Hit On One Drug, Touts Data For Another”
Biotech Roundup: ASCO, BIO, Drug Setbacks, Incubators & More
If you blinked, you probably missed something this week in biotech. The nation’s biggest annual cancer meeting took place in Chicago, while biotech’s trade group held its annual confab in San Francisco. In Boston, there were more twists for a closely watched Duchenne muscular dystrophy drug and a setback for a high-profile drug for multiple … Continue reading “Biotech Roundup: ASCO, BIO, Drug Setbacks, Incubators & More”
Alexandria Sets up Incubator, $25M Seed Fund For NY Bio Startups
[Updated, 1:12 pm ET, see below] It’s no secret that one of the biggest things holding New York City’s biotech ecosystem back is lack of lab space for startups. The problem will take a broad effort to solve, not just a few buildings or incubators. But one of the city’s biggest real estate players, Alexandria … Continue reading “Alexandria Sets up Incubator, $25M Seed Fund For NY Bio Startups”
Pivoting Again, Catabasis Looks to NASH After Cholesterol Drug Flops
Catabasis Pharmaceuticals has done its share of strategic shuffling over the past few years, and some more changes have come today. A drug known as CAT-2054, one of two prospects Catabasis (NASDSAQ: [[ticker:CATB]]) has in clinical testing, failed a mid-stage trial in people with high cholesterol. The drug didn’t do a good enough job lowering … Continue reading “Pivoting Again, Catabasis Looks to NASH After Cholesterol Drug Flops”
Biogen’s Nerve Repair Drug Fails MS Study, Shares Fall
Under CEO George Scangos, Biogen hasn’t been shy about taking big risks on very tough to treat diseases, even announcing plans to toss out a sure revenue stream—a group of hemophilia drugs—to increase the company’s focus. One of Biogen’s major gambles in this plan has been a program meant not just to treat the symptoms … Continue reading “Biogen’s Nerve Repair Drug Fails MS Study, Shares Fall”
Pronutria Rebrands as Axcella Health, Forms “Nutrition” Subsidiary
It’s common for a startup to grow and evolve from its initial mission, and that’s why a company originally known as Pronutria has adopted a new name today: Axcella Health. A transition has been underway at the Cambridge, MA-based company for a few years now. Pronutria planned to develop medical foods, dietary supplements, and therapeutics … Continue reading “Pronutria Rebrands as Axcella Health, Forms “Nutrition” Subsidiary”
Ocular’s Shares Fall After Eye Treatment Fails Latest Test
Ocular Therapeutix could end up with an approved product when the FDA decides on its implantable, sustained-release drug delivery device next month. But even if it does, the Bedford, MA, company’s prospects to sell that device, known as OTX-DP (Dextenza), for more than just post-surgical pain took a hit this morning. Bedford, MA-based Ocular (NASDAQ: … Continue reading “Ocular’s Shares Fall After Eye Treatment Fails Latest Test”
Syros Files For IPO to Push “Gene Control” Drugs Through First Trials
Syros Pharmaceuticals has had the shareholder base of a public company for some time. But today the Cambridge, MA-based company finally took its first official steps towards the Nasdaq by outlining plans for an IPO. Syros will trade on the Nasdaq under the ticker symbol “SYRS” if it completes the IPO. It’ll use the cash … Continue reading “Syros Files For IPO to Push “Gene Control” Drugs Through First Trials”
Vedanta Nabs $50M To Expand Microbiome Into Immune-Boosting Therapies
Exploration of the human microbiome has spurred countless questions about the impact the trillions of microbes in and on our bodies have on our health. Those questions have led to a growing number of new biotech companies. One of the first to launch, Vedanta Biosciences of Cambridge, MA, has raised $50 million with plans to … Continue reading “Vedanta Nabs $50M To Expand Microbiome Into Immune-Boosting Therapies”
Silicon Valley Vets Aim to Shake Up Preclinical Testing With Vium
Cancer drugs have cured countless mice, only to fall short in people. It’s a well-known problem with drug development: Preclinical tests done on animals can be inaccurate, and that drives up the cost and time it takes to make a successful therapeutic. Several startups are developing technologies to improve preclinical testing—microchips that act like human … Continue reading “Silicon Valley Vets Aim to Shake Up Preclinical Testing With Vium”
Nektar Therapeutics Gets $20M in Daiichi Deal For Breast Cancer Drug
San Francisco-based Nektar Therapeutics (NASDAQ: [[ticker:NKTR]]) has gotten $20 million from a unit of Japanese drugmaker Daiichi Sankyo in exchange for European rights to an experimental cancer drug called etirinotecan pegol (Onzeald). Nektar is developing the drug for patients with advanced breast cancer whose tumors have spread to the brain, and will file an approval … Continue reading “Nektar Therapeutics Gets $20M in Daiichi Deal For Breast Cancer Drug”
Ex-GSK Exec to Steer Sangamo; Lanphier Switches Roles
Edward Lanphier is retiring as the president and CEO of Sangamo Biosciences (NASDAQ: [[ticker:SGMO]]), paving the way for Alexander Macrae—a former GlaxoSmithKline and later Takeda executive—to take over the Richmond, CA-based gene editing company. Macrae began in his new role today, while Lanphier will become chairman of Sangamo’s board after the company’s annual shareholder meeting … Continue reading “Ex-GSK Exec to Steer Sangamo; Lanphier Switches Roles”
Two Years After Paying $680M, BioMarin Shelves Duchenne Drug
BioMarin Pharmaceutical took a $680 million gamble when it bought Prosensa in 2014 for its experimental Duchenne muscular dystrophy treatment. Drisapersen (Kydrisa) had already failed a Phase 3 trial, but BioMarin bet it could dig through the data and win FDA approval. It lost that bet, and now BioMarin (NASDAQ: [[ticker:BMRN]]) is pulling the plug … Continue reading “Two Years After Paying $680M, BioMarin Shelves Duchenne Drug”
Amicus Nabs First Approval as EU Gives Green Light to Fabry Drug
Amicus Therapeutics is as familiar with the ups and downs of the drugmaking business as anyone. It has dealt with clinical failures, regulatory setbacks, restructurings, and more over a roughly 15-year history. But now the Cranbury, NJ-based company’s big day has finally arrived: Regulators in Europe have approved migalastat (Galafold), the first Amicus drug to … Continue reading “Amicus Nabs First Approval as EU Gives Green Light to Fabry Drug”