All it takes to become an acquisition target in biotech is some promising data. Take Ewing, NJ, and Vancouver-based Celator Pharmaceuticals, which Jazz Pharmaceuticals just agreed to buy this morning for $1.5 billion. Celator (NASDAQ: [[ticker:CPXX]]) was formed in 1999 by a team led by Lawrence Mayer and Marcel Bally, both veterans of the British … Continue reading “Celator Parlays Leukemia Drug Data into $1.5B Buyout From Jazz Pharma”
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.
Biotech Roundup: Duchenne Delay, Forum’s Fate, Califf, Ionis & More
Memorial Day weekend may be fast approaching, but don’t fire up those grills yet: there’s plenty of headlines to dig into first in our biotech trip around the Xconomy network. In New York, the nation’s most prestigious science competition changed sponsors for just the second time in its 74-year history. In Boston, one company’s controversial … Continue reading “Biotech Roundup: Duchenne Delay, Forum’s Fate, Califf, Ionis & More”
Minerva’s Shares Soar on Early Data for Schizophrenia Drug
Schizophrenia affects millions of people around the world, which is why any prospective treatment that advances garners close attention. Minerva Neurosciences jumped into the spotlight this morning when an experimental schizophrenia drug it’s developing showed some promise in a mid-stage trial, sending the company’s shares soaring. Now the Waltham, MA-based biotech has to prove that … Continue reading “Minerva’s Shares Soar on Early Data for Schizophrenia Drug”
After Failed Trial, Forum CEO Dunsire Leaves, Company’s Fate Unclear
Deborah Dunsire, the former head of Millennium Pharmaceuticals and a well-known Boston biotech veteran, is no longer the CEO of Forum Pharmaceuticals, Xconomy has learned. Dunsire’s last day at Waltham, MA-based Forum was on Friday. She told Xconomy she’s formed a biotech consulting company called Southern Cross Biotech Consulting—it isn’t a full-time business, she said—and … Continue reading “After Failed Trial, Forum CEO Dunsire Leaves, Company’s Fate Unclear”
Spero Rolls up More Antibiotics With Vertex Deal
Spero Therapeutics continues to accumulate assets through acquisitions. This morning, the Cambridge, MA-based startup announced a deal to grab rights to a group of experimental antibiotic compounds from Vertex Pharmaceuticals (NASDAQ:[[ticker:VRTX]]), among them a drug called VXc-486/VXc-100. Spero didn’t disclose the financial terms, just that it will make an upfront payment to Vertex and promise … Continue reading “Spero Rolls up More Antibiotics With Vertex Deal”
Sarepta Saga Drags On as FDA Delays Decision on Duchenne Drug
The multi-year saga of eteplirsen, a Duchenne muscular dystrophy drug from Cambridge, MA-based Sarepta Therapeutics, will continue to drag on. Sarepta (NASDAQ: [[ticker:SRPT]]) said today that the FDA won’t complete its review of its drug, eteplirsen, by the established May 26 deadline. As a result, rather than approve or reject eteplirsen—which has the chance to … Continue reading “Sarepta Saga Drags On as FDA Delays Decision on Duchenne Drug”
Retooled Selecta Bio Takes Crossover Cash to IPO Queue
Selecta Biosciences became a candidate to go public when a group of crossover investors—institutions that back both public and private companies—piled $38 million into the company in September. Nine months later, the Watertown, MA-based company is ready to take the leap. Selecta filed papers with the Securities and Exchange Commission late Tuesday outlining plans for … Continue reading “Retooled Selecta Bio Takes Crossover Cash to IPO Queue”
Arbor Pharma Pays $467M for Struggling XenoPort, Restless Legs Drug
Over the past year, struggling XenoPort has restructured, changed its strategic direction, and reportedly started courting buyers in January. That search looks to have ended today: Arbor Pharmaceuticals has agreed to buy Santa Clara, CA-based XenoPort for $467 million. Arbor, a specialty pharma company based in Atlanta, GA, has agreed to pay $7.03 per share … Continue reading “Arbor Pharma Pays $467M for Struggling XenoPort, Restless Legs Drug”
Four Years After Neuronex Buyout, Acorda Dumps Epilepsy Drug
Back in 2012, Acorda Therapeutics bought a Morrisville, NC, company called Neuronex as part of a plan to branch out beyond its flagship multiple sclerosis drug dalfampridine (Ampyra). Unfortunately, the drug, a nasal spray form of the old seizure control drug diazepam, never lived up to expectations, leading Acorda today to shelve it altogether. Ardsley, … Continue reading “Four Years After Neuronex Buyout, Acorda Dumps Epilepsy Drug”
Spark Adds To Early But Promising Data For Hemophilia Gene Therapy
The race to develop a gene therapy for hemophilia just moved another few feet forward. Spark Therapeutics, which is one of several companies developing a treatment, is the latest to provide its first glimpse of clinical data in human patients. As with other snippets from rivals like UniQure, of Amsterdam, and BioMarin Pharmaceutical, of San … Continue reading “Spark Adds To Early But Promising Data For Hemophilia Gene Therapy”
Agios, Celgene Jump into Immuno-Oncology in Revamped Alliance
Agios Pharmaceuticals rode a wide-ranging partnership with Celgene to a big IPO a few years ago. Today the two companies are partnering once again in a deal that will see Agios try its hand at the increasingly competitive field of cancer immunotherapy. Specifically, Cambridge, MA-based Agios (NASDAQ: [[ticker:AGIO]]) is getting $200 million up front from … Continue reading “Agios, Celgene Jump into Immuno-Oncology in Revamped Alliance”
Gerngross Mulls Buying Back GlycoFi After Merck Closes HQ
[Updated, 1:05 pm ET] What does the future hold for GlycoFi, the Lebanon, NH-based company that Merck bought for $400 million in 2006? The Valley News first reported on Sunday that GlycoFi has moved out of its headquarters at the Dartmouth Regional Technology Center, and that a “select number” of employees have transferred to other … Continue reading “Gerngross Mulls Buying Back GlycoFi After Merck Closes HQ”
Pfizer, Moving on From Allergan, Pays $5.2B For Anacor Pharma
It looks like Pfizer is starting to put some of the cash it would have spent on Allergan to use. This morning, weeks after its mega-merger with Allergan fell apart, Pfizer agreed to acquire Anacor Pharmaceuticals, a biotech based in Palo Alto, CA, with a drug for eczema that could win FDA approval early next … Continue reading “Pfizer, Moving on From Allergan, Pays $5.2B For Anacor Pharma”
Ex-Biogen Commercial Exec, Kingsley, Named Medicines Co. Prez
Tony Kingsley, a former top commercial executive at Biogen (NASDAQ: [[ticker:BIIB]]), has been named the president and chief operating officer of The Medicines Co. (NASDAQ: [[ticker:MDCO]]), of Parsippany, NJ. Kingsley joined Biogen in 2010 and oversaw the launch of the multiple sclerosis drug dimethyl fumarate (Tecfidera). He left the company in October.
Biogen Turns To UPenn Gene Therapy Pioneers in Wide-Ranging Alliance
Even though it recently decided to unload a gene therapy for hemophilia into a yet-to-be-named spin-out company, Biogen, one of biotech’s most risk-taking firms, is doubling down on gene therapy for other diseases. The Cambridge, MA-based company said today it is forming an alliance that could be worth $2 billion with two of the field’s … Continue reading “Biogen Turns To UPenn Gene Therapy Pioneers in Wide-Ranging Alliance”
East Coast Biotech Roundup: NY Bio, Gender Gap, Zafgen, PureTech & More
Biotech clusters aren’t built overnight. It takes years of work, a bit of luck, a collaborative atmosphere, and the wherewithal to keep plugging away through the ups and downs. New York is in the early stages of its life sciences quest, but it has arrived at a critical point in its growth that could make … Continue reading “East Coast Biotech Roundup: NY Bio, Gender Gap, Zafgen, PureTech & More”
Amid Leadership Changes, NY Biotech Braces For its “Pivotal Moment”
Over the past five years, the narrative has changed for life sciences in New York. Biotech investors are, at long last, on the ground in the city looking for deals. High-profile startups have emerged. Yet the city’s biotech leaders know there are still challenges ahead. “This is a pivotal moment,” said Susan Solomon, the CEO of … Continue reading “Amid Leadership Changes, NY Biotech Braces For its “Pivotal Moment””
PureTech Gets into Cell Therapy With Vor Bio, But Keeps Details Close
PureTech Health tends to form companies at the nexus of a few different disciplines, like music as a therapy or video games to help diagnose neurological disease. But today it’s gone the more traditional biotech route and formed an oncology company—specifically, a startup called Vor BioPharma trying to stand out in the competitive, fast-moving field … Continue reading “PureTech Gets into Cell Therapy With Vor Bio, But Keeps Details Close”
Ariad Sells Off Europe Hub, Drug Rights in $140M Incyte Deal
Ariad Pharmaceuticals has been in the midst of a strategic overhaul under a new management regime, and today that effort has resulted in a big transaction. Incyte has just cut a deal to acquire all of Ariad’s assets in Europe, and some rights to the Cambridge, MA-based company’s flagship drug as well. Incyte (NASDAQ: [[ticker:INCY]]) … Continue reading “Ariad Sells Off Europe Hub, Drug Rights in $140M Incyte Deal”
Epizyme Names Sanofi Cancer Exec New COO
Cambridge, MA-based Epizyme (NASDAQ: [[ticker:EPZM]]) has named Matthew Ros its new chief operating officer. Ros most recently ran Sanofi’s oncology business, and led Genzyme’s franchise in pompe disease before that.
Rockefeller Taps Yale Genetics Chief Richard Lifton As New President
Rockefeller University has named a replacement for its outgoing president Marc Tessier-Lavigne. Will the newcomer, famed Yale University geneticist Richard Lifton, be a ringleader for New York biotech like his predecessor? Late yesterday, Rockefeller filled the void left by Tessier-Lavigne, who is heading west to run Palo Alto, CA-based Stanford University in September. Rockefeller, based … Continue reading “Rockefeller Taps Yale Genetics Chief Richard Lifton As New President”
East Coast Biotech Roundup: Homology, Biogen, Intellia & More
It’s not a stretch to say that the progress of a gene editing technology known as CRISPR-Cas9 will be one of the most closely watched biotech stories of this decade. And two important developments along that path are taking place over the next two years. 2016 is the year that the first crop of CRISPR … Continue reading “East Coast Biotech Roundup: Homology, Biogen, Intellia & More”
Sharpening Neuro Focus, Biogen to Spin Out Hemophilia Biz
Biogen CEO George Scangos has spent the last several years focusing the company’s research efforts on drugs for tough-to-treat neurodegenerative diseases like Alzheimer’s and Parkinson’s. That made the Cambridge, MA-based company’s hemophilia drugs outliers, which is why perhaps it’s no surprise that today the company has announced plans to funnel those drugs into a separate, … Continue reading “Sharpening Neuro Focus, Biogen to Spin Out Hemophilia Biz”
Koppel to Leave Biogen, Return to Bain Capital
After a roughly two-year stint running Biogen’s (NASDAQQ: [[ticker:BIIB]]) dealmaking efforts, Adam Koppel is returning to his previous employer, Bain Capital. Koppel, who was named Biogen’s chief strategy officer in 2014, will step down on June 2 and head back to Bain as a managing director, where he’ll make private investments in biotech and life … Continue reading “Koppel to Leave Biogen, Return to Bain Capital”
Pressured by a Lender, Bind Files for Bankruptcy
Bind Therapeutics was one of the many biotechs to go public amidst the sector’s recent bull run. But while a number of companies have charged forward since, Bind has stumbled, and today, after a lender forced its hand, the company is seeking bankruptcy protection. Cambridge, MA-based Bind (NASDAQ: [[ticker:BIND]]) filed for Chapter 11 protection today, … Continue reading “Pressured by a Lender, Bind Files for Bankruptcy”
With $43.5M Startup Cash, Homology Med Chases New Gene Editing Twist
A group of biotech veterans have debuted today a new company, Homology Medicines, with a bold claim that their underlying science is a better version of the gene editing methods, such as CRISPR-Cas9, that have captured the attention of patients, doctors, and scientists looking to treat desperate diseases. The claim is, for now, untested, as … Continue reading “With $43.5M Startup Cash, Homology Med Chases New Gene Editing Twist”
East Coast Biotech Roundup: Sarepta, Nico, Ironwood & More
In biotech this Monday, all eyes were on an FDA advisory panel in Hyattsville, MD, where a throng of patient advocates some 800 strong gathered in support of approval for an experimental drug for Duchenne muscular dystrophy, a fatal genetic disease with no cure. The results of the hearing didn’t go the way the crowd … Continue reading “East Coast Biotech Roundup: Sarepta, Nico, Ironwood & More”
In M&A Bonanza, AbbVie, Sanofi Throw Billions at Stemcentrx, Medivation
It’s been a rocky 2016 for biotech, but so far lower valuations haven’t translated into large acquisitions. At least until this morning, when two of the world’s biggest pharma companies took out their wallets and threw billions of dollars at two biotechs from the San Francisco Bay Area. First, Sanofi, the French pharma giant, went … Continue reading “In M&A Bonanza, AbbVie, Sanofi Throw Billions at Stemcentrx, Medivation”
Biogen Taps Pfizer Exec Ehlers to Run R&D
After a roughly year-long search, Biogen (NASDAQ: [[ticker:BIIB]]) has named a replacement for former R&D chief Doug Williams, who left the company last July to run startup Codiak Biosciences. Biogen has hired Michael Ehlers as its executive vice president of R&D, a position he’ll begin late next month. Ehlers will join Biogen from Pfizer, where … Continue reading “Biogen Taps Pfizer Exec Ehlers to Run R&D”
Led by Ex-Suros Execs, Nico is Out To Change Brain Surgery
Imagine that, heaven forbid, a blood vessel bursts inside your brain, spilling blood and causing pressure to build inside delicate tissues. You’ve just suffered the deadliest kind of stroke, what’s known as an intracerebral hemorrhage. You might think that surgeons would want to try to repair the damage as soon as you get to the … Continue reading “Led by Ex-Suros Execs, Nico is Out To Change Brain Surgery”
Near-Term FDA Nod Unlikely For Duchenne Drug After Negative Vote
In a close 7-6 vote, a committee of medical experts said today that eteplirsen, a drug to treat Duchenne muscular dystrophy, has not met the bar set by the FDA for approval, which could make the drug the third Duchenne treatment in recent months to face FDA rejection, adding to the frustration of a tight-knit … Continue reading “Near-Term FDA Nod Unlikely For Duchenne Drug After Negative Vote”
With BioMarin Data, Gene Therapy Finally Shows Impact on Hemophilia A
It’s too early to call it a breakthrough, but for the first time, a gene therapy has been shown to have a real impact on patients with hemophilia A, the most common form of the chronic blood disease. The early data, which come with plenty of caveats, were reported today by BioMarin (NASDAQ: [[ticker:BMRN]]), of … Continue reading “With BioMarin Data, Gene Therapy Finally Shows Impact on Hemophilia A”
Bluebird’s Gene Therapy Shows Promise in Rare Brain Disease
Cerebral adrenoleukodystrophy is a rare, crippling neurological disease that leaves its patients, typically boys, severely disabled and ultimately dead in a matter of years. Only painful, dangerous bone marrow transplants can stop the progression of CALD. But while the transplants are effective in many cases, they can also be deadly for the patients who get … Continue reading “Bluebird’s Gene Therapy Shows Promise in Rare Brain Disease”
Chiasma Shares Crater as FDA Rejects Hormone Drug, Asks For More Data
Chiasma was on the doorstep of possible of approval of its first drug, a potential treatment for a rare hormonal disorder called acromegaly. Now the Waltham, MA-based company is going to stay there for awhile, because the FDA believes it has a lot more data to accrue before approval is granted. Late Friday, Chiasma (NASDAQ: … Continue reading “Chiasma Shares Crater as FDA Rejects Hormone Drug, Asks For More Data”
East Coast Biotech Roundup: Intellia, What’s Hot, Cydan, Fog & More
Gene editing was in the news again this week, thanks to Intellia Therapeutics, which looks poised to become the second company developing drugs with CRISPR-Cas9 technology to go public. It wouldn’t be a surprise to see a third, CRISPR Therapeutics, follow suit. That means investors will have a chance to place and hedge their bets … Continue reading “East Coast Biotech Roundup: Intellia, What’s Hot, Cydan, Fog & More”
Cydan, NEA’s Orphan Drug Accelerator, Targets Sickle Cell With Startup Imara
Cydan Development, New Enterprise Associates’s orphan drug startup accelerator, has taken a look at around 600 assets since it was formed some three years ago. Sifting through all these potential drugs for diamonds in the rough has been an exhaustive process, perhaps even more so than the firm’s executives expected. “It takes longer to de-risk … Continue reading “Cydan, NEA’s Orphan Drug Accelerator, Targets Sickle Cell With Startup Imara”
Ovid Therapeutics Names Former Biogen Exec New CMO
New York-based Ovid Therapeutics has named Amit Rakhit, a former Biogen and Bristol-Myers Squibb executive, its chief medical and portfolio management officer. The company has also added Daniel Geschwind, a neurology and psychiatry professor at UCLA School of Medicine, to its scientific advisory board. Check out this story for more on Ovid, which is developing … Continue reading “Ovid Therapeutics Names Former Biogen Exec New CMO”
Kala Pharma Nabs $68M, Crossover Backers for Eye Drug Push
It’s been a common sight over the past few years for a biotech startup to bring a bunch of “crossover” investors—who invest in both public and private companies—into the mix before taking a crack at an IPO. Kala Pharmaceuticals just got the first part of that done by raising a $68 million Series C round … Continue reading “Kala Pharma Nabs $68M, Crossover Backers for Eye Drug Push”
With Latest Startup, Harvard’s Verdine Again Aims at Elusive Targets
Harvard University chemical biologist and serial entrepreneur Greg Verdine has spent more than a decade trying to come up with different solutions for one critical problem in biotech: The majority of would-be drug targets are out of reach of existing technologies. That drive has already led to several different companies—among them Aileron Therapeutics, Warp Drive … Continue reading “With Latest Startup, Harvard’s Verdine Again Aims at Elusive Targets”
Vacca, Sekhri Join Versant’s Manhattan Biotech Incubator
Versant Ventures has appointed Joe Vacca and Paul Sekhri to executive roles at Highline Therapeutics, the firm’s Manhattan-based biotech startup incubator. Vacca, a Merck veteran, has joined up as Highline’s chief scientific officer. Sekhri, currently the president and CEO of Lycera—which Celgene has an option to acquire—has been named an operating partner at Highline. The … Continue reading “Vacca, Sekhri Join Versant’s Manhattan Biotech Incubator”
What’s Hot in Boston Biotech 2016: The Photos
What’s hot in Boston biotech? This year, it’s the challenges that lie ahead. That means drilling down on drug pricing, for one. On Monday, I took a look at that and some of the other insightful nuggets to come out of our event at Biogen. Today, per usual, I’ve come back with visual evidence of … Continue reading “What’s Hot in Boston Biotech 2016: The Photos”
Five Takeaways from “What’s Hot in Boston Biotech”
“What’s Hot in Boston Biotech” can change with the wind. One week it might be a multi-billion dollar buyout, the next a high profile startup. Keeping up with the latest high-flying companies and issues can be tricky when you’re running an event in one of biotechnology’s epicenters. This year, before a packed house at Biogen’s … Continue reading “Five Takeaways from “What’s Hot in Boston Biotech””
East Coast Biotech Roundup: PfizerGan, Nimbus, Intercept, Tesaro & More
This past week started out with a big alliance between Gilead Sciences and Nimbus Therapeutics in one of biotech’s biggest contests—the race to treat nonalcoholic steatohepatitis, or NASH. Those who packed Biogen on Wednesday for our biotech forum, “What’s Hot in Boston Biotech,” got an inside look at what led to that deal and where … Continue reading “East Coast Biotech Roundup: PfizerGan, Nimbus, Intercept, Tesaro & More”
New York’s Life Science Disruptors: The Photos
Last week, we held our yearly Big Apple biotech event, “New York’s Life Science Disruptors,” which provides an inside look at the people and companies that are shaping the emerging life sciences scene in the city. As per usual, today I’m circling back with the photos. Just wanted to say thanks again to all the folks … Continue reading “New York’s Life Science Disruptors: The Photos”
Nimbus’s LLC Origins Pay off As Gilead Shells Out $400M For Liver Drug
When Nimbus Therapeutics started out as a company called Nimbus “Discovery,” it was structured in a way that would allow it to easily sell one of its assets to an acquirer. Though the company has since changed its name, that original decision paid off today: Gilead Sciences is paying as much as $1.2 billion for … Continue reading “Nimbus’s LLC Origins Pay off As Gilead Shells Out $400M For Liver Drug”
At Long Last, First Drug Approval in Sight for Amicus
It’s an understatement to call Amicus Therapeutics’ quest to get its first drug approved a roller coaster ride. But it looks like the twists and turns might soon be over for the Cranbury, NJ-based company—at least in Europe. The committee of medicinal products for human use (CHMP) on Friday recommended approval of Amicus’s (NASDAQ: [[ticker:FOLD]]) … Continue reading “At Long Last, First Drug Approval in Sight for Amicus”
East Coast Biotech Roundup: NY Disruptors, Commense, Regeneron, & More
Our East Coast drive started in New York this week, where we took a close look at the state of the city’s biotech ecosystem and the road ahead through the eyes of some of the area’s scientific entrepreneurs and investors. Over in the suburbs, Regeneron Pharmaceuticals’ partnership with Sanofi continued to pay dividends, with some … Continue reading “East Coast Biotech Roundup: NY Disruptors, Commense, Regeneron, & More”
New PureTech Startup Commense Aims to Protect Babies From Disease
[Updated, 12:15 pm ET, see below] Boston company creator PureTech Health already has one microbiome startup in its portfolio, Vedanta Biosciences. Today it’s unveiled a second one, Commense, with a different plan to harness the power of the trillions of microbes in and on our bodies. Vedanta is developing a mix of bacteria to be … Continue reading “New PureTech Startup Commense Aims to Protect Babies From Disease”
“Raw Potential” And Three Other Takeaways from NY’s Life Science Disruptors
The Alexandria Center for Life Science currently houses some of the most ambitious biotech startups in New York, not to mention some outposts for pharma companies like Roche and Pfizer. Not bad for something that, as Alexandria Real Estate Equities CEO Joel Marcus said, “was a contaminated laundry site” just a short time ago. The … Continue reading ““Raw Potential” And Three Other Takeaways from NY’s Life Science Disruptors”
Ex-Alexion Exec Islam to Join Moderna as CBO
Saqib Islam, who had been leading Alexion Pharmaceuticals’s (NASDAQ: [[ticker:ALXN]]) business development efforts, has been hired by Cambridge, MA-based Moderna Therapeutics. He’ll reprise a similar role at Moderna, where he’ll begin serving as the company’s chief business officer effective May 9. Moderna and Alexion are already quite familiar with one another. The two inked a … Continue reading “Ex-Alexion Exec Islam to Join Moderna as CBO”