Aegerion Pharmaceuticals has been in the news for all the wrong reasons of late. The launch of its rare disease drug, lomitapide (Juxtapid), has stalled. The company is worth less than a third of what it was last year. Today the Cambridge, MA-based company is trying to turn the conversation elsewhere—to an FDA-approved rare disease … Continue reading “Struggling Aegerion Diversifies With Fat Disease 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.
Inotek, Chasing Aerie in Glaucoma, Sets Sights on IPO
Aerie Pharmaceuticals (NASDAQ: [[ticker:AERI]]) has parlayed the potential of a new type of glaucoma drug into a publicly-traded company currently worth more than half a billion dollars. Inotek Pharmaceuticals is eyeing the same market, and now wants Wall Street’s help to go head to head with its Bedminster, NJ-based rival. Inotek filed for an IPO … Continue reading “Inotek, Chasing Aerie in Glaucoma, Sets Sights on IPO”
Proteostasis, Astellas Join up on Genetic Disease Drugs
Proteostasis Therapeutics got a new CEO a few months ago; now the Cambridge, MA-based startup has a new development deal to work on, and a new high-profile investor too. Japanese drugmaker Astellas Pharma inked a partnership today with Proteostasis to try to discover and develop new drugs for an unspecified genetic disease and, potentially, other … Continue reading “Proteostasis, Astellas Join up on Genetic Disease Drugs”
East Coast Biotech Roundup: Sarepta, Aegerion, Syros, Aileron & More
All types of scary news in the life sciences world in time for Halloween, from the highest levels of Big Pharma, where Sanofi’s board unceremoniously dumped CEO Chris Viehbacher, to biotech, where three local companies were put in the Wall Street penalty box. Details from the East Coast scene below: —Shares of Cambridge, MA-based Sarepta … Continue reading “East Coast Biotech Roundup: Sarepta, Aegerion, Syros, Aileron & More”
Aiming to Boost Innovation, Trinity Fine-Tunes Its Tech Transfer
Trinity College is Dublin’s most prestigious educational institution. Started over 400 years ago by Queen Elizabeth I, a number of the world’s best-known writers—Oscar Wilde, Samuel Beckett, and Bram Stoker, to name a few—are among its famous alumni. But as with any university across the world, Trinity can’t just lean on its reputation if it … Continue reading “Aiming to Boost Innovation, Trinity Fine-Tunes Its Tech Transfer”
SurgaColl Aims to Fix Your Bones and Joints Without Drugs or Grafts
When you’ve got osteoarthritis in your knee or hip, there’s a good chance you may have to get that joint replaced—a costly procedure often followed by a lengthy stretch of rehab. Short of that, you may get some drugs to deal with the pain, but they don’t tackle the real cause of the problem, that … Continue reading “SurgaColl Aims to Fix Your Bones and Joints Without Drugs or Grafts”
Backed by Gates, Affinivax Ramps up Velcro-like Vaccine Tech
Prevnar 13 is a vaccine that, as its name suggests, protects against 13 of the most common strains of pneumococcal bacteria, which can cause deadly pneumonia and meningitis infections. There’s just one problem: there are around 90 total strains of pneumococcus that can cause disease. What about the other ones? A new startup with backing … Continue reading “Backed by Gates, Affinivax Ramps up Velcro-like Vaccine Tech”
An Entrepreneur Grows Along With Ireland’s Medtech Cluster: Galway
When you think of the biggest centers in the world for medtech, places like Massachusetts and Minneapolis naturally come to mind. After all, that’s where many of the largest medical device companies—Boston Scientific, Medtronic, and St. Jude Medical, among them—are based. John Power hails from a completely different cluster. A native of London, Power built … Continue reading “An Entrepreneur Grows Along With Ireland’s Medtech Cluster: Galway”
Opsona, And Pharma Backers, Await Day of Reckoning for Kidney Drug
Few biotech startups out of Dublin have gotten the type of industry backing that Opsona Therapeutics has. The company’s investor list reads like a who’s who of international pharma venture arms—among them Novartis, Amgen, and Roche—and investors close and abroad. It’s raised more than 60 million euros in venture cash to date. The lure: Opsona … Continue reading “Opsona, And Pharma Backers, Await Day of Reckoning for Kidney Drug”
Pharmas, Others Bet $33M More on Aileron’s P53 Peptide Drug
There are tough targets in drug development, and then there’s p53. It’s a holy grail, of sorts, in cancer biology—a tumor suppressor protein that gets shut down in some form in every known type of cancer. Yet every company that’s tried to protect it with a drug has failed for one reason or another. Over … Continue reading “Pharmas, Others Bet $33M More on Aileron’s P53 Peptide Drug”
More Drama for Sarepta as FDA Delays Duchenne Drug, Shares Tank
It wasn’t too long ago that Sarepta Therapeutics (NASDAQ: [[ticker:SRPT]]) was one of the darlings of biotech. Holding a drug with very promising results—albeit in a small sample size—for a crippling disorder with no cure, the Cambridge, MA-based biotech zoomed up the stock charts. The past year, however, has been a humbling one for Sarepta … Continue reading “More Drama for Sarepta as FDA Delays Duchenne Drug, Shares Tank”
East Coast Biotech Roundup: PureTech, Celgene, Unum, Biogen & More
Deal flow is in full swing on the East Coast. At least three life sciences startups launched out of Boston and New York this week, with a few other firms filling up their bank accounts with either new funding rounds or partnership deals. Those stories and plenty more below: —Boston-based PureTech raised $55 million from … Continue reading “East Coast Biotech Roundup: PureTech, Celgene, Unum, Biogen & More”
New Atlas Startup Gets “Quartet” of Backers, $17M For Pain Drugs
It’s notoriously difficult to develop drugs for pain, in part because the results from animal tests rarely hold up in human studies. Still, a new startup from Atlas Venture called Quartet Medicine will to try to navigate the minefield, buoyed by new insights it believes can help connect the dots between animals and humans. Cambridge, … Continue reading “New Atlas Startup Gets “Quartet” of Backers, $17M For Pain Drugs”
Actavis Nabs Option to Buy Rhythm Pharma’s GI Drug For Diabetics
[Updated, 10/23/14, 4:41 pm ET] Rhythm Pharmaceuticals hinted that a strategic move was coming when a drug it’s been developing for diabetic gastroparesis cleared a key clinical hurdle earlier this year. That came to fruition today, because Actavis has stepped and offered Rhythm a financial payday if that drug can make it to the finish … Continue reading “Actavis Nabs Option to Buy Rhythm Pharma’s GI Drug For Diabetics”
Proteon Cuts Price, Boosts Shares to Bag $61M in IPO
Proteon Therapeutics is about to successfully pivot from a potential portfolio company of Novartis to a publicly traded entity—just not with the valuation it was hoping for. Waltham, MA-based Proteon priced its IPO late Tuesday at $10 per share. The company sold 6,110,000 shares of stock to investors, raising $61.1 million before discounts due to … Continue reading “Proteon Cuts Price, Boosts Shares to Bag $61M in IPO”
Sanofi-Genzyme Joins $12M Round for T-Cell Therapy Startup, Unum
It’s no secret that cancer immunotherapy is exploding. The pharma and biotech world is abuzz trying to find the best ways to harness the power of the immune system to fight cancer. Startups are getting in on the act, too—like a new Cambridge, MA-based company, Unum Therapeutics, that just came out of the woodwork today … Continue reading “Sanofi-Genzyme Joins $12M Round for T-Cell Therapy Startup, Unum”
Boston’s Life Science Disruptors: The Photos
How do you pull off a successful biotech IPO? With patience, preparation, and no fear of failure. Last week, I recapped our latest biotech event, “Boston’s Life Science Disruptors.” Attendees at the Novartis Institutes for Biomedical Research got a behind-the-scenes look at the ups and downs faced by three local biotechs—Zafgen, Epizyme, and Sage Therapeutics—on … Continue reading “Boston’s Life Science Disruptors: The Photos”
Cubist CEO Bonney Steps Down After 12-Year Stint
Mike Bonney has seen Cubist Pharmaceuticals (NASDAQ: [[ticker:CBST]]) build an unlikely narrative, rising from an antibiotics startup without a marketed product to a mid-cap biotech with the bank account to buy other nascent companies. Today, more than a decade into that work, Bonney is stepping aside. Bonney will officially step down from his post on … Continue reading “Cubist CEO Bonney Steps Down After 12-Year Stint”
With Invesco’s Support, PureTech Boosts Power to Back Startups
PureTech has always been tough to define. Though it was originally called PureTech Ventures, the Boston company isn’t a venture firm. Rather, it seeks out cost-efficient ways to create innovative life sciences startups in-house, instead of finding nascent companies and investing in them with others. It doesn’t raise the massive funds that a venture firm … Continue reading “With Invesco’s Support, PureTech Boosts Power to Back Startups”
Atara Bio Pays the Price for Delayed IPO, Sinks in Debut
Atara Biotherapeutics took a fairly unusual route to the Nasdaq. The Brisbane, CA-based company looked all set to price an IPO in July before abruptly yanking the offering, reportedly due to pending data on one of its drugs. After a small hiatus and a tiny deal with Memorial Sloan-Kettering Cancer Center to add to its … Continue reading “Atara Bio Pays the Price for Delayed IPO, Sinks in Debut”
East Coast Biotech Roundup: Raze, Retrophin, Alnylam, & More
After a one-week hiatus, the roundup is back, and we’ve got plenty of news to take your mind off of Ebola, the plunging stock market, and the now-defunct AbbVie-Shire megamerger. Let’s get right to it: —A month after leaving Epizyme for a return to the venture capital world, Jason Rhodes took the helm of a … Continue reading “East Coast Biotech Roundup: Raze, Retrophin, Alnylam, & More”
Selecta, Sharpening Focus, Gets $20M More to Make Biologics Safer
Selecta Biosciences started up six years ago with a plan to use nanoparticles to make customizable vaccines. Along the way, however, the Watertown, MA-based company found a potentially lucrative niche for its technology—helping to make other biologic drugs on the market safer. Today, it’s cashing a big check from a group of its venture backers … Continue reading “Selecta, Sharpening Focus, Gets $20M More to Make Biologics Safer”
With $24M and Pharma Backing, Ex Epizyme Prez Aims to “Raze” Tumors
Jason Rhodes has taken the helm of a new startup biotech. And in some ways, it’s a bit like the one he just left, Cambridge, MA-based Epizyme—a developer of cancer drugs. Now the question is whether he can help steer the new one, Raze Therapeutics, towards the billion-dollar valuation Epizyme enjoys today. Fresh off his … Continue reading “With $24M and Pharma Backing, Ex Epizyme Prez Aims to “Raze” Tumors”
Six Takeaways from Boston’s Life Science Disruptors
Failure isn’t just a possibility in biotech—it’s a probability. Plan accordingly, and don’t let your ego get in the way when you do. It doesn’t matter so much “how” a drug works, as long as it does. And when the inevitable fork in the road comes, don’t be afraid to take the more difficult path—as … Continue reading “Six Takeaways from Boston’s Life Science Disruptors”
Smart-Bug Maker Synlogic Nabs $5M From Gates Foundation
Synlogic, one of the newer biotech startups to come out of Cambridge, MA, already strung together nearly $30 million when it announced its launch in July. Now it’s topping off that round with some financial support from the Bill & Melinda Gates Foundation to help tackle some of the world’s bigger health problems. Synlogic says … Continue reading “Smart-Bug Maker Synlogic Nabs $5M From Gates Foundation”
East Coast Biotech Roundup: Intarcia, Atlas, Visterra, & More
The oft-trodden path for a startup biotech is to aim for either a buyout or an IPO—or at minimum, a partnership with a big pharmaceutical company—before dealing with the hefty price tag of a Phase 3 study. One local biotech, however, took on the risk of bucking that trend—and succeeded. That story and much more … Continue reading “East Coast Biotech Roundup: Intarcia, Atlas, Visterra, & More”
East Coast Biotech Roundup: GliaCure, Civitas, T2, & More
Biotechs have been parading into the public markets at a record-setting pace over the past few years, particularly in Boston. But one local startup decided against independence at the last minute this week, choosing M&A, and a definitive payout for its shareholders, instead. We’ve got that story and plenty more in a packed week on … Continue reading “East Coast Biotech Roundup: GliaCure, Civitas, T2, & More”
Blessed By Angels, GliaCure Tests New Alzheimer’s Approach In Humans
Giant pharmaceutical companies have spent billions of dollars trying to crack Alzheimer’s disease, only to come up empty time after time. For small, cash-strapped biotechs, the challenge is even harder. Tufts University professor Philip Haydon is trying to make the improbable journey anyway. Haydon has created GliaCure, a tiny startup run out of his Boston … Continue reading “Blessed By Angels, GliaCure Tests New Alzheimer’s Approach In Humans”
Alkermes Spinoff Civitas, Poised for IPO, Sells to Acorda for $525M
Civitas Therapeutics was all set to become the latest in the long line of biotechs in 2014 to go public. Then, apparently, it got an offer from Ardsley, NY-based Acorda Therapeutics (NASDAQ: [[ticker:ACOR]]) that it couldn’t refuse. Acorda today agreed to pay $525 million in cash to acquire Civitas, the Chelsea, MA-based company developing an … Continue reading “Alkermes Spinoff Civitas, Poised for IPO, Sells to Acorda for $525M”
Merrimack, Baxter Ink $970M+ Deal for Pancreatic Cancer Drug
It’s been an up and down year for Merrimack Pharmaceuticals. On one hand, the Cambridge, MA-based company succeeded in a Phase 3 trial in the notoriously tough field of pancreatic cancer, and has a chance to win FDA approval for its first drug, MM-398. On the other hand, Merrimack lost Sanofi as a partner for … Continue reading “Merrimack, Baxter Ink $970M+ Deal for Pancreatic Cancer Drug”
With FDA Nod, T2 Bio’s Sepsis Test Heads to Commercial Proving Ground
T2 Biosystems believes that its quick method for testing patients for dangerous viral and bacterial infections could save the healthcare system a lot of money, and save some lives as well. With a key regulatory decision now in the bag, the Lexington, MA-based company will get its chance to prove it. The FDA late Monday … Continue reading “With FDA Nod, T2 Bio’s Sepsis Test Heads to Commercial Proving Ground”
Tokai Bags $97M For Prostate Cancer Drug in Upsized IPO
Tokai Pharmaceuticals may be trying to break into an increasingly crowded field of prostate cancer drugs, but Wall Street investors clearly like its chances to make an impact. Cambridge, MA-based Tokai priced its IPO at $15 per share, the top of its projected range. It also sold 6.48 million in the offering, over a million … Continue reading “Tokai Bags $97M For Prostate Cancer Drug in Upsized IPO”
MyoKardia, Sanofi Ink $200M+ Deal for Targeted Heart Drugs
Third Rock Ventures started up MyoKardia in 2012 around the idea of making genetically targeted drugs for certain forms of heart disease. Two years and $38 million in venture funding into the effort, French pharmaceutical giant Sanofi is buying into the concept. South San Francisco, CA-based MyoKardia announced this morning that it’s inked a collaboration … Continue reading “MyoKardia, Sanofi Ink $200M+ Deal for Targeted Heart Drugs”
Proteon, Moving on From Ill-Fated Novartis Deal, Files IPO Pitch
It wasn’t too long ago that Proteon Therapeutics looked to be a piece of Novartis’ portfolio. That deal flamed out, however, leading the Waltham, MA-based biotech to retrench, find some new investors, and—as the company as just disclosed today—chart a course for Wall Street. Proteon has unveiled plans to go public, aiming primarily to finance … Continue reading “Proteon, Moving on From Ill-Fated Novartis Deal, Files IPO Pitch”
East Coast Biotech Roundup: Maraganore, Flex, NPS, Retrophin, & More
It’s back to work, back to school, and back to the grind in biotech. One local company inched towards a potential FDA approval, yet its stock is down more than 10 percent. Another biotech came under fire for a big price hike on an old drug. And a new startup emerged with the backing of … Continue reading “East Coast Biotech Roundup: Maraganore, Flex, NPS, Retrophin, & More”
Hear Epizyme, Sage, Zafgen Share Their Stories on Oct. 8
Like many biotechs with a big idea showing early potential, Cambridge, MA-based Epizyme (NASDAQ: [[ticker:EPZM]]) faced a critical decision a few years ago: groom itself for a sale to Big Pharma or, on the other hand, an IPO. It was a tough call for Epizyme, because the IPO market for biotechs was in the dumps … Continue reading “Hear Epizyme, Sage, Zafgen Share Their Stories on Oct. 8”
To Fight Cramps, Christoph Westphal Taps Boston All-Stars for $40M
Serial biotech executive Christoph Westphal looks to have found his latest target: muscle cramps. Westphal, perhaps best known as the one-time CEO of Sirtris Pharmaceuticals, is now chairman and CEO of a new startup called Flex Pharma. He’s gone through the rolodex to put together $40 million in private financing from a diverse list of … Continue reading “To Fight Cramps, Christoph Westphal Taps Boston All-Stars for $40M”
John Maraganore: From “Prototypical Geek” To Canny Alnylam Chief
John Maraganore opened up an envelope in 1994 that changed his life. Inside were the results of the pivotal study of an anticoagulant drug Maraganore had created in the lab. It was the star prospect for Maraganore’s employer, Biogen. If the drug, bivalirudin, worked, Biogen might have its first product—and Maraganore, the glory of designing … Continue reading “John Maraganore: From “Prototypical Geek” To Canny Alnylam Chief”
East Coast Biotech Roundup: Infinity, Merck, Voyager, Ebola, & More
There are always surprises—both good and bad—in a volatile sector like biotech. A big deal can seemingly come out of nowhere, for instance, and send a company’s stock flying. That was the top story in East Coast biotech this week, but we’ve got all the other tidbits you might have missed, including a few additional … Continue reading “East Coast Biotech Roundup: Infinity, Merck, Voyager, Ebola, & More”
Merck, Leapfrogging Bristol-Myers, Wins FDA Nod for Cancer Drug
It wasn’t too long ago that Merck (NYSE: [[ticker:MRK]]) was well behind Bristol-Myers Squibb (NYSE: [[ticker:BMY]]) in the race to bring the first so-called PD-1 inhibitor—a new class of cancer drugs that harness the power of the immune system—to market in the U.S. While the battle between these two companies over market share will likely … Continue reading “Merck, Leapfrogging Bristol-Myers, Wins FDA Nod for Cancer Drug”
Google’s Calico Nabs First Partner, Cuts $1.5B R&D Deal With AbbVie
[Updated, 9/4/14, 8:25 am ET] It’s still a public mystery what Google’s (NASDAQ: [[ticker:GOOG]]) high-profile anti-aging startup, Calico, is really up to. But the drug company AbbVie has had a peek behind the curtain and is ready to throw a whole lot of cash behind the company’s high-profile team in a deal to develop medicines … Continue reading “Google’s Calico Nabs First Partner, Cuts $1.5B R&D Deal With AbbVie”
Steven Paul, Former Lilly R&D Chief, Takes Head Seat at Voyager
Steven Paul stepped in to Third Rock Ventures a few years ago to help advise on some of the firm’s biotech startups. Now, however, it appears Eli Lilly’s former R&D chief has found one he likes enough to lead full-time. Cambridge, MA-based Voyager Therapeutics announced today that Paul has agreed to take over as its … Continue reading “Steven Paul, Former Lilly R&D Chief, Takes Head Seat at Voyager”
AbbVie Plunks Down $275M Upfront for Infinity’s Blood Cancer Drug
It’s been a topsy-turvy few years for Infinity Pharmaceuticals. The Cambridge, MA-based company is well behind a few others, whose rival blood cancer drugs that have already made it to market, and Infinity has seen its shares rise and fall as investors have wondered whether its own prospect—known as duvelisib, or IPI-145—can stand out. Pharma … Continue reading “AbbVie Plunks Down $275M Upfront for Infinity’s Blood Cancer Drug”
Bristol-Myers Kicks Arthritis Drug Back to Alder, Shares Tumble
[Updated, 10:50 am ET] Alder Biopharmaceuticals rode a big deal with Bristol-Myers Squibb to the public markets earlier this year, where it’s seen its value climb by more than 30 percent. Starting today, however, the Bothell, WA-based company is going to move forward without that safety net. Alder (NASDAQ: [[ticker:ALDR]]) said today that following a … Continue reading “Bristol-Myers Kicks Arthritis Drug Back to Alder, Shares Tumble”
Exelixis Axes 70% of Workforce as Cancer Drug Flops, Shares Routed
When Exelixis won FDA approval of a drug called cabozantinib in 2012, it was supposed to represent the first step towards a franchise. The South San Francisco-based company’s drug was approved to treat a small group of patients with a certain form of thyroid cancer, but its big opportunity lay further ahead, in big studies … Continue reading “Exelixis Axes 70% of Workforce as Cancer Drug Flops, Shares Routed”
East Coast Biotech Roundup: NJ Blues, Genzyme, Amicus, Biogen & More
The late summer doldrums are here, and unsurprisingly, biotech news slowed to a crawl this week. Before you know it, Labor Day will be here, the pigskins will be flying, and the newswire will be humming again. But until then, I’m headed for a short break. Enjoy the last days of summer, everyone. Here’s your … Continue reading “East Coast Biotech Roundup: NJ Blues, Genzyme, Amicus, Biogen & More”
Join Us For “Boston’s Life Science Disruptors” on Oct. 8
Perhaps the biggest story in biotech over the past few years has been the resurrected IPO window. Since the start of 2013, more than 120 biotechs have taken the leap from private to public. And this year alone, even despite some jittery moments in the market, Massachusetts has already set a record pace for life … Continue reading “Join Us For “Boston’s Life Science Disruptors” on Oct. 8”
With Persistence And Phase 3 Win, Amicus Nears First Drug Approval
Amicus Therapeutics was on the ropes in late 2012 when its pill for a rare condition called Fabry Disease failed a late-stage trial. It had already put seven years of work into the drug, and the setback added even more development time and uncertainty to the mix. But the Cranbury, NJ-based company kept plugging away, … Continue reading “With Persistence And Phase 3 Win, Amicus Nears First Drug Approval”
NJ’s Medicine Chest Thins Again as GE Health Unit Heads for MA
Large pharmaceutical companies have been beating a path to Massachusetts over the past few years to get in the thick of the area’s bubbling life sciences cluster. Today, industry conglomerate General Electric (NYSE: [[ticker:GE]]) is joining the mix, dealing a blow to New Jersey’s life sciences scene in the process. GE is announcing that it’s … Continue reading “NJ’s Medicine Chest Thins Again as GE Health Unit Heads for MA”
East Coast Biotech Roundup: Amicus, Accelerator, Seventh Sense, & More
New York’s biotech scene is getting a jumpstart, and a Seattle startup incubator is getting a second wind in the process. One of biotech’s high fliers in 2014 soared once again. And one local biotech is awaiting some critical data that could make or break its future. Those stories and much more below. —A single … Continue reading “East Coast Biotech Roundup: Amicus, Accelerator, Seventh Sense, & More”