Blueprint Medicines has just grabbed a new round of cash to help get its first drug candidate into a clinical trial next year. The Cambridge, MA-based company said today that it’s completed a $25 million Series B round led by new backer Nextech Invest Ltd., as well as some new investors—Biotech Value Fund and Casdin … Continue reading “Blueprint Medicines Hauls in $25M For Cancer Drug Push”
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.
Medtronic Scoops Up NJ-based Tyrx for $160M
Medical device startup Tyrx hinted last year that it wanted to do some growing on its own before entertaining the idea of an IPO or a sale. Apparently, however, a $160 million offer from med tech giant Medtronic (NYSE: [[ticker:MDT]]) was too much to pass up. Tyrx today announced that it has been acquired by … Continue reading “Medtronic Scoops Up NJ-based Tyrx for $160M”
East Coast Biotech Roundup: Scholar Rock, Dicerna, Eleven, & More
Just when you thought the biotech IPO stampede was over, the holiday break came, and with it, a new batch of prospective publicly-traded life sciences companies. Those stories and more below as the roundup returns from a short vacation: —Growth factors are well known in the biotech world, but a new Cambridge, MA-based startup named … Continue reading “East Coast Biotech Roundup: Scholar Rock, Dicerna, Eleven, & More”
Dicerna Joins Biotech IPO Queue, Plans $69M Raise
When Dicerna Pharmaceuticals hauled in $60 million back in August, CEO Doug Fambrough hinted that an IPO was on the way. The Watertown, MA-based company made good on that prediction this morning. Dicerna has filed papers with the Securities and Exchange Commission outlining plans to raise up to $69 million from public investors through an … Continue reading “Dicerna Joins Biotech IPO Queue, Plans $69M Raise”
Scholar Rock Aims to Hit Disease-Causing Proteins in a “Niche”
For the better part of a year, Scholar Rock has worked behind the scenes mapping out an approach to hit well-known disease targets in an unusual way. Now, the nascent Cambridge, MA-based startup is ready to discuss what it’s found. Scholar Rock is emerging from stealth mode today to make two announcements: First, it’s licensed … Continue reading “Scholar Rock Aims to Hit Disease-Causing Proteins in a “Niche””
Vaccine Developer Genocea Files For IPO, Plans to Raise $75M
Genocea Biosciences has spent years fine-tuning a platform that’s supposed to make it quicker and easier to produce a vaccine. Now, with its two first products in early development, it’ll see if public investors have taken to its progress. In filings with the SEC, Cambridge, MA-based Genocea said it plans to raise up to $75 … Continue reading “Vaccine Developer Genocea Files For IPO, Plans to Raise $75M”
Investors Sink Tesaro Shares on Phase 3 Misses For Cancer Drug
Waltham, MA-based Tesaro (NASDAQ: [[ticker:TSRO]]) is trumpeting some late-stage success for its lead cancer drug, rolapitant, but investors clearly aren’t buying the results. Tesaro this morning released the top-line data from two Phase III trials for rolapitant, a drug it’s developing for chemotherapy-induced nausea and vomiting (CINV). The company emphasized that rolapitant hit the primary … Continue reading “Investors Sink Tesaro Shares on Phase 3 Misses For Cancer Drug”
Ariad’s Cancer Drug to Return to U.S. in January, Shares Soar
It’s been a rough few months for Ariad Pharmaceuticals, but the Cambridge, MA-based company finally got some good news today. The FDA has given Ariad the green light to bring its cancer drug, ponatinib (Iclusig), back to the U.S. market in the middle of January. While that’s big news for Ariad—ponatinib is its only drug—it … Continue reading “Ariad’s Cancer Drug to Return to U.S. in January, Shares Soar”
East Coast Biotech Roundup: Curoverse, Sia, Trinity, & (Much) More
Time to bid an adieu to 2013. Xconomy will go on a little holiday break once Christmas rolls around next week, so this’ll be the last roundup of the year. True to form in what’s been a wild year for biotech—the Nasdaq Biotechnology Index is up more than 50 percent since Jan. 2— it’s jam-packed. … Continue reading “East Coast Biotech Roundup: Curoverse, Sia, Trinity, & (Much) More”
Radius Health Churns Through 3 CEOs, as Osteoporosis Drug Delayed
Radius Health’s skin patch for osteoporosis appears to have fallen short of expectations in a mid-stage clinical trial, leading to a roughly two-year delay in development and what’s been a revolving door of four CEOs over the past month, Xconomy has learned. The Cambridge, MA-based company, which tried to go public last year, but ultimately … Continue reading “Radius Health Churns Through 3 CEOs, as Osteoporosis Drug Delayed”
Vertex Looks to Patient Subset as CF Drug Misses Mark in Latest Study
The results are out from Vertex Pharmaceuticals’ (NASDAQ: [[ticker:VRTX]]) latest cystic fibrosis study. And while the Cambridge, MA-based company didn’t get what it was looking for, it still says the numbers are good enough to bring to the FDA next year. Vertex announced the results of a late-stage study testing its cystic fibrosis drug, ivacaftor … Continue reading “Vertex Looks to Patient Subset as CF Drug Misses Mark in Latest Study”
Curoverse Gets $1.5M to Develop Open Source Genomics Tool
George Church created the Personal Genome Project, a big plan to sequence more than 100,000 human genomes in the U.S. Now the database he’s been using to store all that information has become the basis for a new startup. Boston-based Curoverse is announcing today that it’s raised $1.5 million in seed funding to continue developing … Continue reading “Curoverse Gets $1.5M to Develop Open Source Genomics Tool”
Trinity Snares $15M to Sell Analytics to Big Pharma, Biotech
Trinity Pharma Solutions has spent eight years building itself up without the help of any outside financing. But Trinity’s founders see an opportunity to grow, so the Waltham, MA-based startup is finally raising some venture capital, and giving up a portion of its equity ownership in exchange. Trinity is announcing today that it has raised … Continue reading “Trinity Snares $15M to Sell Analytics to Big Pharma, Biotech”
Cubist Shares Climb As Antibiotic Scores in Phase 3 Again
Cubist Pharmaceuticals (NASDAQ: [[ticker:CBST]]) just got some more promising results to take to regulators next year. The Lexington, MA-based company said today that CXA-201— the antibiotic it acquired when it bought out Calixa Therapeutics a few years ago—succeeded in the second of two Phase III trials. This time around, the drug proved to be just … Continue reading “Cubist Shares Climb As Antibiotic Scores in Phase 3 Again”
Sam Sia’s NY Biotech Incubator Already Bustling With 16 Startups
It was less than a year ago when Columbia University professor and entrepreneur Samuel Sia sat on an airplane sketching out the floor plan for a biotech incubator in the middle of Manhattan. That vision is now becoming real. Sia is the co-founder of Harlem Biospace, a new biotech incubator on 127th Street in Manhattan’s … Continue reading “Sam Sia’s NY Biotech Incubator Already Bustling With 16 Startups”
East Coast Biotech Roundup: ASH, Proteostasis, Retrophin, & More
[Updated, 8:35 am ET] 2013 is winding down, and with it, a lot of the biotech news flow. But there was still a flurry of dealmaking this week, even with many of the sector’s top names busy at one of the year’s biggest medical meetings. Those stories and more below: —Much of the biotech world … Continue reading “East Coast Biotech Roundup: ASH, Proteostasis, Retrophin, & More”
Savient Pharma Sells to GTCR-Backed Crealta For $120M
Savient Pharmaceutials was finally able to woo some buyers and stoke up its price. Unfortunately, all that action took place in bankruptcy. Bridgewater, NJ-based Savient said today that it’s reached a deal to sell itself to Crealta Pharmaceuticals, a recently-created specialty pharmaceutical company based in Lake Forest, IL. Crealta has agreed to pay $120.4 million … Continue reading “Savient Pharma Sells to GTCR-Backed Crealta For $120M”
Hologic Names New CEO, Cuts Deal With Icahn to Avoid Proxy Fight
Apparently, Hologic was in no mood to wage a proxy war with Carl Icahn. Bedford, MA-based Hologic (NASDAQ: [[ticker:HOLX]]) today shook up its leadership. First, it named a new president and CEO to lead a turnaround effort: longtime Stryker (NYSE: [[ticker:SYK]]) CEO Stephen MacMillan. And separately, rather than engage in a messy public battle with … Continue reading “Hologic Names New CEO, Cuts Deal With Icahn to Avoid Proxy Fight”
Proteostasis, Biogen Team up on Protein Homeostasis Drugs
Proteostasis Therapeutics has just gotten some big-name help to try to tackle neurodegenerative diseases like Alzheimer’s and Parkinson’s. Cambridge-based Proteostasis has inked a deal with Biogen Idec (NASDAQ: [[ticker:BIIB]]) to develop drugs that could treat certain neurodegenerative disorders by blocking an enzyme known as Usp14 . Proteostasis is getting an unspecified upfront payment and equity … Continue reading “Proteostasis, Biogen Team up on Protein Homeostasis Drugs”
Layoffs Hit Optimer Following Cubist Buyout
Cubist Pharmaceuticals may have added some punch to its antibiotics portfolio by buying Optimer Pharmaceuticals a few months ago, but as is often the case with M&A deals, the buyout is also precipitating a lot of job cuts. The Jersey Journal reported today that Cubist is laying off as many as 177 employees of Jersey … Continue reading “Layoffs Hit Optimer Following Cubist Buyout”
East Coast Biotech Roundup: Juno, Editas, Celgene, & More
The holidays are in full swing, as are some big startup ideas that have had the biotech world buzzing over the past few weeks. Those stories and more as the roundup returns from a Thanksgiving break: —Juno Therapeutics earned the distinction this week of having one of the largest bets ever placed on a biotech … Continue reading “East Coast Biotech Roundup: Juno, Editas, Celgene, & More”
Zafgen Corrals $45M More to Fuel Obesity Drug Push
Zafgen is just weeks removed from some encouraging results from a mid-stage clinical trial of its obesity drug candidate, beloranib. Now it’s parlayed those numbers into another big raise from investors. Cambridge, MA-based Zafgen today snagged a $45 million Series E round from a group of both private and public investors—typically a sign that a … Continue reading “Zafgen Corrals $45M More to Fuel Obesity Drug Push”
NYCEDC Amassing $100M Biotech Fund; Boehringer Jumps Into Kendall Square
Boston’s biotech cluster is light years ahead of the one the Big Apple is hoping to form. But the two geographic rivals are both getting help from big pharmaceutical companies to bolster their respective life sciences ecosystems. In Manhattan, the New York City Economic Development Corp., a local government entity, and three big life sciences … Continue reading “NYCEDC Amassing $100M Biotech Fund; Boehringer Jumps Into Kendall Square”
Celgene Plunks Down $177M Upfront for OncoMed’s Stem Cell Drugs
OncoMed Pharmaceuticals (NASDAQ: [[ticker:OMED]]) may be a long ways away from actually winning FDA approval of a product, but it just got a big vote of confidence from Celgene that it’s on the right track with its cancer stem cell work. Celgene (NASDAQ: [[ticker:CELG]]), the big cancer drugmaker from Summit, NJ, has struck a big … Continue reading “Celgene Plunks Down $177M Upfront for OncoMed’s Stem Cell Drugs”
Visterra Adds $8M, Ex-Amag Execs, To Begin Clinical Push for Flu Antibody
Visterra has spent four years designing and fine-tuning an antibody that it thinks can combat all types of influenza. Now it’s pocketed some cash and filled out a revamped management team to take that drug into the clinic. Cambridge, MA-based Visterra has added $8.1 million in venture dollars to its bank account, representing the third … Continue reading “Visterra Adds $8M, Ex-Amag Execs, To Begin Clinical Push for Flu Antibody”
Cubist’s Calixa Buyout Bears Fruit as Antibiotic Hits First Phase 3 Mark
When Cubist Pharmaceuticals (NASDAQ: [[ticker:CBST]]) agreed to shell out as much as $402.5 million for Calixa Therapeutics a few years ago, this was the type of day it had in mind. Lexington, MA-based Cubist said today that the antibiotic it acquired in the Calixa buyout, CXA-201, hit its mark in the first of two Phase … Continue reading “Cubist’s Calixa Buyout Bears Fruit as Antibiotic Hits First Phase 3 Mark”
Three VCs Pour $43M Into Editas to “Edit” Out Genetic Disorders
Gene therapy, make way for gene “editing.” Today, three of Boston’s biotech startup creators—Polaris Partners, Third Rock Ventures, and Flagship Ventures, have banded together to create a new, Cambridge, MA-based startup called Editas Medicine. It’s a sizable bet. The three, with the help of Partners Innovation Fund, have plunked down a $43 million Series A … Continue reading “Three VCs Pour $43M Into Editas to “Edit” Out Genetic Disorders”
East Coast Biotech Roundup: Moderna, Aileron, Seres, & More
[Updated, 9:08 am ET] The hours are quickly ticking down towards Turkey Day, so no surprise that many East Coast biotechs wanted to wrap up their big news announcements first. We’ve got all of those headlines below: —Cambridge, MA-based Moderna Therapeutics turned heads in the biotech world when it got a $240 million check from … Continue reading “East Coast Biotech Roundup: Moderna, Aileron, Seres, & More”
Hologic, Fending off Icahn, Adopts Poison Pill to Deflect Takeover
Billionaire financier and activist investor Carl Icahn has found a new target: Bedford, MA-based Hologic (NASDAQ: [[ticker:HOLX]]). Icahn today reported a 12.63 percent stake in Hologic, intending to shake things up at the women’s health products and diagnostics company. Hologic immediately responded by adopting a one-year shareholder rights plan to protect itself from a hostile … Continue reading “Hologic, Fending off Icahn, Adopts Poison Pill to Deflect Takeover”
Amicus Wheels, Deals, Restructures Following Fabry Drug Setback
Amicus Therapeutics hinted earlier this year that some dealmaking was on the way following a regulatory setback for its lead drug that crippled its market value. Today was apparently the day it had in mind. Cranbury, NJ-based Amicus (NASDAQ: [[ticker:FOLD]]) today announced a series of strategic moves, including an acquisition, an equity investment, and a … Continue reading “Amicus Wheels, Deals, Restructures Following Fabry Drug Setback”
LabCentral, New Biotech Incubator, Opens up in Kendall Square
Aspiring biotech entrepreneurs in Kendall Square now have a new place to set up shop. LabCentral, the non-profit organization set up this year to provide lab space to Boston-area life sciences innovators, has officially opened its doors. The 28,000-square-foot facility has enough lab and office space to house as many as 25 startups and 100 … Continue reading “LabCentral, New Biotech Incubator, Opens up in Kendall Square”
Vertex Sells Hep C Drug Royalty Rights to Janssen for $152M
Vertex Pharmaceuticals waved the white flag for its once high-flying hepatitis C drug last month. Now it’s pooling as much cash from that program as it can to help concentrate its efforts in cystic fibrosis. Cambridge, MA-based Vertex (NASDAQ: [[ticker:VRTX]]) said today that it has sold its non-North America royalty rights to telaprevir (sold as … Continue reading “Vertex Sells Hep C Drug Royalty Rights to Janssen for $152M”
Big Pharma Quartet Puts $30M Behind Aileron’s P53 Peptide Drug
Aileron Therapeutics decided long ago to design a stapled peptide drug that just might be able to protect one of cancer biology’s most tantalizing, yet untouchable targets—the tumor suppressor protein known as p53. Now, the Cambridge, MA-based startup’s investors have armed it with $30 million to see if it’s on to something. Aileron has pulled … Continue reading “Big Pharma Quartet Puts $30M Behind Aileron’s P53 Peptide Drug”
East Coast Biotech Roundup: Sarepta, Zalicus, Alkermes, & More
It’s been an optimistic year for biotech. IPOs have come fast and furious, and have made a lot of money for investors. The Nasdaq Biotechnology Index is up big. But this week offered a cold reminder of the high risk that comes with those potentially high rewards. Those stories and more below: —Cambridge, MA-based Sarepta … Continue reading “East Coast Biotech Roundup: Sarepta, Zalicus, Alkermes, & More”
Catabasis Scores $32M Series B Round With IPO in Sight
When investors better known for backing public companies jump into a startup’s private financing round, it’s typically a signal that an IPO is on the way. That looks to be the case for Cambridge, MA-based Catabasis Pharmaceuticals. Catabasis is announcing today that it has raised $32.4 million in equity financing through a Series B round … Continue reading “Catabasis Scores $32M Series B Round With IPO in Sight”
New Enterprise Associates Sets up Shop in Kendall Square
New Enterprise Associates has had a hand in a number of Boston’s biotech startups over the years. But it wasn’t until now that the big VC firm officially put a physical footprint in the biotech cluster in Cambridge, MA. NEA today is announcing that it has opened an office in Kendall Square. It’s on the … Continue reading “New Enterprise Associates Sets up Shop in Kendall Square”
Sarepta Shares Crumble As FDA Calls New Drug Application “Premature”
The question of whether Sarepta Therapeutics could file for FDA approval of its Duchenne Muscular Dystrophy drug based on a tiny, yet promising set of data from a mid-stage clinical trial has been one of the biggest biotech questions of the year. The FDA provided the answer today, and it wasn’t the one the Cambridge, … Continue reading “Sarepta Shares Crumble As FDA Calls New Drug Application “Premature””
Zalicus Pain Drug Flops in Two Key Clinical Studies
Zalicus has been waiting for years to see if its reformulation work on a failed pain drug would lead to success in clinical trials. Unfortunately for the Cambridge, MA-based company, it’s just meant more of the same disappointing results. Zalicus said today that its experimental pain drug, Z160, missed its mark in two mid-stage clinical … Continue reading “Zalicus Pain Drug Flops in Two Key Clinical Studies”
Zalicus Awaits Day of Reckoning, Braces For Key Pain Drug Results
Like any biotech about to release data from a key trial, Zalicus (NASDAQ: [[ticker:ZLCS]]) is at a crossroads. Imminently, Cambridge, MA-based Zalicus will publish the top-line numbers from two mid-stage clinical trials of an experimental pain drug called Z160. The stakes are big for Zalicus, because this is its best shot to show investors—or a … Continue reading “Zalicus Awaits Day of Reckoning, Braces For Key Pain Drug Results”
East Coast Biotech Roundup: Arno, Accelerate LI, Immunogen, & More
Abstracts for next month’s annual meeting of the American Society of Hematology began pouring in Thursday, but plenty more happened along the East Coast before investors began combing through those market-moving clinical trial summaries. Those stories below: —Why are Opko Health (NYSE: [[ticker:OPK]]) and the founder of private equity firm TPG Capital circling Flemington, NJ-based … Continue reading “East Coast Biotech Roundup: Arno, Accelerate LI, Immunogen, & More”
Axe Falls on Ariad’s Workforce After Cancer Drug Blowup
It wasn’t long ago that Ariad Pharmaceuticals (NASDAQ: [[ticker:ARIA]]) was building a massive new headquarters in Cambridge, MA, to help roll out its first FDA-approved cancer drug, ponatinib (Iclusig). Just a few months later, it’s on the defensive, cutting almost half of its workforce. Ariad announced plans today to cut 160 jobs, about 40 percent … Continue reading “Axe Falls on Ariad’s Workforce After Cancer Drug Blowup”
Topspin Joins With Accelerate LI to Back Local Biotech Startups
When Accelerate Long Island came together in late 2011, its plan was to start up 10 local life sciences and tech companies with the help of about $1.25 million. Unfortunately, that’s peanuts in the biotech world—which is why it’s called on the area’s biggest VC firm to help. Accelerate LI, the broad non-profit organization looking … Continue reading “Topspin Joins With Accelerate LI to Back Local Biotech Startups”
Arno, With Potential Suitor in Opko, Goes After Endometrial Cancer
What are Opko Health (NYSE: [[ticker:OPK]]) and the founding partner of private equity firm TPG Capital doing circling a seven-year-old biotech startup that isn’t even close to owning a marketed product? Apparently buying into the idea that that startup, Flemington, NJ-based Arno Therapeutics, may potentially be on to something. This past week, Opko, its CEO … Continue reading “Arno, With Potential Suitor in Opko, Goes After Endometrial Cancer”
Karyopharm Prices Upsized IPO at $16 Per Share, Begins Trading Today
Karyopharm Therapeutics got a warm welcome from investors last night. The Natick, MA-based biotech said late Tuesday that it priced its IPO at $16 per share, at the high end of its projected $14 to $16 per share range. Karyopharm sold 6.8 million shares at the IPO price, up from the 5.7 million it initially … Continue reading “Karyopharm Prices Upsized IPO at $16 Per Share, Begins Trading Today”
Curis Shares Tumble As Cancer Drug Slapped With FDA Clinical Hold
When Curis (NASDAQ: [[ticker:CRIS]]) licensed a cancer drug from Genentech last year, it was hoping for a repeat performance of the development deal that led to its first FDA approval. Given the troubling signs it’s just seen in an early-stage trial, however, that might be a tougher task this time around. Lexington, MA-based Curis said … Continue reading “Curis Shares Tumble As Cancer Drug Slapped With FDA Clinical Hold”
Immunogen Halts Study as Cancer Drug Flops, Shares Fall
Immunogen has been trying to prove that it can turn its “smart bomb” drug technology into a successful drug without the help of a big pharma partner. Those plans took a big hit today as its lead drug candidate flopped in a mid-stage clinical trial. Waltham, MA-based Immunogen (NASDAQ: [[ticker:IMGN]]) today stopped a Phase II … Continue reading “Immunogen Halts Study as Cancer Drug Flops, Shares Fall”
East Coast Biotech Roundup: Vertex, Dimension, Merrimack, & More
[Updated, 9:22 am ET] The city of Boston was in baseball euphoria this week as the Red Sox claimed their third championship in nine years—a sentence many New Englanders likely thought they’d never read in their lifetime (as much as it pains this Yankee fan to say, congrats to you Sawx fans out there). That … Continue reading “East Coast Biotech Roundup: Vertex, Dimension, Merrimack, & More”
Dimension, Backed by Fidelity, Targets Hemophilia With Gene Therapy
It wasn’t too long ago that the words gene therapy would send VC investors running for cover. Clearly, times are changing, because today, a new startup named Dimension Therapeutics has become the second company in the space to come out of the woodwork with significant venture backing since July. Cambridge, MA-based Dimension was formed today … Continue reading “Dimension, Backed by Fidelity, Targets Hemophilia With Gene Therapy”
Ariad Pulls Cancer Drug Off the Market as Trial Fallout Continues
The latest domino in the Ariad Pharmaceuticals (NASDAQ: [[ticker:ARIA]]) saga fell this morning, as the company yanked its troubled, flagship cancer drug ponatinib (Iclusig) from the market. Cambridge, MA-based Ariad said today that it has “temporarily” suspended the marketing and commercial distribution of ponatinib due to a request from the FDA yesterday afternoon. Ponatinib, Ariad’s … Continue reading “Ariad Pulls Cancer Drug Off the Market as Trial Fallout Continues”
Avado, NY Digital Health Grad, Snapped up by WebMD
It didn’t take very long for Avado to move from startup accelerator graduate to the arms of a big-name acquirer. Seattle, WA-based Avado, which developed a cloud-based platform that helps clinicians and patients to communicate and manage health information, has been acquired by WebMD (NASDAQ: [[ticker:WBMD]]). Financial terms of the deal weren’t disclosed, but the … Continue reading “Avado, NY Digital Health Grad, Snapped up by WebMD”