Three of the world’s biggest drugmakers are chasing what many analysts consider to be the next multi-billion dollar opportunity in cancer immunotherapy. All three companies are going to show their stuff at the next big Xconomy Seattle event on April 22. Genentech, the South San Francisco-based biotech giant that’s part of Roche, is the third … Continue reading “Genentech Joins “What’s Hot in Cancer Immunotherapy” Apr. 22”
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
Farewell, Xconomy Readers. I’m Going to Climb a New Mountain
This is my last week on the job at Xconomy. After almost six years, I’m moving on. I’m going to finish writing a biography of Leroy Hood, the pioneer of high-speed DNA sequencing and genomic-based personalized medicine. And then I’ll see what’s next. When I first joined Xconomy, it had been founded 10 months earlier … Continue reading “Farewell, Xconomy Readers. I’m Going to Climb a New Mountain”
Merck Joins ‘What’s Hot in Cancer Immunotherapy’ Apr. 22
For years, Merck was a traditional small-molecule, pill-in-a-bottle company that was known for being skeptical and late to the biotech drug party. So why is Merck suddenly mobilizing real resources—people and money—in an unmistakable biotech quest to fight cancer by unleashing the immune system to fight tumors? Some of it has to do with Merck … Continue reading “Merck Joins ‘What’s Hot in Cancer Immunotherapy’ Apr. 22”
PacBio, the Post-Hype Sleeper of Genomics
Hype and biotech go hand in hand, but genomics takes exaggeration up a few extra notches. When genomics companies fail, they tend to crash especially hard. Yet every now and then, a company that’s monumentally hyped falls flat and then figures out a way to become a solid, if not spectacular, player. That’s the storyline … Continue reading “PacBio, the Post-Hype Sleeper of Genomics”
Cellular Dynamics, Seizing the Present, Turns Stem Cells into Cash
Stories like Cellular Dynamics don’t grab venture capitalists in Boston or the San Francisco Bay Area. Stem cell biology as the basis for a low-margin laboratory “services” business? Borrrring. Most of the big thinkers and the big moneymen are more excited about stem cells as “regenerative medicines” that would cost a fortune and could potentially … Continue reading “Cellular Dynamics, Seizing the Present, Turns Stem Cells into Cash”
Drug Development 101: A Story About OncoGenex and the FDA
Most people in the local business community have never heard of Bothell, WA-based OncoGenex Pharmaceuticals (NASDAQ: [[ticker:OGXI]]). But the little company, working on an experimental prostate cancer drug, has an interesting story that’s about to climax this year. In its own way, the OncoGenex story may even help shed some light on the labyrinthine process … Continue reading “Drug Development 101: A Story About OncoGenex and the FDA”
Hiring in Biotech is Tricky. But Algorithms Won’t Save the Day
People who appreciate baseball stats agree: Jonny Gomes of the Boston Red Sox is a below-average player. Yet, if you pay attention to his intangibles, he looks better. Even with lousy performance data, he was credited with playing a key role last fall in helping his team win the World Series. The Gomes example reminds … Continue reading “Hiring in Biotech is Tricky. But Algorithms Won’t Save the Day”
Join Xconomy for ‘What’s Hot in Cancer Immunotherapy’ on April 22
Two or three years ago, most biotech pros would have scoffed if you had predicted a revival of cancer immunotherapy. Dendreon flopped, right? Oh, how quickly things change. Today, researchers have never been more excited about different ways to harness the immune system to kill cancer cells. Medical meetings saw a series of eye-opening presentations … Continue reading “Join Xconomy for ‘What’s Hot in Cancer Immunotherapy’ on April 22”
Gates Foundation Hires Second Biotech VC to Connect With Startups
The Bill & Melinda Gates Foundation is trying to get more biotech entrepreneurs to work on global health, and it just hired another venture capitalist to give the initiative a boost. Charlotte Hubbert, a former vice president at H.I.G BioVentures and associate at Seattle-based Accelerator, is joining the Gates Foundation as a program investment officer … Continue reading “Gates Foundation Hires Second Biotech VC to Connect With Startups”
Molecular Diagnostics Are in a Rut. The Industry Needs the FDA
Some of the more exciting ideas in biotech are coming up in molecular diagnostics. There’s cool science at work. A number of tests have potential to cut down on overtreatment, reduce waste in healthcare, and give physicians clever new ideas on how to help patients. But this industry, which accounts for less than 2 percent … Continue reading “Molecular Diagnostics Are in a Rut. The Industry Needs the FDA”
Illumina, Yuri Milner Open Genomics Startup Accelerator in SF
Entrepreneurs who want to use high-powered DNA sequencers for, say, a new way to diagnose cancer, are in much the same boat as infotech entrepreneurs a decade ago. Before they can even develop a product, they need to raise at least a couple million bucks to buy a bunch of fancy tools, on top of … Continue reading “Illumina, Yuri Milner Open Genomics Startup Accelerator in SF”
Pharmacyclics, J&J Get FDA Nod for Chronic Lymphocytic Leukemia Drug
One of the important new medicines for blood cancer just got approved by the FDA for a large new group of patients. Sunnyvale, CA-based Pharmacyclics (NASDAQ: [[ticker:PCYC]]) and its partner Johnson & Johnson (NYSE: [[ticker:JNJ]]) won clearance today from the FDA to start marketing ibrutinib (Imbruvica) as a new therapy for patients with chronic lymphocytic … Continue reading “Pharmacyclics, J&J Get FDA Nod for Chronic Lymphocytic Leukemia Drug”
The Young and Proven Biotech VCs From 2012. Where Are They Now?
One of the old saws in journalism is to “follow the money” when you’re looking for a story. But sometimes you learn even more by following the people. The people, in this case, are biotech venture capitalists. Regular readers of this column know that biotech VC has been going through a historic shakeout the last … Continue reading “The Young and Proven Biotech VCs From 2012. Where Are They Now?”
Myriad Genetics Acquires Crescendo Bioscience for $270M
[Updated 4 pm PT] Myriad Genetics telegraphed its plan to acquire Crescendo Bioscience three years ago, and now it has followed through on the deal. The Salt Lake City, UT-based diagnostics company (NASDAQ: [[ticker:MYGN]]) said today it has agreed to acquire South San Francisco-based Crescendo Bioscience for $270 million in cash, minus a $25 million … Continue reading “Myriad Genetics Acquires Crescendo Bioscience for $270M”
Acucela Pins Down $162M IPO in Japan to Develop Eye Drugs
Acucela founder and CEO Ryo Kubota is a native of Japan, and now he’s got a lot more investors supporting his work there. Seattle-based Acucela is selling 9.2 million shares of stock at $17.65 apiece in an initial public offering on the Tokyo Stock Exchange, according to a regulatory filing. The deal is bringing in … Continue reading “Acucela Pins Down $162M IPO in Japan to Develop Eye Drugs”
The $1K Genome? So What? Illumina Is On a Quest for World Domination
People can argue all day about whether Illumina has, at last, given us the $1,000 genome. The answer does matter, because the cheaper it gets to sequence a whole human genome, the easier it will be to gather lots of them. That will help us understand what makes people different, and shed light on what … Continue reading “The $1K Genome? So What? Illumina Is On a Quest for World Domination”
J&J Opens Data Vault to Yale, in ‘Unprecedented’ Transparency Move
Pharma companies have been feeling the heat for years from people who argue they must be more transparent with raw clinical trial data—including the good and the bad—so that independent researchers can verify their claims and learn more from failed studies that traditionally get buried. Today, Johnson & Johnson is planting a stake in the … Continue reading “J&J Opens Data Vault to Yale, in ‘Unprecedented’ Transparency Move”
Thong Le Takes Over at Accelerator, With Eyes on Seattle and NYC
Seattle hasn’t cranked out many big-idea biotech startups in the last few years, and now it’s up to Thong Le to see whether he can provide a spark. Le, 38, has taken over as the CEO of Accelerator, the venture-backed outfit that builds early-stage biotech startups with big aspirations. He joins the operation after more … Continue reading “Thong Le Takes Over at Accelerator, With Eyes on Seattle and NYC”
Gene Therapy Lurches Ahead, Sees Thorny Future Questions on Price
Imagine for a minute you’re a teenager with a rare genetic muscle disease nobody has ever heard of. No treatment exists. Your doctor says you might die if you ever eat pepperoni pizza. The medical literature says you’ll never get to be an athlete, get a real job, start a family. You’ll probably die in … Continue reading “Gene Therapy Lurches Ahead, Sees Thorny Future Questions on Price”
The Big Guys Have Lost Their Iron Grip, and It’s All Good
Thinking about Big Pharma’s relationship with the biotech industry last week at the JP Morgan Healthcare Conference in San Francisco reminded me of an old physical education teacher I had in 7th grade. This guy was feared for his patented “pinch.” He would grab misbehaving teenage boys by the clavicle, and squeeze so hard that … Continue reading “The Big Guys Have Lost Their Iron Grip, and It’s All Good”
Moderna Spins Out mRNA Cancer Drugs Into New Company, Onkaido
So much money has flowed into Moderna Therapeutics, it was only a matter of time before the company started spending real dough. Cambridge, MA-based Moderna, which is developing a new class of messenger RNA molecules as therapies, says it’s investing $20 million to spin out a new company called Onkaido Therapeutics. The new shop will … Continue reading “Moderna Spins Out mRNA Cancer Drugs Into New Company, Onkaido”
Juno Therapeutics Adds Jeff Bezos, Venrock to $145M Venture Deal
[Correction: 5:45 pm PT 1/14/14] Seattle-based Juno Therapeutics is already one of the richest biotech startups in industry history, and today it got even richer. The company said today it expanded its Series A venture financing to the jaw-dropping sum of $145 million. Bezos Expeditions, the investment vehicle for Amazon billionaire Jeff Bezos, joined the … Continue reading “Juno Therapeutics Adds Jeff Bezos, Venrock to $145M Venture Deal”
Moderna, Living a Charmed Life, Pulls in Another $125M From Alexion
It’s just another day at the office for Moderna Therapeutics. Ho hum, it secured another $125 million. The Cambridge, MA-based biotech company, which is seeking to create a new class of therapies around messenger RNA molecules, said today it has pulled in a $100 million up-front cash payment from Cheshire, CT-based Alexion Pharmaceuticals (NASDAQ: [[ticker:ALXN]]). … Continue reading “Moderna, Living a Charmed Life, Pulls in Another $125M From Alexion”
Alkermes Nabs $250M It Doesn’t Need, But Could Fend Off Barbarians
Alkermes doesn’t want to be the little fish that ends up getting swallowed by a big fish someday, like so many other biotechs. Today it has raised another $250 million so that it can be more aggressive, and maybe even more acquisitive, when it wants to be. The Dublin, Ireland and Waltham, MA-based biotech company … Continue reading “Alkermes Nabs $250M It Doesn’t Need, But Could Fend Off Barbarians”
What Biotech Pros Will Be Chirping About at JP Morgan This Week
Somebody always has to announce a monster acquisition, or gee-whiz biotech/pharma partnership, on the eve of the JP Morgan Healthcare Conference in San Francisco. Everyone wants to be the center of attention at the annual biotech investing and networking frenzy. With a full business week to get ready, biotech executives and all their PR handlers … Continue reading “What Biotech Pros Will Be Chirping About at JP Morgan This Week”
Zymeworks Nabs $15M, Adds Lilly Partnership, in Antibody Drug Quest
Ali Tehrani wants to prove that he didn’t just get lucky three years ago when his company, Vancouver, BC-based Zymeworks, struck a partnership with Merck. So today Zymeworks is announcing it has found one more Big Pharma partner, raised another $15 million, and has continued to work with Merck even through its recent R&D shake-up. … Continue reading “Zymeworks Nabs $15M, Adds Lilly Partnership, in Antibody Drug Quest”
Seattle Genetics Nabs $25M More From AbbVie for Souped Up Antibodies
Seattle Genetics is best known for its one successful marketed cancer drug, but it has been busy working behind the scenes for years on new technologies for making souped-up antibodies against cancer. Now AbbVie has agreed to pay $25 million to gain more access to some of the new technology that links targeted antibodies to … Continue reading “Seattle Genetics Nabs $25M More From AbbVie for Souped Up Antibodies”
Josh Boger Finds Beauty Off the Coast of Fiji, in Life After Vertex
What has Josh Boger been doing the past four years in his supposed “retirement” from Vertex Pharmaceuticals? Turns out, he’s found peace and beauty. He discovered it about as far away from the biotech grind as you can possibly get. Boger, as many readers know, is the founder and former president and CEO of Cambridge, … Continue reading “Josh Boger Finds Beauty Off the Coast of Fiji, in Life After Vertex”
10 Tips for Maximizing the JP Morgan Healthcare Experience
San Francisco, we’re coming. Of course, you are ready for the biotech onslaught. The cab drivers, hotel people, cops, security dudes, restaurant and bar staff—you all know the drill come January. So what about all the healthcare industry capitalists? Are you ready to make the most of this week when all the decision makers and … Continue reading “10 Tips for Maximizing the JP Morgan Healthcare Experience”
Arrowhead Picks Up Where Roche Left Off, Jumps Ahead in RNAi
One of the big stories on the leading edge of drug development is unfolding at a small biotech company few people have heard of on the west side of Madison, WI. Arrowhead Research (NASDAQ: [[ticker:ARWR]]) isn’t a household name in Madison, even in the local biotech community, as I discovered on a recent visit. But … Continue reading “Arrowhead Picks Up Where Roche Left Off, Jumps Ahead in RNAi”
IDRI CEO Stewart Parker Steps Down, Erik Iverson Steps Up
Seattle-based IDRI just reflected a bit as it celebrated its 20th anniversary, and now it is getting a new business leader to take it ahead. The nonprofit global health research center said today that CEO H. Stewart Parker is stepping down from that full-time day-to-day leadership role on Jan. 1 to become a senior advisor. … Continue reading “IDRI CEO Stewart Parker Steps Down, Erik Iverson Steps Up”
Exact Sciences, Once Near Death, Bounces Back With Colon Cancer Test
Four years ago, Exact Sciences was roadkill. The company, based in greater Boston at the time, had been experimenting with molecular diagnostic technologies for more than a dozen years. It had a stellar scientific pedigree from founder Stanley Lapidus. But it had burned through more than $170 million of investor cash, and still had no … Continue reading “Exact Sciences, Once Near Death, Bounces Back With Colon Cancer Test”
Acucela Seeks $125M IPO in Japan to Develop Eye Drugs
[Updated: 7:40 am PT 12/18/13] Seattle-based Acucela is looking to raise as much as $125 million in an initial public offering to support its development of treatments against eye diseases. Acucela today filed its IPO prospectus with the Securities and Exchange Commission, outlining plans to go public on the Tokyo Stock Exchange. It’s a logical … Continue reading “Acucela Seeks $125M IPO in Japan to Develop Eye Drugs”
Gates Foundation Gets UCSF Chief Desmond-Hellmann as New CEO
The Bill & Melinda Gates Foundation just got a physician, big university administrator, and one of the world’s most respected drug developers rolled into one as its new CEO. Susan Desmond-Hellmann, the chancellor of UC San Francisco since 2009 and the former president of product development at Genentech, has been hired as the new CEO … Continue reading “Gates Foundation Gets UCSF Chief Desmond-Hellmann as New CEO”
Atara Bio Grabs $38.5M to Help Kidney Patients, Fight Cancer
Amgen (NASDAQ: [[ticker:AMGN]]) tends to scoop up entrepreneurial teams and plug their work into the mother ship, not spin out cool ideas and entrepreneurs. But a couple of experimental drugs from Amgen’s pipeline are getting new life at a startup called Atara Biotherapeutics. Atara, which has headquarters in Brisbane, CA and operations in Thousand Oaks, … Continue reading “Atara Bio Grabs $38.5M to Help Kidney Patients, Fight Cancer”
What Was Hyped, and What Fell Out of Favor, This Year in Biotech
Every year, Science magazine profiles its “Breakthrough of the Year.” People get excited. But what many readers don’t fully appreciate is that these discoveries—at least in biomedicine—are almost always decades away from turning into useful new drugs, diagnostics, or other products that advance human health. There are, shall we say, kinks that need to be … Continue reading “What Was Hyped, and What Fell Out of Favor, This Year in Biotech”
Building Biotechs to Last: The Photos
Why would anybody want to build a biotech company to last? Isn’t that old-school? Doesn’t it make more sense to run lean and mean, hit a technical milestone, then sell the company to the highest bidder? Given the difficult state of biotech venture financing, it’s hard to blame entrepreneurs for trying to find new models … Continue reading “Building Biotechs to Last: The Photos”
Novartis, Gilead, Genentech & More: An ASH 2013 Wrap-Up
Advances in the treatment of blood cancer were in the news this week. If you missed some of the signal while seeing a lot of noise from press releases, tweets, and analyst reports coming from the American Society of Hematology conference, don’t feel bad. There weren’t a whole lot of major new revelations that I … Continue reading “Novartis, Gilead, Genentech & More: An ASH 2013 Wrap-Up”
See You at “Building Biotechs to Last” This Afternoon in SF
The Xconomy team is getting ready to head over to Genentech Hall on the UCSF Mission Bay campus this afternoon for “Building Biotechs to Last.” Almost 200 people are registered for this event, but we still have a few tickets remaining at the door. Registration and networking starts at 1 pm. The program, which consists … Continue reading “See You at “Building Biotechs to Last” This Afternoon in SF”
12 Things the Pharma Industry Can Do to Rebuild Real Public Trust
Remember when Merck was the most admired company in America? When pharmaceutical companies ranked among the most respected of all industries, because of their achievements for human health and well-being? I don’t. I was born in 1975, putting me smack in Generation X. I started paying attention to the business of biomedical innovation, as a … Continue reading “12 Things the Pharma Industry Can Do to Rebuild Real Public Trust”
Gilead Wins FDA Approval for Big Hepatitis C Drug
Gilead Sciences can now start going to work on commercializing the drug it paid $11 billion to get a couple years ago. The Foster City, CA-based biotech company (NASDAQ: [[ticker:GILD]]) said today it has gotten FDA clearance to start selling sofusbuvir (Sovaldi) as a new treatment in the U.S. for people with chronic hepatitis C … Continue reading “Gilead Wins FDA Approval for Big Hepatitis C Drug”
Building Biotechs to Last: See the Agenda for Monday
Why would anybody want to build a biotech company for the long term? Nobody should cry a river for well-paid biotech executives, but there are easier ways to make a living. If you are good or lucky enough to go public, you may have a couple months before shareholders ridicule and second-guess your every move. … Continue reading “Building Biotechs to Last: See the Agenda for Monday”
5AM Ventures, an Early Stage Biotech VC Still Standing, Raises $250M
Like its name suggests, 5AM Venture Management likes to place its bets early in the life of a company. Now it has reloaded with another $250 million to put to work in more early-stage biotech companies. Menlo Park, CA-based 5AM Ventures said this week it has closed on 5AM Ventures IV, its fourth fund since … Continue reading “5AM Ventures, an Early Stage Biotech VC Still Standing, Raises $250M”
Juno Therapeutics Grabs $120M to Coax Immune System to Fight Cancer
Scientists have tried for decades to coax the body’s immune system to hunt down and kill cancer cells, much in the same way it fights viruses and bacteria. The idea has always been to create a standard treatment against tumors that’s more effective and more tolerable than traditional chemo, radiation, or targeted therapy. Today, after … Continue reading “Juno Therapeutics Grabs $120M to Coax Immune System to Fight Cancer”
Blaze Bioscience Snags $9M More to Take “Tumor Paint” to the Clinic
Seattle-based Blaze Bioscience, the company making “tumor paint” so surgeons can tell the difference between healthy tissue and tumors that should be removed, just raised another $9 million to see if its technology is legit. The company pulled in the Series B financing from its existing investor network of about 70 high net-worth individuals, and … Continue reading “Blaze Bioscience Snags $9M More to Take “Tumor Paint” to the Clinic”
Burrill VC Fund Splits into New Firm, Biomark, After Short Marriage
San Francisco-based Burrill & Company looked like it had beaten the odds a little more than a year ago during a tough time for biotech venture capital firms. Burrill said in a statement that it had put together Burrill Capital Fund IV, with “aggregate capital commitments” of $505 million to invest in drugs, diagnostics, medical … Continue reading “Burrill VC Fund Splits into New Firm, Biomark, After Short Marriage”
PharmAthene Backs Out of Theraclone Sciences Merger
Theraclone Sciences tried to merge with PharmAthene for a couple of months, but the deal is off. Annapolis, MD-based PharmAthene (NYSE MKT: [[ticker:PIP]]) chose to pull the plug on a pending merger with Seattle-based Theraclone on the day before a special meeting of shareholders, and Theraclone said today it has agreed. PharmAthene will now pay … Continue reading “PharmAthene Backs Out of Theraclone Sciences Merger”
3 Life Sciences Companies That Are Built to Last
Lots of biotech companies today say they want to be great for a long, long time. But which of today’s companies are actually doing it? Which ones are truly visionary, and built to last? These questions have been on my mind since I re-read “Built to Last: Successful Habits of Visionary Companies” in preparation for … Continue reading “3 Life Sciences Companies That Are Built to Last”
Gates Foundation Health Chief on Coaxing Pharma to Do Good (Part 2)
Yesterday, I ran the first installment of an interview with Trevor Mundel, the president of global health at the Seattle-based Bill & Melinda Gates Foundation. He talked about his personal reasons for leaving the pharmaceutical industry to work on global health problems, and how the foundation makes decisions on how to spend its money. Today, … Continue reading “Gates Foundation Health Chief on Coaxing Pharma to Do Good (Part 2)”
Armo BioSciences Joins the Cancer Immunotherapy Party With $20M
Merck threw out some assets a few years ago when it did its mega-merger with Schering-Plough. Now we can see that some savvy investors think it might have tossed aside a valuable cancer immunotherapy. Armo BioSciences is the name of the startup in Redwood City, CA that is emerging from stealth mode today to say … Continue reading “Armo BioSciences Joins the Cancer Immunotherapy Party With $20M”