Seattle Genetics is in line to receive $1.72 billion from Merck via a pair of deals, one for a cancer drug that’s still in development and the other for partial rights to a therapy that won FDA approval earlier this year. The larger of the two deals is for the drug still in clinical development, … Continue reading “Seattle Genetics Lands $1.72B From Merck in Pair of Cancer Drug Deals”
Gilead Adds “Cornerstone” Cancer Drug in $21B Immunomedics Buyout
Gilead Sciences is acquiring Immunomedics in a $21 billion deal, the latest in a string of transactions the company has made to bolster its cancer drug portfolio. The acquisition announced Sunday comes five months after Morris Plains, NJ-based Immunomedics won FDA approval for cancer drug sacitizumab govitecan (Trodelvy). The regulatory decision covers triple negative breast … Continue reading “Gilead Adds “Cornerstone” Cancer Drug in $21B Immunomedics Buyout”
Join Xconomy Next Week at the Virtual Xcelerate Keynote Series at Biotech Week Boston
Presented by Xconomy, the online Xcelerate Keynote Series at Biotech Week Boston on Monday, Sept. 21 places a spotlight on life science leaders who are breaking new ground with methods and solutions in R&D, planning, and production that are improving patient outcomes. As the industry navigates uncertainty, the keynote speakers will help drive your business … Continue reading “Join Xconomy Next Week at the Virtual Xcelerate Keynote Series at Biotech Week Boston”
Bio Roundup: COVID-19 Pact, Gavreto Approval, Generative Biology & More
COVID-19 research efforts are often characterized as a race between companies, a description that reflects the urgency to develop a vaccine for the novel coronavirus. The description is not quite right. A race has one winner and public health officials have said we’ll need multiple vaccines to address the global need. Vaccine developers have progressed … Continue reading “Bio Roundup: COVID-19 Pact, Gavreto Approval, Generative Biology & More”
Now Closer to Clinical Trials, Codiak BioSciences Refiles IPO Plans
Codiak BioSciences, a company developing therapies based on tiny bubbles secreted by cells, is lining up an IPO as it prepares for the first tests of its technology in humans later this year. In paperwork filed with securities regulators late Wednesday, Codiak set a preliminary $100 million goal for its stock market debut. The Cambridge, … Continue reading “Now Closer to Clinical Trials, Codiak BioSciences Refiles IPO Plans”
Satsuma Pharma’s Migraine Drug Fails to Beat Placebo in Phase 3 Test
[Updated, 7:31 p.m. EDT. See below.] An experimental Satsuma Pharmaceuticals treatment for acute migraine has failed a late-stage clinical trial, dealing a setback to the company’s plans to offer another therapeutic option to the millions of people who suffer from the condition. In Phase 3 results released Thursday, South San Francisco-based Satusuma (NASDAQ: [[ticker:STSA]]) reported … Continue reading “Satsuma Pharma’s Migraine Drug Fails to Beat Placebo in Phase 3 Test”
Generate Bio Aims to Reveal Nature’s Protein Secrets, Create New Drugs
When biotech startups emerge from stealth, executives typically talk about new molecules in the pipeline and novel approaches they take to treating a disease. The founders of Generate Biomedicines want to discuss none of those things, yet they contend their technology will upend the way protein drugs are discovered and developed. Cambridge, MA-based Generate has … Continue reading “Generate Bio Aims to Reveal Nature’s Protein Secrets, Create New Drugs”
Grail Files to Go Public; 5 More Life Science Firms Join the IPO Queue
Grail, a company developing blood tests intended to detect cancer well before symptoms show, is taking its pitch to a broader swath of investors. The diagnostics company is looking ahead to potential commercialization of its technology as early as next year, and it has filed for an initial public offering to support its plans. In … Continue reading “Grail Files to Go Public; 5 More Life Science Firms Join the IPO Queue”
Agios Exec Andrew Hirsch Jumps to C4 Therapeutics for CEO Role
Andrews Hirsch has joined C4 Therapeutics as its new CEO. He comes to the Watertown, MA-based biopharmaceuticals company from Agios Pharmaceuticals (NASDAQ: [[ticker:AGIO]]), where he was chief financial officer and head of corporate development. Marc Cohen, the co-founder and interim CEO of C4, will remain executive chairman of the company. C4 is developing drugs that … Continue reading “Agios Exec Andrew Hirsch Jumps to C4 Therapeutics for CEO Role”
AlloVir Taps Merck’s Atillasoy as Chief Regulatory & Safety Officer
AlloVir (NASDAQ: [[ticker:ALVR]]) has appointed Ercem Atillasoy to serve as its chief regulatory and safety officer, a new position. He joins the Cambridge, MA-based cell therapy developer after a nearly 20-year career at Merck (NYSE: [[ticker:MRK]]). He most recently worked at Merck Research Laboratories, where he was vice president and therapeutic area head of vaccines … Continue reading “AlloVir Taps Merck’s Atillasoy as Chief Regulatory & Safety Officer”
Grifols Moves Deeper Into Proteome R&D With $146M Deal for Alkahest
Alkahest, a company that analyzes blood proteins to develop therapies that address neurological disorders including Alzheimer’s disease, is set to be acquired by partner Grifols in a $146 million deal. Grifols (NASDAQ: [[ticker:GRFS]]) announced Tuesday that it is acquiring the shares of privately held Alkahest that it does not already own. Barcelona, Spain-based Grifols says … Continue reading “Grifols Moves Deeper Into Proteome R&D With $146M Deal for Alkahest”
FDA Approves Blueprint Cancer Drug Targeting RET Genetic Signatures
[Updated, 9/8/2020. See below.] A Blueprint Medicines drug for cancers that carry a certain genetic signature has received FDA approval, making it the latest targeted therapy to pass the regulatory bar this year. The late Friday decision for pralsetinib (Gavreto) covers non-small cell lung cancer (NSCLC). The drug was designed to address cancers characterized by fusions … Continue reading “FDA Approves Blueprint Cancer Drug Targeting RET Genetic Signatures”
Q&A: BIO CEO Michelle McMurray-Heath Outlines Diversity Goals
It would be hard to find a more challenging time for Michelle McMurry-Heath to join the Biotechnology Innovation Organization as its CEO given the COVID-19 pandemic and the protests over racial inequality in the US. But the organization is trying to rise to the occasion on both fronts, with biotech companies pioneering new responses to … Continue reading “Q&A: BIO CEO Michelle McMurray-Heath Outlines Diversity Goals”
AbbVie Strikes Deal for I-Mab Drug With a Potential Edge in CD47 Chase
The cancer protein CD47 is a hot target for drug developers, but it’s not without issues. Antibody drugs that block this protein can also spark anemia. I-Mab designed its antibody to pose less of an anemia risk and AbbVie, seeing an opportunity to catch up to other CD47 contenders and potentially stand apart from them, … Continue reading “AbbVie Strikes Deal for I-Mab Drug With a Potential Edge in CD47 Chase”
Bio Roundup: Pharma M&A, AbbVie’s Cancer Bet, Biofourmis Bucks & More
Labor Day is just around the corner and many people are looking forward to a last chance to celebrate the waning days of summer. But ahead of the holiday weekend, biopharmaceutical companies were hard at work closing deals. Food conglomerate Nestlé is delving deeper into pharmaceuticals with its $2.6 billion deal to acquire Aimmune Therapeutics, … Continue reading “Bio Roundup: Pharma M&A, AbbVie’s Cancer Bet, Biofourmis Bucks & More”
Biofourmis Hauls In $100M to Scale Digital Therapeutics Globally
Biofourmis, a digital therapeutics startup that employs wearable devices and data analytics to help treat patients, has raised $100 million to scale its offerings globally and develop new products that further blur the lines that once clearly separated drugs from medical devices. The new capital, a Series C round of funding, was led by SoftBank … Continue reading “Biofourmis Hauls In $100M to Scale Digital Therapeutics Globally”
Lumen Bioscience Lands $16M to Engineer “Edible” Antibody Drugs
If Lumen Bioscience achieves its goals, patients will be able to take its drugs the same way some people supplement breakfast: a spoonful heaped onto a bowl of cereal or mixed into juice. The startup harnesses spirulina, protein-rich cyanobacteria touted by many health enthusiasts as a “superfood.” Lumen CEO Brian Finrow (pictured above, right) acknowledges … Continue reading “Lumen Bioscience Lands $16M to Engineer “Edible” Antibody Drugs”
New Podcast and Special Report Explore How AI Is Revolutionizing Drug Discovery and Development
Learn what’s fueling San Francisco’s boom in AI, big data, and R&D, explore promising investment and partnership opportunities, and align the latest trends and technologies with your business by listening to our podcast and downloading our special report complementing Xconomy’s recent Xcelerating Life Sciences event. Artificial intelligence, including machine and deep learning, are revolutionizing the … Continue reading “New Podcast and Special Report Explore How AI Is Revolutionizing Drug Discovery and Development”
Reeling From FDA Rejection, Intercept Pharma Slashes Headcount by 25%
[Corrected, 9/2/2020. See below.] Intercept Pharmaceuticals is cutting one-fourth of its workforce, a decision that comes two months after the FDA rejected its drug candidate for the liver disease nonalcoholic steatohepatitis (NASH). Up until the FDA’s rejection of the drug, obeticholic acid (Ocaliva), Intercept (NASDAQ: [[ticker:ICPT]]) had been preparing for a drug launch. In a … Continue reading “Reeling From FDA Rejection, Intercept Pharma Slashes Headcount by 25%”
Gilead Sciences Places $120M Bet on a Jounce Therapeutics Cancer Drug
Gilead Sciences is opening up its checkbook yet again to add another cancer therapy to its pipeline, this time committing $120 million to Jounce Therapeutics for rights to an antibody drug approaching clinical testing. The Jounce (NASDAQ: [[ticker:JNCE]]) drug, JTX-1811, is intended to selectively deplete regulatory T cells—the type of immune cells that suppress the … Continue reading “Gilead Sciences Places $120M Bet on a Jounce Therapeutics Cancer Drug”
Early Bird Sale for Xcelerate at Biotech Week Boston Ends This Friday
Don’t miss out on savings for this year’s online Xcelerate Keynote Series at Biotech Week Boston – our early bird sale ends this Friday! Speakers include: Jeff Baker – Deputy Director, Office of Biotechnology Products, FDA Michelle McMurry-Heath – President & CEO, BIO John Maraganore – CEO, Alnylam Pharmaceuticals Yvonne Greenstreet – Chief Operating Officer, Alnylam Pharmaceuticals Andrew Plump … Continue reading “Early Bird Sale for Xcelerate at Biotech Week Boston Ends This Friday”
Akcea Therapeutics Is Returning to Parent Ionis Pharma in $500M Buyout
[Updated 9/1/2020, 7:58 a.m. See below.] Akcea Therapeutics is returning to its parent company, Ionis Pharmaceuticals, in a $500 million deal that brings an end to a tumultuous three years as a standalone company. The definitive agreement announced Monday calls for Carlsbad, CA-based Ionis (NASDAQ: [[ticker:IONS]]) to pay $18.15 for each share of Akcea (NASDAQ: … Continue reading “Akcea Therapeutics Is Returning to Parent Ionis Pharma in $500M Buyout”
Nestlé to Swallow Up Peanut Allergy Drug Maker Aimmune in $2.6B Deal
Aimmune Therapeutics, which this year won the first FDA approval for a food allergy immunotherapy, is set to be acquired by a division of global food giant Nestlé in a deal that values the biopharmaceutical company at $2.6 billion. According to deal terms announced Monday, Nestlé will pay $34.50 for each Aimmune share that it … Continue reading “Nestlé to Swallow Up Peanut Allergy Drug Maker Aimmune in $2.6B Deal”
Biotech Roundup: FDA Culpa, Tricida Trips, Freenome’s Funding & More
Among the casualties of the COVID-19 pandemic: the credibility of government agencies entrusted with protecting public health. The FDA this week granted emergency use authorization for convalescent plasma as a treatment for infection by the novel coronavirus. FDA Commissioner Stephen Hahn and Department of Health and Human Services Secretary Alez Azar both misrepresented the magnitude … Continue reading “Biotech Roundup: FDA Culpa, Tricida Trips, Freenome’s Funding & More”
Athira Aims for the Nasdaq to Advance Alzheimer’s Drug to Phase 2 Tests
Many of the drugs tested in Alzheimer’s disease so far, and some still in development, aim to block or break up proteins associated with the progression of the memory-robbing disorder. Athira Pharma is taking a different approach—neuron regeneration. And it’s doing so by a tapping a protein first discovered in the liver. Seattle-based Athira has … Continue reading “Athira Aims for the Nasdaq to Advance Alzheimer’s Drug to Phase 2 Tests”
AbbVie & UroGen Overactive Bladder Treatment Misses in Phase 2 Trial
A formulation of AbbVie’s blockbuster wrinkle treatment, acquired through its buyout of Allergan, has failed a mid-stage trial as a potential fix for overactive bladder and urinary incontinence. The FDA in 2013 approved the use of onabotulinumtoxinA (Botox) via injection into the bladder as a treatment for overactive bladder in adults who can’t take or … Continue reading “AbbVie & UroGen Overactive Bladder Treatment Misses in Phase 2 Trial”
National Xconomy Awards Digital Ceremony Complimentary Tickets Now Available
On Thursday, Sept. 24 during an free online ceremony, Xconomy will celebrate and announce the 2020 National Xconomy Awards winners – the best in biotech. Leading up to the ceremony, we have designed a complimentary two-week, 11-part, on-demand Meet the Finalists daily webcast series to provide you an opportunity to get to know each of the 44 individuals and … Continue reading “National Xconomy Awards Digital Ceremony Complimentary Tickets Now Available”
Kinnate Raises $98M for Human Tests of Targeted Cancer Therapies
Drugs designed to precisely target cancers with specific genetic signatures have changed the course of disease for many patients. But for the majority, such drugs either don’t work because of innate resistance or they eventually stop working once the cancer develops new mutations that hamper their effectiveness. Kinnate Biopharma, one of the biotechs working to … Continue reading “Kinnate Raises $98M for Human Tests of Targeted Cancer Therapies”
Freenome Tacks on $270M to Advance Blood Tests to Find Cancer Early
The ability to detect early signs of cancer in a patient’s blood could improve prognoses by helping doctors treat the disease before symptoms arise. Freenome, one of the companies racing to commercialize the first such screening test, on Wednesday announced it raised $270 million—money it plans to accelerate a clinical study of an experimental screening … Continue reading “Freenome Tacks on $270M to Advance Blood Tests to Find Cancer Early”
Dyne Eyes IPO for R&D of Genetic Medicines for Rare Muscle Diseases
Not long ago, having early data about how an experimental drug worked in humans was expected of biotechs considering IPOs. Dyne Therapeutics may not reach human testing until 2022, but, like many of its preclinical peers this year, the company is choosing to jump into public markets now while investor interest in the biotech sector … Continue reading “Dyne Eyes IPO for R&D of Genetic Medicines for Rare Muscle Diseases”
Acadia Pharma Acquires CerSci, Potential Pain Meds in $52.5M Buyout
Acadia Pharmaceuticals has acquired Texas biotech CerSci Therapeutics, a privately held company with a clinical-stage molecule under evaluation as a potential therapy for post-surgical and nerve pain. The San Diego-based company splashed out $52.5 million on the buyout, a cash-and-stock deal—$47.2 million of it in Acadia shares, according to a regulatory filing—that closed Monday. Acadia … Continue reading “Acadia Pharma Acquires CerSci, Potential Pain Meds in $52.5M Buyout”
Kura Oncology Adds Kyowa Kirin’s Stephen Dale as Chief Medical Officer
Stephen Dale has joined Kura Oncology (NASDAQ: [[ticker:KURA]]) as its chief medical officer. He was most recently global head of medical science, with a primary focus in oncology, at Kyowa Kirin. Prior he held various roles at AstraZeneca (NYSE: [[ticker:AZN]]), including clinical head of oncology. The CMO role at Kura was previously held by company … Continue reading “Kura Oncology Adds Kyowa Kirin’s Stephen Dale as Chief Medical Officer”
FDA Rejects Tricida Chronic Kidney Disease Drug, More Data Needed
Tricida’s bid for speedy approval of a drug for a condition caused by chronic kidney disease has been rejected by the FDA, which is asking for data that may require conducting another clinical trial. The South San Francisco-based biotech had tested its drug, veverimer, in a Phase 3 study and a follow-on extension study, both … Continue reading “FDA Rejects Tricida Chronic Kidney Disease Drug, More Data Needed”
FDA Adds Plasma as 2nd COVID-19 Treatment Under Emergency Guidelines
The FDA has authorized the use of plasma from people who have recovered from infection by the novel coronavirus as a treatment for hospitalized COVID-19 patients, a move widely perceived as influenced by political pressure given the lack of clear evidence of clinical benefit. Treating patients with plasma—the water, salts, and proteins that make up … Continue reading “FDA Adds Plasma as 2nd COVID-19 Treatment Under Emergency Guidelines”
Yumanity to Merge With Proteostasis to Advance Neuro Drug Pipeline
Yumanity is combining operations with Proteostasis Therapeutics, a deal that gives the biotech a public listing for its neurodegenerative disorder compounds including a Parkinson’s disease drug candidate in early-stage clinical development. According to terms of the merger agreement announced Monday, Proteostasis (NASDAQ: [[ticker:PTI]]) will acquire all outstanding shares of Yumanity in exchange for new shares … Continue reading “Yumanity to Merge With Proteostasis to Advance Neuro Drug Pipeline”
Astellas Reports Third Patient Death in Audentes Gene Therapy Study
A third patient who received an experimental Audentes gene therapy for a rare neuromuscular disorder has died, a disclosure that comes two months after the deaths of two patients led the FDA to place a clinical hold on the study. San Francisco-based Audentes, a subsidiary of Japanese pharmaceutical company Astellas Pharma, said Friday that early … Continue reading “Astellas Reports Third Patient Death in Audentes Gene Therapy Study”
Bio Roundup: J&J Buyout, BioMarin Rebuffed, Poseida on Hold & More
While business is historically slow in August, this month seems to be bucking the trend, just like so many other unexpected developments in 2020. Perhaps life sciences executives have been less distracted by summer excursions this year in a world in which the COVID-19 pandemic has significantly curtailed travel. This week two pharmaceutical companies announced … Continue reading “Bio Roundup: J&J Buyout, BioMarin Rebuffed, Poseida on Hold & More”
Harmony Bio and Inhibrx Raise Combined $247M in Public Market Debuts
Two biotechs this week topped the $100 million mark in their respective initial public offerings, both of which were able to offer more shares than planned. One, a company with nearly nine month’s-worth of revenue from a newly commercialized drug and the other, an early-clinical stage oncology drug developer, illustrate the range of biotech companies … Continue reading “Harmony Bio and Inhibrx Raise Combined $247M in Public Market Debuts”
Alzheon Lands $47M to Take Another Shot at a Pivotal Alzheimer’s Test
[Corrected 6:36 p.m. See below.] Alzheon, an Alzheimer’s disease drug developer that has twice filed and withdrawn its IPO plans, now has a $47 million commitment from the National Institutes of Health (NIH) to fund a pivotal study testing an experimental treatment in patients with the memory-robbing disorder. The cash, a five-year grant from the … Continue reading “Alzheon Lands $47M to Take Another Shot at a Pivotal Alzheimer’s Test”
FDA Rejects BioMarin Hemophilia Gene Therapy, Asks for More Data
A gene therapy designed to treat the severest cases of the most common type of hemophilia has been rejected by the FDA, which wants more data on the durability of the investigational treatment developed by BioMarin Pharmaceutical. Letters issued by the FDA turning down experimental treatments aren’t made public, but BioMarin (NASDAQ: [[ticker:BMRN]]) says the … Continue reading “FDA Rejects BioMarin Hemophilia Gene Therapy, Asks for More Data”
Kronos Bio Names Yasir Al-Wakeel as Its First Chief Financial Officer
Kronos Bio has added Yasir Al-Wakeel to its senior management team as chief financial officer and head of corporate development, a newly created role. Al-Wakeel most recently served as chief financial and strategy officer at Neon Therapeutics, which was acquired this year by Mainz, Germany-based BioNTech (NASDAQ: [[ticker:BNTX]]). Previously he held the role of CFO … Continue reading “Kronos Bio Names Yasir Al-Wakeel as Its First Chief Financial Officer”
J&J Boosts Autoimmune Disease Drug Pipeline With $6.5B Momenta Buyout
[Updated, 7:40 p.m. See below.] Johnson & Johnson is acquiring Momenta Pharmaceuticals in a $6.5 billion deal that brings the pharma giant a slate of experimental autoimmune disease therapies, including a potential blockbuster antibody drug in late-stage development for a rare type of anemia. Momenta (NASDAQ: [[ticker:MNTA]]) develops treatments for diseases driven by autoantibodies—antibodies produced … Continue reading “J&J Boosts Autoimmune Disease Drug Pipeline With $6.5B Momenta Buyout”
Fate Therapeutics Taps Celgene’s Dulac as Its Chief Financial Officer
Edward Dulac has joined Fate Therapeutics (NASDAQ: [[ticker:FATE]]) as its chief financial officer. Dulac was most recently vice president of business development and strategy at Celgene, which is now part of Bristol Myers Squibb. His prior experience includes serving as a biopharma equity research analyst at Barclays Capital and at Lehman Brothers and in corporate … Continue reading “Fate Therapeutics Taps Celgene’s Dulac as Its Chief Financial Officer”
Sorrento Therapeutics Cuts Ties With Chief Financial Officer Jiong Shao
Sorrento Therapeutics (NASDAQ: [[ticker:SRNE]]) has fired its chief financial officer, Jiong Shao, according to a regulatory filing. The San Diego-based company, which is among the biotechs developing potential COVID-19 treatments and tests, didn’t explain why. Sorrento appointed Najjam Asghar, its chief accounting officer, to handle CFO responsibilities as well until the firm finds a successor. … Continue reading “Sorrento Therapeutics Cuts Ties With Chief Financial Officer Jiong Shao”
Patient Death in Poseida Prostate Cancer Study Prompts Clinical Hold
A Phase 1 trial testing a Poseida Therapeutics cell therapy in men with prostate cancer is on hold after a patient enrolled in the study died of liver failure nearly three weeks after receiving the treatment. The San Diego company, which has touted its product candidates as safer than early-generation versions developed by other companies, … Continue reading “Patient Death in Poseida Prostate Cancer Study Prompts Clinical Hold”
Axovant’s Paul Korner Named Chief Medical Officer of Agile Therapeutics
Agile Therapeutics (NASDAQ: [[ticker:AGRX]]) has appointed Paul Korner to serve as its chief medical officer. He comes to the Princeton, NJ-based company from Axovant Gene Therapies, where he was senior vice president of clinical development & medical affairs. His experience also includes roles at Solvay Pharmaceuticals, Wyeth Research, Bayer, and Ferring Pharmaceuticals. Agile is preparing … Continue reading “Axovant’s Paul Korner Named Chief Medical Officer of Agile Therapeutics”
Unity Biotech Arthritis Drug Flunks Phase 2, Spelling Program’s End
Unity Biotechnology’s ambition to develop drugs that treat diseases of aging has failed its first test as its lead candidate, an osteoarthritis treatment, could not beat a placebo in a mid-stage clinical trial. South San Francisco-based Unity (NASDAQ: [[ticker:UBX]]) is developing drugs that remove senescent cells, which are cells that have stopped dividing but still … Continue reading “Unity Biotech Arthritis Drug Flunks Phase 2, Spelling Program’s End”
Genentech Gets FDA OK for Injectable Rare Neuroimmune Disease Drug
A drug that can be administered at home to treat a rare central nervous system disorder that damages the optic nerves and spinal cord now has FDA approval, marking the third nod the agency has given to a therapy for the condition. The drug, satralizumab (Enspryng), from Roche’s South San Francisco-based subsidiary Genentech, is for … Continue reading “Genentech Gets FDA OK for Injectable Rare Neuroimmune Disease Drug”
Tango Therapeutics Adds $175M, Deal Turns Partner Gilead Into Investor
Cancer drug developer Tango Therapeutics is adding $175 million more to its coffers in cash and equity, funds the company says will help it get its lead program into the clinic in 18 months. The money includes $50 million in equity financing, $20 million of that from Gilead Sciences (NASDAQ: [[ticker:GILD]]), plus another $125 million … Continue reading “Tango Therapeutics Adds $175M, Deal Turns Partner Gilead Into Investor”
Bristol Myers Squibb to Splash Out $475M on Dragonfly Immunotherapy
Bristol Myers Squibb is paying nearly half a billion dollars in up front and near-term payments to license an early-stage immunotherapy developed by Dragonfly Therapeutics, a firm that’s already a partner on potential treatments in oncology and other disease areas. New York-based Bristol (NYSE: [[ticker:BMY]]), which inherited a relationship with the biotech when it acquired … Continue reading “Bristol Myers Squibb to Splash Out $475M on Dragonfly Immunotherapy”