Three Big Pharma companies have helped come up with some seed money to start growing the first crop of biotechs in New York. Pfizer, Eli Lilly and J&J all chipped in to a $51 million fund from Accelerator Corp., which will now expand on the work it's been doing in Seattle to the East Side of Manhattan, recruiting upstarts to join investigators at the Alexandria Center for Life Science.
On Monday, Targacept reported that its midstage effort aimed at salvaging its lead drug flopped. Once partnered with AstraZeneca, which saw four late-stage studies for the one-time depression drug TC-5214 hopeful sour, Targacept says it's finally ready to dump the therapy after it failed in a Phase IIb study for overactive bladder.
KaloBios was an early entrant in 2013's boom of biotech IPOs, touting its development technology as a springboard for high-quality antibodies. A year later, that promise hasn't come to fruition, and partner Sanofi is walking away from an antibacterial program for which the company had high hopes.
AstraZeneca has high hopes for the in-development AZD9291, a treatment for lung cancer expected to bring in $3 billion a year at its peak, and the drugmaker is working with rival Roche to craft a blood test that can spot ideal patients for the therapy.
Redwood City, CA-based PaxVax has nailed down up to $50 million in debt financing and $12 million in a Series B venture funding extension to complete the acquisition of Crucell's oral typhoid vaccine Vivotif and the ongoing Phase III study of its cholera vaccine candidate, PXVX0200.
Early this year Zealand Pharma and Boehringer Ingelheim agreed to start over on their three-year-old collaboration to develop a GLP-1 diabetes drug after they decided to part ways on a lead program. Now the Danish biotech will ramp up a second preclinical peptide program with the German pharma company aimed at cardio-metabolic diseases.
Pfizer is in a nasty fix. Tomorrow the pharma giant will release a rundown of its Q2 numbers--which won't be pretty--and CEO Ian Read and his top team will have plenty of explaining to do about how they plan to get out of the tight spot they find themselves in.
Shares of AcelRx took a painful 30% plunge on Monday morning as investors got a chance to respond to the biotech's announcement late Friday night that the FDA had rejected its application for Zalviso, its sufentanil sublingual microtablet drug/device system for fighting pain.
Over the past 5 years a team at Harvard's Wyss Institute for Biologically Inspired Engineering has been building a pioneering human "organ-on-a-chip" tech platform for discovery-based work on new therapies. And it's being spun out today to make a go of it as an independent company dubbed Emulate Inc., backed with a $12 million A round from a group that includes the billionaire founder of the institute that created the technology.
For months, AbbVie mounted a dogged pursuit of Shire, learning from the mistakes of the now-thwarted Pfizer and maintaining its patients without letting lines go cold, largely avoiding major missteps as it closed in on its target.