X4 Pharmaceuticals Inc.’s recent stock-boosting phase Ib news with lead candidate mavorixafor fueled already-strong interest in finding an alternative therapy for neutropenia and deepened esteem for the drug’s long-known mechanism of action.
In what may just be the takeover effort’s first volley, Sumitovant Biopharma Ltd., a subsidiary of Sumitomo Pharma Co. Ltd., made a hefty offer for Myovant Sciences Ltd. – which said no. Shares of Myovant (NASDAQ:MYOV) closed at $24.44, up $6.48, or 36.1% on word of the unsolicited buyout proposal.
In what may just be the takeover effort’s first volley, Sumitovant Biopharma Ltd., a subsidiary of Sumitomo Pharma Co. Ltd., made a hefty offer for Myovant Sciences Ltd. – which said no. Shares of Myovant (NASDAQ:MYOV) closed at $24.44, up $6.48, or 36.1% on word of the unsolicited buyout proposal.
Solid Biosciences Inc. found a way to continue its Duchenne muscular dystrophy push, inking a deal to acquire privately held Aavantibio Inc., at the same time nailing down $75 million by way of a private placement with institutional investors.
Calithera Biosciences Inc.’s in-licensing deal to take ownership of a pair of oncology assets from Takeda Pharmaceutical Co. Ltd. may be on its way to paying off, perhaps especially with regard to the oral Syk/FLT3 inhibitor mivavotinib, formerly known as CB-659/TAK-659.
Alkermes plc’s recent update on sales of the schizophrenia drug Lybalvi (also indicated for bipolar I disorder) along with positive phase III data from Karuna Therapeutics Inc. from tests of Karxt (xanomeline plus trospium) shone more light on the troublesome indication, where Cerevel Therapeutics Holdings Inc. is advancing emraclidine in what could be a registrational phase II study.
The U.S. FDA’s Oncologic Drugs Advisory Committee (ODAC) took up the matter of Oncopeptides AB’s long-storied multiple myeloma (MM) drug, Pepaxto (melphalan flufenamide), and briefing documents ahead of the meeting – which provided little cause for optimism – proved predictive of ODAC’s vote. Shares of Oncopeptides (Stockholm:ONCO) have dropped more than 64% over the past five days as investor jitters worsened.
About four months after starting its search for strategic alternatives, Sesen Bio Inc. disclosed an all-stock merger with privately held cell-therapy specialist Carisma Therapeutics Inc., a move that sent shares (NASDAQ:SESN) down 22 cents, or 32.7%, to close at 45 cents. Sesen stockholders are expected to own about 41.7% of the combined firm, and Carisma the remainder.
Shares of Renovacor Inc. (NYSE:RCOR) closed at $2.18, up 28 cents, or 14.7%, on word that Rocket Pharmaceuticals Inc. is acquiring the firm in an all-stock transaction valued at $53 million. Rocket, of Cranbury, N.J., said “compelling” preclinical data generated by Cambridge, Mass.-based Renovacor validates an AAV-based transgene replacement strategy for BLC2 athanogene 3 dilated cardiomyopathy.
The May 2014 approval of Takeda Pharmaceutical Co. Ltd.’s Entyvio (vedolizumab) brought welcome news in the form of an important mechanism of action for patients with ulcerative colitis and Crohn’s disease, but also means a burdensome course of administration – 30 minutes’ worth of infusion every six weeks, a drawback that other developers are trying to remedy. Standouts among the up-and-comers are Morphic Holding Inc., with an oral candidate that works through the same mechanism of action as Entyvio, and Protagonist Therapeutics Inc.
