Following a record-shattering year, terms were set for the first two biotech IPOs of 2021 in deals that could generate up to $300 million. Cullinan Oncology LLC, of Cambridge, Mass., set terms Jan. 4 for raising about $150 million by pricing 8.3 million shares in the $17 to $19 range.
Iconovir Bio Inc., of San Diego, raised $77 million in a series A financing to develop differentiated oncolytic virus candidates the company said it believes could potentially be I.V.-administered, tumor-selective and could broadly infect tumor cells.
Following a record-shattering year, terms were set for the first two biotech IPOs of 2021 in deals that could generate up to $300 million. Cullinan Oncology LLC, of Cambridge, Mass., set terms Jan. 4 for raising about $150 million by pricing 8.3 million shares in the $17 to $19 range. Gracell Biotechnology Ltd., of Shanghai, also set the terms for its U.S. IPO Jan. 4. The CAR T-cell developer looks to raise $150 million by offering 8.8 million American depositary shares in a range of $16 to $18 each.
Results of a futility analysis prompted Regeneron Pharmaceuticals Inc. to continue the phase III study of its virus-neutralizing monoclonal antibodies, a REGN-10933 and REGN-10987 cocktail for treating hospitalized COVID-19 patients who are seronegative and need low-flow oxygen.
A day after the FDA’s Vaccines and Related Biological Products Advisory Committee lent its support to Moderna Inc.’s COVID-19 vaccine, the agency granted it emergency use authorization (EUA). About 20 million doses will be delivered by the end of December and the rest in the first quarter of 2021, according to Moderna.
In what could end up being a deal that tops $1 billion, Merck & Co. Inc. cut a collaboration and license agreement with Janux Therapeutics to find, develop and commercialize T cell engager immunotherapies for cancer patients.
By acquiring privately held Cadent Therapeutics Inc., Novartis AG gains full rights to Cadent’s allosteric modulator program, part of which the two companies began collaborating on in 2015, and all the company’s outstanding stock. Cambridge, Mass.-based Cadent will receive as much as $770 million, $210 million of it up front, plus $560 million in milestones.
Positive results from the triple-combination arm of Biolinerx Ltd.’s phase IIa study of motixafortide as a combination therapy in incredibly tough-to-handle stage IV pancreatic cancer point toward a next study, yet the stock took a battering.
