Switzerland-based Addex Therapeutics Ltd is to reduce its operating costs by spinning out a group of preclinical assets into a new venture capital-based company thereby enabling it to accelerate development of its lead product for epilepsy. The reorganisation, announced on 3 April, will stratify Addex’s pipeline giving the company more financial support and time to develop its pipeline of small molecule drugs for neurological diseases.
Genmab A/S, one of Europe’s older biotech companies, is to acquire ProfoundBio Inc of the US for $1.8 billion giving it a pipeline of antibody-drug conjugates (ADC) and an opportunity to expand into treatments for gynecologic cancers and other solid tumours. The deal, which is expected to close during the first half, also represents a significant shift in the Danish company’s business model.
Novo Nordisk A/S is to acquire Cardior Pharmaceuticals GmbH of Germany for up to €1.025 billion in a deal that will significantly expand its presence in the field of cardiovascular medicine. Although Novo’s primary focus is diabetes, it has been rapidly expanding into related areas, most notably treatments for obesity. Obesity has been identified as a risk factor for cardiovascular disease.
Venture capital-financed Amolyt Pharma SAS has agreed to be acquired by AstraZeneca Plc in a deal that capitalises on the French company’s portfolio of treatments for rare endocrine diseases. The deal value is up to $1.05 billion, which consists of $800 million upfront and a payment of $250 million contingent on the achievement of a regulatory milestone. The acquisition will bolster AstraZeneca’s rare disease portfolio which is managed by its Alexion business unit. AstraZeneca acquired Alexion in 2021.
AstraZeneca Plc is to spend up to $2.4 billion to acquire Fusion Pharmaceuticals Inc of Canada, a biopharmaceutical company developing alpha-particle radiotherapeutics for treating cancer. The company’s pipeline consists of radioconjugates where a radioactive chemical is linked to a cell-targeting molecule, injected into the body, and directed against cancer cells. Under the terms of the agreement, AstraZeneca, through a subsidiary, will acquire all of Fusion’s outstanding shares for $21 per share in cash and a contingent value right of $3 per share.
Novartis is to acquire a group of assets directed against inflammatory diseases following the acquisition of IFM Due Inc, a Boston, US-based biotech incubator. The deal is valued at up to $835 million. IFM Due is a subsidiary of IFM Therapeutics Inc, a company that was set up by scientists and venture capitalists in 2015 to discover and develop small molecules modulating targets in the innate immune system, the body’s first line of defence against pathogens.
Capstan Therapeutics Inc, a US biotech company with proprietary lipid nanoparticle technology, closed an oversubscribed Series B financing round on 20 March to advance an in vivo cell therapy product for autoimmune disorders. The round was led by RA Capital Management with participation from five new investors including Forbion, Johnson & Johnson Innovation, and Sofinnova Investments. The proceeds will be used to advance CPTX2309, an in vivo engineered chimeric antigen receptor (CAR) T cell therapy and to further develop the company’s pipeline.
Privately-owned Tubulis GmbH has raised €128 million in an upsized venture round in order to advance its lead antibody-drug conjugate (ADC) products into the clinic. Announced on 14 March, the Series B2 round was co-led by the private equity group EQT Life Sciences and Nextech Invest Ltd of Switzerland. Several US investors participated including Frazier Life Sciences and Deep Track Capital. The financing follows a Series B round of €60 million in 2022.
Phagenesis Ltd, a UK medical technology company, has raised $42 million from EQT Life Sciences, a private equity group based in Sweden, to commercialise its recently approved device for treating swallowing disorders. The money is being provided by EQT’s Health Economics Fund that invests in late clinical stage health technology companies, or those which are just starting to bring their products to the market. Rudy Dekeyser, former managing director of the Belgian research institute VIB, is head of the fund.
Syncona Ltd, the evergreen investment group, announced on 8 February that its portfolio company Autolus Therapeutics Plc is to collaborate with BioNTech SE to develop new therapies in oncology. The project will aim to advance both companies’ CAR T cell programmes towards commercialisation. These include BioNTech’s cell therapy for solid tumours, BNT211, and Autolus’ two CAR T cell therapy programmes, AUTO1/22, and AUTO6NG, for oncology indications. Under the terms of the agreement, BioNTech has agreed to purchase $200 million of Autolus’ American Depositary Shares in a private placement.