GSK Plc gave further details of its investment plans on 28 July with the release of its financial results for the second quarter. Turnover for the quarter was £8.4 billion, up by 5% in both actual and constant exchange rates, leading the company to forecast growth for the year of 3% to 5% at constant rates. The company expects to pay a dividend of 70 pence per share for the full year.
AstraZeneca reaffirmed its ambition to achieve revenue of $80 billion by 2030 after a second quarter that featured 12 regulatory approvals across four regions and five positive Phase 3 readouts. The positive trial results included one for a new antibody-drug conjugate, sonesitatug vedotin, that showed improved overall survival for patients with advanced gastric cancers.
argenx SE is to expand its immunology portfolio with the acquisition of Forte Biosciences Inc of Dallas, Texas, US, whose lead product is being investigated in two autoimmune diseases. The Netherlands-based company is to pay $77 per share in cash for the company, representing an equity value of about $2.2 billion – it’s largest deal to date. Both companies are listed on the US Nasdaq exchange.
Scribe Therapeutics Inc, a company co-founded by the Nobel laureate Jennifer Doudna, has raised $128.7 million in an initial public offering on the US Nasdaq market – one of a growing number of biotech companies to go public this year. The funds will be used to advance the company’s lead programme for patients with elevated low-density lipoprotein cholesterol (LDL-C) through Phase 1, and to develop two preclinical projects for cardiovascular and metabolic disorders.
At a time of patent expiries and a strong Swiss franc, the Roche Group is expanding its presence in oncology and other disease areas in order to stimulate growth. Sales for the first half year were CHF 30.4 billion, an increase of 6% at constant exchange rates, and 8% in US dollars. Measured in Swiss francs however, sales declined by 2%. The trend, driven by an appreciation of the franc, was visible across both the pharmaceutical and diagnostics divisions.
Netherlands-based AdJane Holding BV has reported the first clinical data for a new vaccine platform that is being positioned as a technology for use in preparing for future pandemics. The early data showed that outer membrane vesicles, which are vesicles released from the outer membranes of Gram-negative bacteria, were safe and well-tolerated in 40 healthy adults. The vaccine, based on outer membrane vesicles, was administered intranasally and combined with a SARS-CoV-2 spike protein- the structural component of the virus that caused the Covid-19 pandemic.
In one of its first policy measures, the new UK government led by prime minister Andy Burnham announced plans on 21 July to merge the department which oversees science and technology with that for business and trade. The new department will be called the Department for Business, Innovation, Science and Trade. It will be led by Jonathan Reynolds, a former business secretary.
Novartis expects net sales to rise by a low single-digit percentage this year and core operating profit to take a small dip as it faces patent expiries while accelerating work to bring new products to the market. The forecast follows net sales in the second quarter of $14.4 billion, up by 3% in US dollars from a year earlier and by 1% at constant exchange rates. By comparison, sales in the first quarter declined. Second quarter core operating profit, a non-IFRS measure excluding amortisations and impairments, was flat.
The US Food and Drug Administration has approved a new oral treatment for adults with hypercholesterolaemia – a condition characterised by abnormally high levels of cholesterol which increase the risk of a heart attack or stroke. The treatment, Lipfendra (enlicitide), is a macrocyclic peptide that inhibits the enzyme PCSK9, which plays a role in cholesterol metabolism.
Venture-capital backed Mission Therapeutics Ltd is to divest a clinical asset for the treatment of acute kidney injury to Australia-based Dimerix Ltd providing it with $292 million in non-dilutive capital. This will enable it to pursue its priority treatment for Parkinson’s disease and other possible central nervous system disorders. Announced on 17 July, the deal will also deliver up to double-digit tiered royalties to Mission should the kidney product, MTX652, reach the market. It is currently poised to enter Phase 2. The small molecule drug, MTX325, for Parkinson’s is in Phase 1.