A Busy December of News & Notes in Biotech
The S&P Biotech Select Industry Index ended 2022 down -25.71%. We had never seen the biotech space go negative two years in a row, but this seems to be a time to buck trends and after 2021's -20.45% print, we are in new territory.
Takeda (TAK) scquired Phase 3 allosteric TYK2 inhibitor from Nimbus Therapeutics
Amgen's (AMGN) purchased Horizon Therapeutics (HZNP) for $116.50 per share or ~$28 billion.
Madrigal Pharmaceuticals (MDGL): phase 3 MAESTRO-NASH trial of resmetirom
Mirati Therapeutics (MRTX): approval for Krazati (adagrasib)
Third Harmonic Bio (THRD): discontinued oral KIT inhibitor program
Promethus Biosciences (RXDX): Phase II data from TL1A program in Ulcerative Colitis
Pharvaris NV (PHVS): positive data from phase II trial in hereditary angioedema (HAE)
Ambrx biopharma (AMAM): results from the ACE-Breast-03 trial of ARX788
Gossamer Bio: nominally positive data from their TORREY Phase 2 study of seralutinib
Spectrum Pharmaceuticals (SPPI): FDA declined to approve poziotinib
The title for world's most expensive drug now belongs to CSL Behring (CSL AU) / uniQure's (QURE) Hemgenix following FDA approval for hemophilia B. The one-time administered AAV5 gene therapy will be priced at $3.5 million per dose
Novavax (NVAX) sold convertible notes and equity which corresponded to ~$0 EV
Adicet Bio (ACET), Caribou Biosciences (CRBU) and Affimed NV (AFMD) all fell as data various oncology programs failed to show durability of response
The US District Court granted summary judgment for the pharma defendants GSK PLC (GSK) and Sanofi (SNY) striking all plaintiffs' evidence Zantac causes cancer.