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  • Jonathan Poyer

Biotech M&A, Clinical Updates, and Notable Announcements...oh my!!!! A busy, busy, busy July

Reduction in the number of listed biotechnology companies and concentration of investor capital on a smaller number of compelling programs should enhance the return profile of the sector moving forward.

Clearly, upside surprises persist even in the midst of the longest and deepest bear market in biotech history.

Vertex Pharmaceuticals (VRTX) announced the $320 million purchase of private company ViaCyte focused on stem-cell derived therapies for type 1 diabetes (T1D)

Innoviva (INVA) announced the acquisition of La Jolla Pharmaceuticals (LJPC) for $6.23 per share in cash corresponding to an enterprise value of $149 million

Merck’s (MRK) potential $40 billion bid for Seagen (SGEN) has been reported by the WSJ as unlikely to happen before additional data from SGEN's pending clinical trials and possibly the outcome of SGEN's arbitration proceedings with Daiichi Sankyo

Syros Pharmaceuticals (SYRS) announced it is acquiring TYME Technologies (TYME) with net cash at closing after accounting for wind-down and transaction expenses estimated to be approximately $60 million. SYRS will issue 74 million shares to TYME shareholders

Pliant Therapeutics (PLRX) became the latest company to join the triple digit club. PLRX rallied >150% on announcing their Phase 2a clinical trial of PLN-74809 in patients with idiopathic pulmonary fibrosis (IPF) met the primary and secondary endpoints demonstrating a well-tolerated safety profile and benefits on clinical outcome measures over 12 weeks.

Codexis (CDXS) fell 43% to a new 52 week low upon pre-announcing 2Q revenue was 5% below consensus and lowered 2022 guidance by double digits.

10X Genomics (TXG) was down over 20% upon reporting a preliminary 2Q revenue miss and disclosure it will discuss updated 2022 guidance on the upcoming earnings call on August 8th.

Graybug Vision (GRAY) rallied off its negative enterprise value on the announcement it plans to pursue strategic alternatives including a potential sale or merger transaction.

Heron Therapeutics (HRTX) 34% workforce reduction announcement suggests further downsizing to focus on research and development

Johnson and Johnson (JNJ), Novartis (NVS) and Roche (RHHBY) all generally put up strong operating results, with FX cited as the key headwind

JNJ reported that 2Q worldwide medical devices revenue fell to $6.90B (-1.1% y/y, est $7.06B)

Intuitive Surgical reported a Q2 EPS miss ($1.14 ex-items vs $1.20) driven by lower revenue from system placements.

Catalyst Biosciences' (CBIO) board expects to distribute approximately $65 million or about $1.90 per share in cash.

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