All articles tagged with #biopharmaceutical
Bristol Myers Squibb and Bain Capital have created a new independent biopharmaceutical company, NewCo, focused on developing innovative immunology therapies for autoimmune diseases, with five assets licensed from BMS and a $300 million investment led by Bain Capital, aiming to address unmet medical needs.
Veeva Systems experienced its best first quarter ever, surpassing earnings and revenue expectations, leading to an 18% stock surge and a breakout above key buy points, with strong full-year outlooks and a passing of the $3 billion revenue milestone, positioning it as a top-performing stock in the tech and healthcare sectors.
Viking Therapeutics' shares more than doubled after the biopharmaceutical company announced "statistically significant" results from a weight-loss trial. The positive outcome of the trial led to a surge in the company's stock, reflecting investor optimism about the potential of its treatment.
Sanofi is acquiring Inhibrx for $1.7 billion, primarily for its lead drug designed to treat alpha-1 antitrypsin deficiency (AATD) and plans to retain an 8% equity stake in the spun-out company New Inhibrx, while the other programs will be separated into this new entity.
Inhibrx, Inc. has announced the sale of its INBRX-101 therapy to Sanofi for up to $2.2 billion. Shareholders will receive $30 per share in cash, a contingent value right of $5, and 0.25 shares in New Inhibrx, a new publicly traded company. Sanofi will also pay off Inhibrx's outstanding debt and capitalize New Inhibrx with $200 million in cash. The transaction is expected to close in the second quarter of 2024, subject to regulatory approvals and shareholder approval.
Ambrx Biopharma, Inc. has agreed to be acquired by Johnson & Johnson for $2.0 billion, representing a 105% premium to Ambrx’s closing stock price. The acquisition aims to advance scientific research in treating cancers with high unmet needs, leveraging Ambrx’s proprietary technology for developing next-generation novel drug candidates, including site-specifically conjugated highly stable antibody drug conjugates. The transaction is expected to close in the first half of 2024, subject to customary closing conditions and regulatory approvals.
Eli Lilly and Company has announced its acquisition of Sigilon Therapeutics, a biopharmaceutical company focused on developing functional cures for acute and chronic diseases. The acquisition will enhance Lilly's efforts in developing encapsulated cell therapies, including SIG-002, for the treatment of type 1 diabetes. The deal involves a tender offer of $14.92 per share in cash, with a potential total consideration of up to $126.56 per share. The transaction is expected to close in the third quarter of 2023.
AbbVie's shares fell after the company reported a decline in sales of its anti-inflammatory drug Humira in the first quarter of 2023, compared to the same period last year.
Scientists from the Universities of Sheffield, Reading, and University College London, along with US-based biopharmaceutical company Neuresta, have developed an elongated botulinum neurotoxin that can alleviate chronic pain without causing addiction or nerve damage leading to paralysis. The new drug provides long-lasting relief in mice models without adverse effects and could potentially relieve pain for many months in humans. The team hopes that the engineered drug could improve the quality of life for the millions of people worldwide who suffer from chronic pain.