AZ Spins Out Entasis To Tackle Resistant Infections
This article was originally published in Start Up
AstraZeneca has, after a long gestation, given birth to the antibiotic developer Entasis Therapeutics: in early July the biotech debuted with $40 million in funding from AZ alone, and a portfolio of the drugmaker’s early-stage antibiotic candidates. It emerges as the debate about incentivizing antibiotics R&D intensifies amid growing concerns about antibiotic-resistant bacteria.
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Already owner of about 60% of the troubled antibiotic firm, Innoviva agrees to pay $2.20 per share for all outstanding stock in Entasis. Roche, KaliVir partner on oncolytic virus therapies.
The average return for the 54 drug developers that went public in the US during first three quarters of 2018 was 13.6% as of Oct. 1 versus 16.9% as of Aug. 31 for the 47 biopharma firms that launched IPOs during the first eight months of this year. September had seven new offerings after just two in August.
Public Company Edition: Eli Lilly & Co. wasted no time spinning out its animal health business Elanco, which raised $1.5bn in its public debut. Also, as the biopharma IPO tally rises, Vivo Capital launches a new public life science company fund. Meanwhile, Concordia completes its recapitalization.