OncoMed Absorbs Double Dose Of Bad News With Trial Failure, Two Options Declined
The California biotech's Phase II pancreatic cancer candidate demcizumab failed to show benefit versus placebo for progression-free or overall survival. Meanwhile, Bayer decided not to exercise its options on a pair of Wnt pathway candidates under a 2010 collaboration with OncoMed.
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The Enhanze drug delivery technology, which is expected to be profitable starting next year, takes center stage as Halozyme discontinues PEGPH20 development and cuts its oncology operations along with 160 jobs.
Takeda and Molecular Templates will work to develop targeted engineered toxin bodies for multiple myeloma. Celgene decides against optioning OncoMed’s navicixizumab for ovarian cancer, while CRISPR and ViaCyte team up on type 1 diabetes.
In VC deals, Magenta raised $50m, licensed a Novartis asset and engaged an important partner. Seven public companies revealed financial transactions totaling $947.4m, including Achaogen's $20.5m from the Gates Foundation. Also, OncoMed, Regulus and Depomed provided restructuring updates.