Deal Watch: Seattle Genetics' Controversial Collaboration With Immunomedics Topples
A licensing deal between the two cancer-focused biotechs falls apart amidst investor unrest at Immunomedics. Novartis opts to license Conatus' Phase II NASH candidate and picks up a CAR-T candidate from Celyad, while Shire adds to its dry eye franchise in deal with Parion.
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The biotech already was looking to move into solid tumors, particularly breast cancer, with its antibody-drug conjugates, but now will take over a promising oral candidate in pivotal studies in HER2-positive breast cancer.
Pandion, led by former Pfizer SVP Anthony Coyle, launched in 2017 to exploit immuno-oncology advances for autoimmune and inflammatory diseases; the firm's Series A follows a record-breaking year for biopharma venture capital. In public company financings, AveXis and others seek cash to fuel R&D.
New Year’s resolutions anyone? Generic drug maker Fresenius Kabi closed out the year with the unlucky distinction of receiving not one – but two – drug GMP warning letters from FDA last month. The agency chastised the firm for not reporting failing test results and not getting to the root cause of sterility failures. The firm was also criticized for not learning from earlier mistakes.