$1.6bn ARMO Buy Gives Lilly Its Most Advanced Immuno-Oncology Asset
Eli Lilly & Co. did not rush into the immuno-oncology game like its big pharma peers, but the acquisition of newly public ARMO gives the company its most advanced IO asset via external innovation – an increased focus for Lilly's portfolio.
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Private Company Edition: Biomedtracker found that 53% of financings during the first quarter were venture capital deals versus 32% in Q1 of last year. Also, Qiming closed a $260m fund, Transition Bio raised a $50m series A round, ProfoundBio completed a $70m series A+ and MycoMedica raised $60m.
Revealing that the pegylated IL-10 therapy acquired in the Armo buyout two years ago has failed a pair of Phase II NSCLC trials, Lilly said it plans no further studies with the drug. Trulicity and Taltz led Lilly’s continuing growth story.
CMO Sandra Horning will retire at the end of the year, to be succeeded by Lilly's former senior VP of oncology R&D on 1 October.