David Hung Launches Start-Up Nuvation With Old Medivation Team And $275m
The former Medivation CEO, after a brief detour heading up Axovant, is returning to oncology, but the new company is keeping details about the seven cancer drug programs in its pipeline under wraps.
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Financing for biopharma companies increased by 19% in Q4 to $15.8bn. M&A value quadrupled, compared with Q3, thanks to nine billion-dollar-plus transactions, led by the buy-out of Nestle Skin Health, now Galderma.Among the key alliances of Q4 were recurring themes of gene therapy and oncology, but also big investments in oligonucleotide technologies.
Recently battered by clinical setbacks, Immune Design has a co-development partnership with Merck around Keytruda and Merck’s Perlmutter is a former board member. Merck would pay roughly $300m to acquire the company and its immune system-boosting technologies.
CEO Hung resigns after less than a year; he and several others leave behind a dementia-focused specialty pharma that will return to its entrepreneurial roots to build a broader neuroscience pipeline. Parent company Roivant turns to a less conventional choice, Parvan Cheruvu, to take the helm.