Stockwatch: Can Gilead Wave Its Wand Over Antibody-Drug Conjugates?
M&A Just Transformed The Previously Checkered ADC Space
After a slow start marked by product withdrawals and toxicity, recent deal-making activity has brought antibody-drug conjugates back from obscurity. But what has changed?
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The US firm gets development and co-commercial rights to MORAb-202 for $650m up front. BMS joins AstraZeneca, Merck & Co. and Gilead in recent ADC deal-making.
Public Company Edition: Outside the US, Zai Lab raised more in its recent Hong Kong initial public offering – $766.4m – than PMV, Prelude, Taysha, Graybug and Greenwich combined. Also, Gilead priced debt to fund its $21bn Immunomedics buy and ADC Therapeutics raised $204m.
Acquisition is based on the prospects for Immunomedics’ Trodelvy, but regulatory changes, manufacturing challenges, and research dynamics could upset even the best-laid plans.