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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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.
Merck & Co. will pay Seattle Genetics $725m up front in cash under the two deals and make a $1bn equity investment in the company, providing financial flexibility to broadly fund the pipeline.