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Public Company Edition: Turning Point's offering priced at $18 and its stock closed at $28.90. Also, Achaogen's bankruptcy reflects difficult antibacterial market, Ophthotech's name change follows strategy shift, and Gilead lays off 150 sales reps. Plus, cell and gene therapy FOPOs flourish.
Start-up Insitro will attempt to optimize up to five NASH targets for Gilead under three-year alliance. Catalent buys gene therapy CDMO Paragon for $1.2bn, Boehringer partners with PureTech in GI cancer, while Fibrocell inks gene therapy pact with Castle Creek.
The Swedish group has sold its stake in Genovis, raising about $9.6m that will help advance lead candidate imlifidase.
With no more activist investor challenge, shareholders of both companies overwhelmingly approved the deal. Bristol said it will have leading positions in oncology and cardiovascular disease, and gain five potential blockbusters in the Celgene buyout.
At EASL, Gilead indicated it may not take any of its current NASH candidates forward as monotherapy options. Trial collaboration with Novo Nordisk may suggest pessimism toward selonsertib after Phase III disappointment.
Asia Deal Watch: Antibody-Drug Conjugates Reign With Alliances Involving Celltrion, Miracogen & WuXi Biologics
Celltrion and iProgen will co-develop ADC candidates, Miracogen and Synaffix sign a technology license after a successful research collaboration, and WuXi will provide clinical trial material to NBE Therapeutics.
The UK cell therapy biotech ReNeuron has attracted the healthcare group, Fosun Pharma, which is building up a leading position in regenerative medicine, to develop and commercialize its products in China.
Private Company Edition: Biotech companies raised $3.9bn, down from $4.6bn in the first quarter of 2019 – a record-breaking year in the US – but dollars per deal stayed above $20m for a second year. Also, Fusion has April's second $100m-plus VC financing with a $105m Series B.
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