Foghorn Therapeutics Inc.
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Latest From Foghorn Therapeutics Inc.
Merck continues its cancer deal streak, purchasing a pipeline of antibody-drug conjugates and bispecific antibodies against receptor tyrosine kinase-like orphan receptor 1 (ROR1).
Public Company Edition: Four health care special purpose acquisition vehicles went public and two others announced mergers, but only one biopharma firm priced an IPO during the week of 19-23 October. Replimune’s $250m offering led recent FOPOs.
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.
The company previously cut 2020 revenue expectations by $2.5bn, including $1.7bn for pharma products. Keytruda’s dominance and portfolio diversification also may dominate second quarter call.