Ying Huang was named CEO as his predecessor came under investigation in China and as partner Janssen was getting closer to seeking US FDA approval for its lead CAR-T therapy.

BMS/bluebird and Janssen/Legend have the leading BCMA-targeting CAR-T therapies for multiple myeloma but Poseida, Allogene, CARsgen, Gracell and CBMG are emerging with novel approaches. 

The development and commercialization of cell and gene therapies during a pandemic, with regulators and payers demanding more data on effect duration and safety, has resulted in headwinds. Added to manufacturing and clinical trial recruitment issues, investors’ patience has been strained.

Public Company Edition: Three companies postponed or withdrew their offerings, but drug developers continue to pursue IPOs. Also, Biocon, BMS and Epizyme raised money through new debt, Five Prime capitalized on positive data and Synthetic Biologic engaged a strategic advisor.