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The company says its platform technology has uncovered “tens of thousands” of previously undiscovered proteins.
Some commercial-stage biotechnology companies blame the pandemic for their declining sales and continued losses. While an acquisition by a bigger company might once have been an aspiration, further fundraisings seem to be the more likely outcome.
Private Company Edition: The global accelerator has new commitments from HHS and the Wellcome Trust. Also, Apollo buys into Sofinnova Partners with an up to €1bn investment, Castle Creek raised $124.6m in private funding this year in lieu of an IPO and Remix closed a $70m series B round.
Jiangsu Hengrui subsidiary Reistone and Shanghai Laekna raise a combined $161m for their innovative candidates.
Public Company Edition: Applied Molecular Transport, Scholar Rock, Agios and others join many of their peers in revising their strategies and downsizing their teams. Also, Zentalis grossed $200m from a follow-on offering and OKYO Pharma went public in the year’s smallest biopharma IPO in the US.
Despite promising clinical data and solid regulatory plans, biotech firms hoping to address the unmet need in Sanfilippo Syndrome through gene therapy are facing financial struggles.
The start-up is built around four business units – technology, manufacturing, R&D and therapeutics – based on internal and external expertise. Kriya will take its first gene therapies into the clinic in 2023.
Market volatility, persistently high valuations, inflation and interest rates are among the issues sidetracking broader M&A, experts say.
Private Company Edition: Also, Catalio closed a $381m venture capital fund and OrbiMed’s SEC filings indicate it is in the process of raising $4.75bn across three new funds. Dianthus launched with $100m and Tubulis closed a $63m series B round.
It started with the risk of delisting from US stock markets over auditing requirements, but there are other underlying risks for Chinese bioventures that ultimately only some form of bilateral governmental agreement may need to address, but this may be increasingly hard to reach.
With its IPO of Bausch + Lomb bringing in $630m in proceeds, Bausch Health is moving forward with its plan to use the eye care unit’s separation to pay down its remaining debt.
EureKING hopes to help develop and manufacture novel cell and gene therapies and live biotherapeutics, among other types of biologics, through a number of strategic acquisitions.
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