News

Soon-Shiong: Investors should be patient with biotech

In science, there's a 10-year horizon for major innovations to come to fruition, biotech billionaire Patrick Soon-Shiong said, and while that timeline may not jibe with the expectations of many investors, success in the field demands patience.

Retrophin slips on liver woes in rare disease drug's first trial

Retrophin, the biotech venture of former hedge fund manager Martin Shkreli, startled investors Friday morning when it revealed that elevated levels of liver enzymes briefly derailed a study of its rare disease candidate, sending the company's shares down more than 8%.

Biotech IPOs: A planned big week comes up short as offers fizzle

Seven life sciences companies were expected to go public this week, raking in nearly $400 million combined amid a return to bullishness for biotech IPOs. That, however, didn't work out, as only one hopeful made it through after taking a deep discount.

Shire chief hits the road, talking up an AbbVie-free future

Shire CEO Flemming Ornskov, having already promised to double revenue by 2020, is making the rounds on a mission to convince investors that saying no to a $46 billion bid from AbbVie is the best move for his company's future.

Lilly and Boehringer inch closer to challenging Lantus with EU nod

Eli Lilly and Boehringer Ingelheim have convinced European regulators to recommend their biosimilar of Sanofi's Lantus, the world's top-selling insulin, setting the stage for a near-term approval and launch once the reference product comes off patent next year.

Former Avila CEO Bosley signs on to lead MA's Editas

Welcome to this week's Chutes and Ladders, our roundup of hirings and firings throughout the industry.

EU smiles on a key cog in Bristol-Myers' hep C combo

European regulators are recommending approval for Bristol-Myers Squibb's daclatasvir, an hepatitis C-fighting antiviral that plays a key role in the company's planned combo treatment.

Taking the pulse of partnering at BIO 2014

Whether it's in Boston, Chicago, Philadelphia or Washington, DC, the centerpiece of the annual BIO convention is always the same: a sprawl of interconnecting cubicles and makeshift corridors where would-be dealmakers shake hands, make promises and hope to form pacts that'll turn their strategic plans into reality.

Report: Biopharma's class of 2013 is laden with blockbusters

While 2013's number of approved drugs fell short of 2012's record haul, the class is likely to more than make up for that disparity in the dollar column, according to EvaluatePharma.

Woodford buys $50M Prothena stake, Shire lacks 'British gem' status, French biotechs raise €100M

Welcome to the latest edition of our weekly EuroBiotech Report. We lead this week on news that Neil Woodford's much-discussed fund is starting to take shape, with a $50 million (€36.8 million) investment in Elan-spinoff Prothena among its first batch of positions. And more.

Polaris preps for a $400M fund to back a new wave of biotechs

Polaris Partners, one of the biggest investors in biotech, is setting up a new $400 million fund. The venture group outlined the bare bolts for Fund VII in an SEC filing earlier in the week, which follows on the heels of its last $375 million fund, pieced together during lean-and-mean times back in 2011.

Boehringer bags a 'breakthrough' tag for its Pradaxa antidote

German giant Boehringer Ingelheim is racing to the market with an antidote to its blockbuster blood-thinner Pradaxa, securing the FDA's coveted breakthrough therapy designation for its in-development treatment.

Biotech vets target $43M round to debut new antifungal venture

One week before Cubist celebrated the FDA's approval of Sivextro, an antibiotic that figured prominently in its $707 million buyout of a biotech named Trius, the biotech's former CEO filed papers with the SEC outlining a $30 million raise for a new antifungal venture currently called K2 Therapeutics along with $6 million in funds to buy new assets.

Auxilium eyes a Canadian biotech for a tax-cutting merger

Auxilium Pharmaceuticals is merging with Canadian biotech QLT in an all-stock deal designed to both expand its pipeline and slash its corporate tax rate.

UPDATED: FDA experts spurn AstraZeneca's pitch for ovarian cancer drug olaparib

AstraZeneca's top investigators took their best case for an accelerated approval of the failed cancer drug olaparib to the FDA's panel of outside experts on Wednesday, and they lost.

Affymax, once a promising biotech, is dissolving

Affymax, which 18 months ago appeared poised for big things, is dissolving the company and will pay shareholders pennies for the shares that traded at $27 a share before patient deaths led it to pull its Omontys anemia drug from the market.

FDA bars Basilea antibiotic from U.S. market, demands new PhIII data

Close to a year ago Switzerland's Basilea raised a red flag about its U.S. strategy for its antibiotic ceftobiprole, noting that the FDA's new standard requiring two late-stage studies for a program like this could present a major hurdle. Today company execs confirmed that the regulatory path into the U.S. is closed for now.

Versant’s Inception plants its booming biotech startup model in Montreal

Close on the heels of a new discovery deal this week with Roche, Versant Venture's incubation team at Inception Sciences outlined plans this week to establish a new research team in Montreal's biotech hub, adding a third site to Inception that will hunt down new pacts and create new biotechs for product-hungry pharma companies.

Aerie shares soar as glaucoma combo succeeds in PhIIb eye study

Aerie Pharmaceuticals says that a combo glaucoma drug adding its own treatment to the best-selling standard in the field topped the blockbuster solo therapy in a Phase IIb trial. The results set the stage for a confirmatory Phase III trial, sending its share price soaring more than 40% on Wednesday morning.

AbbVie makes its pitch for $46B Shire buyout, U.K. tax gambit

Didn't like the old AbbVie? Perhaps you should consider New AbbVie. The pharma giant laid out its case for a $46 billion takeover of Shire today, insisting that their complementary pipelines and product base covering a full range of categories, global sales operations and a quick tax inversion--moving its tax base to the U.K. while retaining its headquarters in Chicago--made the numbers for a post-merger New AbbVie look great.