Risk-sharing researcher Evotec took a blow last week when partner Hyperion Therapeutics pulled the plug on a diabetes trial, but the German company is keeping things moving, expanding an agreement that will put it to work on treatments for Huntington's disease.
Back last April when Brisbane, CA-based Hyperion agreed to pay $20 million in cash and stock for Israel's Andromeda Biotech, while promising $550 million more in milestones, company execs made much of the late-stage data already in hand for a new Type 1 diabetes drug. Today, though, Hyperion's team threw up their hands and surrendered, claiming that they had been duped by a group of Andromeda staffers and an outside biostatistics firm in Israel which had cooked the books on the data to come up with a favorable result.
Orphan drug outfit Hyperion Therapeutics has struck up a deal to acquire Israel's Andromeda Biotech, handing over as much as $570 million in cash and stock with eyes on a Phase III diabetes treatment.
Hyperion has won its first FDA approval. The South San Francisco-based company grabbed the agency's nod for its drug Ravicti, a treatment for managing genetic conditions known as urea cyclic disorders.
After taking a beating in previous years, biotech has been hot sector on Wall Street this year. The Nasdaq Biotech Index has shot up 30% this year compared with 15% growth in the broader market. And the fact that this year's total number of biotech IPOs already matches that of 2011 indicates that there could be a growing appetite for these types of investments. But there's no indication that we're on the verge of, or will ever, return to the go-go years of the 1990s when biotechs more easily went public at lofty values. Here's the full report >>
South San Francisco-based Hyperion Therapeutics has joined the roster of biotechs which pushed ahead on an IPO only to fall short of its projected range. The orphan drug developer priced 5 million shares at $10 this morning, taking a haircut on the $11 to $13 range while raising $50 million.
Hyperion Therapeutics is hoping that the prospect of its first drug launch will lure investors in on a $57 million IPO.
San Francisco-based Hyperion Therapeutics has raised a whopping $60 million in a Series C financing round. New investors Bay City Capital and Panorama Capital co-led the financing, while existing