Galapagos has increased the amount it hopes to raise in its upcoming Nasdaq IPO to $230 million (€203 million) after AbbVie placed a provisional order for a $30 million stake. The order adds a subplot to the ongoing speculation about whether AbbVie will take up its $200 million option to buy into Galapagos' rheumatoid arthritis program or acquire the company outright.
Oxford BioMedica has secured a $50 million (€45 million) loan, half of which it will take out immediately to expand its laboratory and manufacturing facilities. The first tranche of money will help OXB service its CAR-T alliance with Novartis.
Themis Bioscience has raised €7 million ($7.8 million) and reshaped its board of directors as it prepares to start mid-phase trials and step up its partnership strategy. Wellington Partners led the round, which gives Themis the money to move its Chikungunya vaccine candidate into Phase II.
Indivior has impressed with its first notable news since it spun out of Reckitt Benckiser late last year. The specialty pharma company reported that its schizophrenia drug RBP-7000 met the primary endpoint in a Phase III trial, moving it a step closer to its goal of winning FDA approval in 2017.
In this week's EuroBiotech Report, GW Pharmaceuticals is once again turning to U.S. investors to fuel the advance of its cannabis-based pipeline. The latest offering could generate upward of $180 million (€161 million), a sum that will give GW the firepower to mount a multi-front R&D program. And more.
The UK BioIndustry Association has laid out its strategy for turning the United Kingdom into a biotech cluster to rival those in California and Massachusetts. And while the plan has many components, a comparison of the three regions today shows the main area the U.K. needs to improve: financing.
Late on April 24, as a good day's trading for Affimed Therapeutics turned great, the company's share price passed into the $11 to $13 range it hoped to hit when it went public in September. The next business day, Affimed filed for a follow-on offering to raise up to $40 million (€37 million).
Karolinska Development has stopped investing in three of its portfolio biotechs and fully written off its outlay in the businesses to date. The decisions contributed to the valuation of the portfolio falling to SEK 1,277 million ($150 million), its lowest level since KDEV's IPO in 2011.
Having led the invasion of Euro biotechs onto Nasdaq and been rewarded with a 1,000% increase in its stock price, GW Pharmaceuticals has gone back to U.S. investors for a boost to its finances. The plan is to raise $179 million (€162 million) to finance a multi-front R&D program.
In this week's EuroBiotech Report, Johnson & Johnson added another outpost to the growing network of incubators to which it is affiliated. The latest site to receive the backing of J&J is run by BioCity, which is trying to turn a campus abandoned by Merck into a hotbed of Scottish life science startups. And more.