Recro Pharma had to dial down its asking price and amp up its offering, but the Malvern, PA, biotech managed to go public at last, grossing $30 million to fund its pipeline of pain treatments.
Incyte CEO Hervé Hoppenot has been telling anyone who'll listen that his biotech is undervalued and underestimated, and now, with promising late-stage results for its lead drug in a rare blood cancer, the company has a shot at blockbuster sales alongside partner Novartis.
Novartis is making its way into late-stage studies for the orphan drug bimagrumab, and co-developer MorphoSys said sales of the muscle-growing treatment could peak at $4 billion a year.
The FDA has rejected one of Eli Lilly's top drug prospects partnered with Boehringer Ingelheim, saying that its SGLT2 drug empagliflozin could not be approved for marketing before Boehringer fixed "deficiencies" at one of its manufacturing facilities.
Merck and its biotech partner are working to build a franchise of allergy immunotherapies, and their latest effort, an oral treatment for house dust mite reactions, improved symptoms in a mid-stage study.
The big biotech worked a deal with Eisai, offering to cover half of the research and development costs of a pair of mid-stage Alzheimer's therapies and adding an unspecified package of milestones and an upfront in exchange for half the potential profits.
After the markets closed on Tuesday, Xoma put out the word that its main pipeline asset, gevokizumab (Xoma 052) flunked a Phase II program for erosive osteoarthritis of the hand, ending any shot it had at a broad pivotal study in that indication.
More than two years ago Roche CEO Severin Schwan picked the cancer drug MetMAb out of the pipeline as one of the company's top blockbuster prospects. But on Monday its oncology R&D arm at Genentech was forced to halt a Phase III combo study matching MetMAb with Tarceva in a failed effort to block metastasis in non-small cell lung cancer after an independent monitoring group flagged the attempt for futility.
A rejuvenated R&D shop has given Bayer a spate of potential blockbusters, and CEO Marijn Dekkers wants to see more where that came from. The German drugmaker is planning to substantially increase its research budget over the next three years and set aside a boatload of cash for M&A.
Even in the world of Big Pharma, where pipelines of a dozen or more late-stage drugs are common, a couple of blockbuster-sized experimental programs can make a huge difference for the forward-looking analysts who cover these companies. Let's use Merck as an example.