Welcome to the latest edition of our weekly EuroBiotech Report. We start this week with AstraZeneca, which revealed further overspending on its headquarters. AstraZeneca now looks set to move in five years later having blown through three times its original budget. One of AstraZeneca's partners, Immunocore, also made headlines this week, finally adding series B funds to the megaround it closed back in 2015. Elsewhere, Sam Waksal’s attempt to buy Redx Pharma collapsed. Servier snagged expanded rights to Cellectis' CD19 CAR-T programs. Trutino Biosciences landed a deal with Boehringer Ingelheim. And more. — Nick Taylor
1. AstraZeneca's HQ budget balloons to 3 times original forecast
The forecast cost of AstraZeneca’s new headquarters in Cambridge, U.K., has ballooned to $1.3 billion (£1 billion), more than three times the original target. AstraZeneca blamed the overspend on the complexity of the build, construction cost inflation and other factors.
2. Immunocore raises $130M to fund pivotal cancer program
Immunocore has raised a $130 million (€117 million) series B round, ending its long wait for fresh funding. The British biotech made waves in 2015 with a $320 million series A but reportedly had to slash the near-unicorn valuation it achieved back then to get the latest round off the ground.
3. Waksal's bid for Redx ends, forcing biotech to avert cash crunch
Sam Waksal’s attempt to buy Redx Pharma has fallen apart. The failure of a company set up by the once-jailed biotech executive to close a deal led Redx to turn to Redmile for the cash to keep going until next month.
4. Servier bags expanded rights to Cellectis' CD19 CAR-Ts
Cellectis has revised its deal with Servier, granting its partner worldwide rights to all its CD19 CAR-T therapies in return for €25 million ($27.6 million) and the control of candidates against five additional targets.
5. Boehringer taps Trutino to bag safer, more efficacious cytokines
Boehringer Ingelheim has struck a deal with Trutino Biosciences to develop three cytokine therapies. The deal tasks Trutino with applying a platform designed to yield safer, more effective cytokines to the discovery of three oncology drugs for Boehringer.
And more articles of note>>