EuroBiotech Report: Evotec founds startup, ObsEva sets IPO terms, U.K. plots path to ‘hard Brexit’ and Kitov

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Welcome to the latest edition of our weekly EuroBiotech Report. We start this week in Germany, from where Evotec reached its startup-enabling tendrils across the Atlantic to get fibrotic disease biotech Fibrocor Therapeutics off the ground. ObsEva spent the week straddling the Atlantic, too. The women's health specialist set the terms for an $87 million (€81 million) Nasdaq IPO. Back in Europe, British Prime Minister Theresa May gave the clearest statement yet on her Brexit goals. Kitov Pharmaceuticals bought a 56% stake in TyrNovo to gain an IRS-1/2-targeting cancer drug. And more. Nick Taylor

1. Evotec, MaRS Innovation found fibrotic disease startup

Evotec and MaRS Innovation have joined forces to found Fibrocor Therapeutics, a fibrotic disease startup. Fibrocor will work with Evotec to advance molecules with the potential to prevent, slow or reverse fibrosis with a view to selecting a lead candidate in 2018.

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2. Women’s health biotech ObsEva sets terms for $87M IPO

ObsEva has set the terms for an IPO that could net it in the region of $87 million (€81 million). The haul, around half of which will come from insiders, will enable ObsEva to move a treatment for heavy menstrual bleeding associated with uterine fibroids into phase 3 in the coming months.

3. U.K.’s path to ‘hard Brexit’ raises worries, cautious optimism

The UK BioIndustry Association (BIA) has responded with cautious optimism and concerns to the British Prime Minister’s clearest statement yet on the priorities for Brexit negotiations. Theresa May drew praise for talking up the importance of science and cross-border collaboration to post-Brexit Britain, but is yet to provide clarity on key points including immigration and regulation.

4. Kitov buys program designed to stop cancer drug resistance

Kitov Pharmaceuticals has bought a 56% stake in TyrNovo to take control of a cancer program. The focal point of the deal is NT219, an IRS-1/2-targeting drug designed to improve the efficacy of other cancer therapies by stopping tumors from developing resistance.

And more articles of note>>

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