Welcome to the latest edition of our weekly EuroBiotech Report. We start this week with talk of the possibility of big changes at GlaxoSmithKline, which is reportedly considering exiting its respiratory business to double down on cancer R&D. Elsewhere, Lundbeck's schizophrenia drug came up short in a phase 3 trial. Galecto Biotech reeled in €79 million ($90 million) to run a phase 2/3 idiopathic pulmonary fibrosis trial. Nicox pulled out of a planned Nasdaq IPO. Bicycle Therapeutics named Phil Jeffrey as its SVP of preclinical development. And more. — Nick Taylor
1. GlaxoSmithKline mulls respiratory exit to support big bet on cancer R&D
GlaxoSmithKline may exit the respiratory business and pull back in other areas to commit more cash to cancer R&D, according to Axel Hoos. Hoos, GSK’s head of oncology, told S&P Global Market Intelligence that Hal Barron is keen to funnel resources into the areas with the most growth potential, putting the future of the key respiratory unit in question.
2. Lundbeck schizophrenia drug fails phase 3, sinking stock
A phase 3 trial of Lundbeck’s Lu AF35700 in treatment-resistant schizophrenia has missed its primary endpoint. The setback to the mooted blockbuster wiped around 30% off Lundbeck’s stock price.
3. Galecto raises €79M to run late-phase IPF trial
Galecto Biotech has raised €79 million ($90 million) to take its treatment for idiopathic pulmonary fibrosis (IPF) into a phase 2/3 trial. The OrbiMed-Ysios Capital co-led round sets Galecto up to power into late-phase development despite Bristol-Myers Squibb passing up the chance to buy it out.
4. Nicox pauses Nasdaq IPO plan amid market volatility
Nicox has pulled out of a planned Nasdaq listing. The French biotech began gearing up to offer stock on Nasdaq earlier this year but has now hit pause on the plan in response to “the extreme volatility of the financial markets.”
5. Pfizer-to-Bicycle migration continues with Phil Jeffrey appointment
Bicycle Therapeutics has named Phil Jeffrey as its SVP of preclinical development. The appointment adds another set of footprints on the well-trodden path from GlaxoSmithKline to Pfizer to Bicycle.