Welcome to the latest edition of our weekly EuroBiotech Report. We start this week in London, where a report from MedCity highlighted the difficulties of trying to fit a growing biotech sector into an already congested city. The review of lab space supply and demand concluded that the city needs to bring 250,000 square feet of capacity online in the coming years. In Germany, MorphoSys suffered a dark day on the stock exchange after a late-phase miss cut its hopes of near-term revenues, while its compatriot Boehringer Ingelheim added to its early-stage options through a deal with Oxford BioTherapeutics. Bavarian Nordic set its sights on the start of a Phase II respiratory syncytial virus trial after sorting out its financial future. Macrocure outlined plans to buy its way out of its current difficulties. And more. Nick Taylor
London needs to add at least 250,000 square feet of life science work and laboratory space over the next decade, according to a report by MedCity. The report, the conclusions of which are based on feedback from more than 80 companies, found that fresh capacity is needed if London is to continue accommodating spinouts and welcoming investment from overseas.
MorphoSys (ETR:MOR) has been hit by one of the sharpest stock drops it has faced in its 17 years as a public company. The drop was triggered by news that a Phase IIb/III trial of bimagrumab has missed its primary endpoint, raising doubts about the likelihood of MorphoSys gaining access to a revenue stream that was expected to help support its dialled-up R&D budget.
Boehringer Ingelheim has exercised the option to pick up another oncology target discovered in its collaboration with Oxford BioTherapeutics. The decision marks the second time Boehringer has said yes to a cancer target resulting from the discovery and validation alliance it entered into with Oxford BioTherapeutics in 2013.
Bavarian Nordic (CPH:BAVA) has switched gears quickly following the realization its $86 million (€76 million) Nasdaq IPO was dead on arrival, pulling in $100 million in a private placement that will allow it to push ahead with plans to kick off a Phase II respiratory syncytial virus (RSV) trial later this year.
Macrocure ($MCUR) has outlined plans to use its cash reserves to buy into a business or technology that can supersede its own stalled clinical development program. The regenerative medicine player is considering the action after a pair of Phase III failures left it with more than $25 million (€22 million) in cash and no internal pipeline prospects.