EuroBiotech Report—Roche-Bicycle, GSK-COVID-19, Grifols acquisition, Kahr round and Genfit delay

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Welcome to the latest edition of our weekly EuroBiotech Report. We start this week with Bicycle, which landed a $30 million upfront payment from Roche's Genentech in return for applying its drug discovery platform to immuno-oncology targets. Elsewhere, GlaxoSmithKline struck a deal to supply its adjuvant to Clover Biopharmaceuticals for use in a COVID-19 vaccine candidate. Grifols snapped up antibiotic assets from its bankrupt partner Aradigm. Kahr Medical raised $18 million to test its CD47 drug in combination with Keytruda. Genfit delayed the readout from its phase 3 nonalcoholic steatohepatitis trial. And more. — Nick Taylor
1. Genentech pays Bicycle $30M upfront to form discovery-stage immuno-oncology pact

Roche’s Genentech is paying $30 million (€28 million) upfront to work with Bicycle Therapeutics on the development of immuno-oncology therapies. Bicycle will apply its discovery platform to multiple targets, putting itself in a position to pull in up to $1.7 billion in milestones as the assets progress. 
2. GSK gives Clover adjuvant for vaccine against 'indispensable' COVID-19 protein

GlaxoSmithKline has struck a deal to provide its pandemic adjuvant to Clover Biopharmaceuticals for use in a COVID-19 vaccine candidate. Clover is one of a clutch of organizations working to tackle COVID-19 by targeting a protein the novel coronavirus needs to enter host cells.
3. Grifols buys antibiotic assets from bankrupt partner Aradigm

Grifols has struck a deal to buy assets from bankrupt antibiotic developer Aradigm. The agreement sees Grifols waive a $32 million debt and pay $3 million in cash to take full ownership of three assets.
4. Kahr raises $18M to test CD47 drug with Roche's Tecentriq

Kahr Medical has raised $18 million (€17 million) to take an anti-CD47 drug into the clinic. The money will fund early-phase development of a CD47x4-1BB bispecific that Kahr plans to test as a single agent and in combination with Roche’s checkpoint inhibitor Tecentriq.
5. Genfit's NASH key phase 3 data delayed

Genfit’s shares were in the red Friday morning after the French biotech announced it was delaying a data readout for its potential blockbuster fatty liver hopeful elafibranor.
And more articles of note>>