Welcome to the latest edition of our weekly EuroBiotech Report. Our top stories this week involve late-stage financing. Sofinnova Partners, a cornerstone of the European early-stage VC scene, raised €275 million ($340 million) to place later-stage bets. And Sweden’s ITBMed raised $67 million to try to get the limited approval of an organ transplant drug on the back of a 10-person trial. Elsewhere, Nordic Nanovector further delayed a readout from its pivotal trial, precipitating the departure of its CEO. AstraZeneca struck an immuno-oncology deal with Compugen, and secured priority review status for its hairy cell leukemia drug. And more.—Nick Taylor
Sofinnova Partners has raised a €275 million ($340 million) crossover fund. The vehicle sets up Sofinnova to expand beyond its traditional areas of focus and invest in 15 late-stage private and public drug and medical device companies.
ITBMed has raised $67 million (€55 million) to advance siplizumab in organ transplant patients. The ex-MedImmune monoclonal antibody impressed in a 10-patient trial, raising hopes that ITBMed can snag a limited, near-term approval while running a pivotal study to expand its use.
Nordic Nanovector has further delayed a readout from its pivotal lymphoma trial, pushing a planned regulatory filing out to three years after the initial target. The latest setback marks the end of the line for Luigi Costa, who is stepping down as CEO by “mutual agreement” with the company’s board.
AstraZeneca has struck an immuno-oncology deal with Compugen. The agreement gives the Big Pharma a source of bispecific and multispecific antibodies in return for $10 million upfront and up to $200 million in milestones.
The FDA has granted priority review status to AstraZeneca’s treatment for hairy cell leukemia (HCL). Snagging the accelerated review sets AstraZeneca up to win approval of the antibody-drug conjugate in the third quarter.