Welcome to the latest edition of our weekly EuroBiotech Report. Deals and Phase III flops dominate the news this week. Almirall handed over €365 million ($386 million) of the cash it gained through last year's deal with AstraZeneca to buy Poli Group, giving it the ready-made R&D shop it has needed since it divested its respiratory operation. Oramed, Kuros Biosurgery and Cytos Biotechnology spent time at the deal table, too. Kuros moved to join the Swiss Stock Exchange by combining with faltering biotech Cytos, while Oramed offloaded the Chinese rights to its oral insulin in a $50 million deal. The trial data section of our report concerns MedDay and CytoTools. MedDay revealed that MD1003 failed to outperform placebo in a trial designed to gauge its ability to improve the vision of people with multiple sclerosis. And CytoTools saw its share price plummet 85% after its Phase III trial came up short. And more. Nick Taylor (email | Twitter)
1. Almirall buys ready-made dermatology R&D operation in €365M deal
Almirall (BME:ALM) has splashed out €365 million ($386 million) on Poli Group. The takeover gives Almirall the dermatology R&D pipeline and infrastructure it has craved since it flogged its respiratory business to AstraZeneca ($AZN) for $2.1 billion last year.
2. MedDay misses endpoint in PhIII multiple sclerosis vision loss trial
A Phase III trial of MedDay's multiple sclerosis drug has missed its primary endpoint. The drug, which made headlines in April when it was shown to improve mobility, failed to outperform the placebo in terms of improving the vision of people with multiple sclerosis.
3. Kuros to merge with Cytos to gain entry to the Swiss Stock Exchange
Kuros Biosurgery is merging its way on to the Swiss Stock Exchange. The deal will fuse orthobiologic player Kuros to Cytos Biotechnology (SWX:CYTN), a Swiss drug developer that decided to shut up shop last year after its asthma drug flunked a Phase IIb trial.
4. Oramed offloads Chinese rights to oral insulin in $50M deal
Oramed ($ORMP) has sold the Chinese rights to its Phase II oral insulin product in a $50 million (€47 million) deal. The agreement gives a subsidiary of Chinese pharma powerhouse Sinopharm rights to the drug, responsibility for further development and a stake in Oramed.
5. Phase III flop wipes 85% off the value of CytoTools
CytoTools (FRA:T5O) suffered the blackest of Black Fridays. While shoppers across the Atlantic were snapping up bargains, traders in Germany were responding to the failure of a Phase III diabetic foot ulcer trial by selling CytoTools shares at knockdown prices.
And more articles of note>>