Cellectis slumps after Pfizer call; Nuevolution upsizes IPO; Medigene up on cancer vax data

Welcome to the latest edition of our weekly EuroBiotech Report. This week, investors dealt Cellectis a lesson in the importance of managing expectations when an uneventful call to discuss its deal with Pfizer and Servier precipitated a drop in its stock. Little of note was communicated on the call. But with investors expecting something meaty, Cellectis saw its share price drop 13%, its biggest decline in two years. Medigene, a fellow European immuno-oncology player, watched its stock go swiftly in the opposite direction after preliminary data on its cancer vaccine impressed investors. Nuevolution will soon be joining Medigene and Cellectis in the ranks of European biotechs with immuno-oncology programs. The Danish biotech is set to pull off the biggest biotech IPO of the year on Nasdaq First North after the validation of deals with Johnson & Johnson, Merck and Novartis put it in a position to dial up its fundraising target. Erytech raised €25.4 million ($27.4 million) to flesh out its pipeline of cancer drugs. Neil Woodford, the man once dubbed the "savior" of the British biotech sector, found the effectiveness of his stock-picking process in question as the Northwest Biotherapeutics situation went from bad to worse. And more. Nick Taylor (email | Twitter)

1. Cellectis suffers worst day in two years after Pfizer event disappoints investors

Cellectis ($CLLS) suffered its worst day in two years on the Paris stock exchange on Monday. The 13% slump began when it became clear that a conference call held by Cellectis, Pfizer ($PFE) and Servier would do little more than clarify the roles of each party in their recently struck CAR-T collaboration.

2. Bucking the trend, Big Pharma-partnered Nuevolution upsizes IPO

Nuevolution has upped the size of its IPO to SEK 250 million ($29.5 million) in response to strong demand. The upsizing means Nuevolution, which lists Johnson & Johnson ($JNJ), Merck ($MRK) and Novartis ($NVS) among its partners, is on course to pull off the biggest biotech IPO of the year on Nasdaq First North.

3. Medigene jumps 33% as cancer vax shows promise in hard-to-treat patients

Medigene (FRA:MDG1) has preliminary evidence its bet on autologous dendritic cell vaccines could pay off. The release of encouraging data from an early-phase trial and compassionate-use program sparked a surge in investor interest in Medigene, driving up its stock by more than 30% in a day.

4. Northwest Bio controversy intensifies scrutiny of Woodford's biotech investment chops

Neil Woodford spent last week framing the controversy around Northwest Biotherapeutics ($NWBO) as one of the "bumps in the road" that are inevitable when investing in biotechs. But with concerns about Northwest Bio being in the public domain prior to Woodford making his investment, the case has prompted the fund's backers to question what other "bumps" he may have failed to foresee.

5. Erytech raises €25M to broaden cancer pipeline ahead of possible Nasdaq IPO

Erytech (EPA:ERYP) has raised €25.4 million ($27.4 million) from institutional investors in the U.S. and Europe. The private placement gives Erytech cash to advance its lead tumor starvation drug and move other programs toward and into the clinic ahead of its possible listing on Nasdaq.

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