GSK sets up LimmaTech as vaccine R&D outpost; Cortendo files for IPO; Celyad inks China deal

Welcome to the latest edition of our weekly EuroBiotech Report. When GlaxoSmithKline ($GSK) bought GlycoVaxyn for $190 million (€169 million), it gained a clutch of early stage vaccines it really wanted and an R&D site that didn't fit into its plans. Now, 7 months later, the R&D site has spun out of GSK as LimmaTech Biologics, an independent startup linked to GSK through 5-year vaccine discovery deal. Another member of GSK's external network of R&D partners, Adaptimmune ($ADAP), posted news this week. The T-cell receptor player is tripling the size of its synovial sarcoma trial, triggering a pair of milestone payments from its Big Pharma ally. Celyad, another immuno-oncology hopeful, struck a deal to advance its heart failure cell therapy toward an approval in China. Our final two stories concern filings for Nasdaq IPOs. Cortendo pitched to raise $86 million to finance its rare disease pipeline. Mapi Pharma, having tried and failed to list twice last year, filed the paperwork for a Nasdaq IPO once again. And more. Nick Taylor (email | Twitter)

1. LimmaTech sets up as de facto GSK vaccine R&D unit in wake of $190M buyout

LimmaTech Biologics, a spillover from the $190 million (€169 million) takeover of GlycoVaxyn by GlaxoSmithKline, has opened its doors. The biotech is starting life with GlycoVaxyn's research operation and a 5-year agreement to pump novel bioconjugate antigen‐based vaccines into GSK's pipeline.

2. Cortendo swings for $86M IPO to fuel late-phase orphan drug R&D drive

Swedish-American biotech Cortendo is pitching to raise $86 million (€76 million) on Nasdaq to pump into a pair of late-phase trial programs, the more advanced of which could lead to a regulatory submission in the back half of 2017.

3. Celyad set to scale up China-focused R&D activities after linking with Medisun

Cell therapy specialist Celyad is set to add Hong Kong to the clinical trial program of its ischemic heart failure treatment, giving its newly recruited partner Medisun data to support an attempt to crack the potentially lucrative Chinese market.

4. Adaptimmune pockets GSK payouts after tripling size of TCR trial

Adaptimmune has bagged two milestones from GlaxoSmithKline. The checks landed in Adaptimmune's bank account after it tripled the size of a Phase I/II synovial sarcoma trial of its NY-ESO-1-targeting T-cell receptor (TCR) therapy on the strength of data from the initial cohort.

5. Mapi Pharma makes third attempt to list on Nasdaq

Having tried and failed twice to pull off an IPO on Nasdaq, Israeli biopharma Mapi Pharma has arrived on Wall Street yet again in pursuit of $57.5 million (€51.2 million) to funnel into development of its once-a-month version of Teva's Copaxone.

And more articles of note >>

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