Biotech stocks steady after Wednesday's slide
Biotech stocks traded relatively flat Thursday, recovering from moderate losses in intraday trading. The sector posted sharp declines earlier in the week as some investors feared that biotechs have become overvalued after a multi-year boom (see BioCentury Extra, March 25).
Genomics England partners with industry on 100,000 Genomes Project
Genomics England Ltd. (London, U.K.) said 10 pharma and biotech companies will form the Genomics Expert Network for Enterprises (GENE) Consortium. The group will collaborate with and analyze data from the U.K.'s 100,000 Genomes Project, which aims to sequence and study the genomes of 100,000 NHS England patients with a focus on rare diseases and cancers including breast, prostate, ovarian, hematological, pancreatic and colorectal.
EC approves Orexigen's Mysimba
Orexigen Therapeutics Inc. (NASDAQ:OREX) said the European Commission approved an MAA for Mysimba naltrexone/bupropion as an adjunct to reduced-calorie diet and increased physical activity to manage weight in adults who are obese or are overweight with weight-related comorbidities. Orexigen did not disclose a launch timeline and said it will seek commercialization partners outside of North America.
Celgene, MorphoSys end MOR202 deal
MorphoSys AG (Xetra:MOR; Pink:MPSYF) plummeted EUR 14.05 (20%) to EUR 54.71 after it regained rights from Celgene Corp. (NASDAQ:CELG) to MOR202, a human mAb against CD38 in Phase I/II testing to treat multiple myeloma (MM). The companies mutually agreed to terminate the partnership but did not give reasons.
Sovaldi among several Japan approvals
Japan's Ministry of Health, Labor and Welfare (MHLW) approved Sovaldi sofosbuvir from Gilead Sciences Inc. (NASDAQ:GILD) and a basket of other drugs on Thursday.
Jeffrey Yordon retired as chairman and CEO of specialty pharma Sagent Pharmaceuticals Inc. (NASDAQ:SGNT). Also, President James Hussey is departing. Yordon will remain a director. Board member Frank Kung will become chairman, and an executive management committee is leading the company while the board searches for a new CEO. Sagent shed $2.43 to $23.95 on Thursday.
Genfit reports Phase II NASH data
Genfit S.A. (Euronext:GNFT) said GFT505 missed the primary endpoint of the Phase IIb GOLDEN-505 trial to treat non-alcoholic steatohepatitis (NASH) according to the study's initial design. GFT505 met the endpoint after the company reanalyzed its data to account for baseline disease severity and trial site heterogeneity.
Conatus' emricasan meets Phase II endpoint
Conatus Pharmaceuticals Inc. (NASDAQ:CNAT) jumped $1 (17%) to $6.76 on Thursday after it said pan-caspase inhibitor emricasan met the primary endpoint of a Phase II trial to treat non-alcoholic fatty liver disease (NAFLD).
Flagship closes $537M Fund V
Flagship Ventures closed its oversubscribed Flagship Ventures Fund V at $537 million, exceeding its original target of $300 million. Flagship plans to invest the fund in 25-30 companies, with up to 75% going to healthcare companies and the remainder to the sustainability sector. Flagship CEO and senior managing partner Noubar Afeyan did not specify how much of the fund would be allocated to therapeutics, but said the sector "has been and will continue to be the majority of what we do."
Cerenis raises EUR 53.4M in Euronext IPO
Cardiovascular play Cerenis Therapeutics S.A. (Euronext:CEREN) raised EUR 53.4 million ($57.7 million) through the sale of 4.2 million shares at EUR 12.70 in an IPO on Euronext. The IPO price values Cerenis at EUR 225.9 million ($234.9 million). CM-CIC Securities and Gilbert Dupont were underwriters. Cerenis expects its shares to begin trading March 30.
OSE Pharma raises EUR 21.1M in IPO
OSE Pharma S.A. (Euronext:OSE) raised EUR 21.1 million ($22.8 million) in an IPO through the sale of 2 million shares at EUR 10.80. The price, which was the top of its proposed range of EUR 8-EUR 10.80, values the company at EUR 107.8 million ($116.4 million). OSE's shares are slated to begin trading March 30. Invest Securities served as lead manager, bookrunner and financial advisor.