Finance Watch: More Job Cuts As Companies Prioritize Cash Conservation
BridgeBio Sold PRV After Workforce Reduction
Executive Summary
Public Company Edition: Applied Molecular Transport, Scholar Rock, Agios and others join many of their peers in revising their strategies and downsizing their teams. Also, Zentalis grossed $200m from a follow-on offering and OKYO Pharma went public in the year’s smallest biopharma IPO in the US.
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Scholar Rock Looks To Augment Existing Therapies In Spinal Muscular Atrophy
Phase III study under way may lead to filing of drug meant to address muscular component of the rare disease, with existing therapies such as Spinraza targeting neurological aspects.
Finance Watch: Signs Of Life? A Small Offering, Three New Filings And Galderma Hints At An IPO
Public Company Edition: Private Galderma raised $1bn but said its next likely financing will be an IPO. Also, Azitra went public while Turnstone, Apogee and Sagimet initiated the process; Sutro signed a royalty deal for up to $390m; and despite a follow-on offering mini-surge, cost cuts continue.
Finance Watch: Ferring Shutters San Diego R&D Site As Even Money-Making Firms Cut Costs
Restructuring Edition: After reporting record revenue, but lower profits due to rising costs, Ferring has decided to consolidate R&D in Europe. Also, Codiak has filed for Chapter 11 bankruptcy and will sell off its assets, while Exicure, Applied Molecular Transport, Gamida Cell and others revealed new job cuts.