Finance Watch: Theravance Eliminates Debt In $1.1bn Trelegy Royalty Sell-Off
Also, Ultragenyx Leverages Crysvita Royalties In $500m Deal
Public Company Financings: Theravance sold its 85% interest in Trelegy royalties from GSK and Innoviva sold its 15% interest for up to $1.8bn in total. Also, ProKidney grossed $597m from its SPAC merger, Pliant raised $200m in a post-Phase IIa offering and Marinus earned $110m in a PRV sale.
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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.
The US biotech has nabbed a deal with Regeneron to develop bispecific cancer therapies by combining their respective technology platforms, getting $30m upfront in a positive twist of fate following a recent clinical trial challenge.
The California-based biotech is reducing its workforce to help finance a Phase II study of Ixo-vec, its eye gene therapy which has been blighted by safety concerns.