Deal Watch: Gilead Grows Oncology, Inflammation Pipeline With XinThera Buy
Syneos Purchased For $7.1bn In Go-Private Deal
The XinThera deal gives Gilead multiple PARP1 and MK2 inhibitors. Also, Roche licenses a HER2 kinase inhibitor from Zion, Amgen partners with TScan in Crohn’s disease and Baxter sells the last of its biopharma operations – a CDMO business – for $4.5bn.
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The medtech industry’s overall revenue growth has slowed down in the last year along with a decline in M&A activity and venture spending in the sector, according to a new report from Ernst & Young. The authors proposed that to overcome those challenges, medtech should invest in a new health care system that is digitized, connected, and intelligent.
Public Company Edition: Follow-on offerings did not surge after ASCO, but Day One and Cogent raised $150m-plus. Also, IQVIA and Ionis sold $1.25bn and $500m in notes, while Krystal and Lexicon grossed $160m and $125m from post-approval offerings.
The biotech’s pamrevlumab fails a Phase III study in non-ambulatory Duchenne muscular dystrophy, but the antibody still has a shot in ambulatory DMD, as well as IPF and pancreatic cancer.