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A cancer cell therapy from Arcellx and Gilead has shown promising results, reducing or eliminating signs of multiple myeloma in 95% of advanced-stage patients. Unlike the leading therapy Carvykti, none of the trial participants experienced movement disorders, making this treatment potentially safer. However, while analysts see anitocabtagene autoleucel as effective, some believe Carvykti may still be preferred due to its established efficacy.
The intratumor cancer therapies market, valued at $151.5 million in 2022, is projected to grow at a CAGR of 9.9% from 2023 to 2030, driven by advances in immunotherapy and personalized medicine. Monoclonal antibodies are leading the technology segment, while lung cancer remains the primary application area. North America is the dominant market, fueled by rising cancer prevalence and increased awareness of innovative treatment options.
Bristol Myers Squibb Co. has raised its 2024 earnings guidance following stronger-than-expected revenue and profit, driven by high demand for the blood-thinner Eliquis and new treatments. The adjusted earnings are now projected to be between 75 cents and 95 cents per share, reflecting a 10-cent increase at the midpoint of previous estimates.
Bristol Myers Squibb reported third-quarter earnings of $1.80 per share on $11.89 billion in revenue, surpassing expectations, driven by Eliquis and its Growth Portfolio. The company raised its full-year revenue guidance and adjusted earnings forecast while preparing for cost cuts and potential revenue losses from upcoming drug exclusivities. Notably, the FDA approved its new schizophrenia drug, Cobenfy, marking a significant advancement in treatment options.
Biogen has appointed Daniel Quirk as Medical Director and Head of Medical Affairs, effective October 28, 2024. Quirk, who previously served as senior vice president of global medical affairs for immunology and neuroscience at Bristol-Myers Squibb, will report to Priya Singhal, Head of Development.
The third-quarter earnings season for major drugmakers, including Pfizer, Eli Lilly, AbbVie, Merck, and Bristol Myers Squibb, is underway, with Pfizer expected to report results on Oct. 29. Pfizer has consistently exceeded earnings expectations, with a four-quarter average surprise of 69.82%, despite declining COVID product sales. Overall, the Medical sector anticipates a 3.5% year-over-year earnings increase and an 8.8% revenue growth.
AbbVie has agreed to acquire Aliada Therapeutics for $1.4 billion, gaining access to innovative drug delivery technology aimed at overcoming the blood-brain barrier and a clinical-stage Alzheimer’s treatment, ALIA-1758. This move aligns with AbbVie’s focus on neuroscience, enhancing its capabilities in developing therapies for neurological disorders. The deal is expected to close by year-end and reflects a strategic investment in a sector facing challenges but also potential breakthroughs.
Novartis has entered a $150 million deal with Monte Rosa Therapeutics to develop molecular glue degraders targeting the immune signaling protein VAV1, which is considered "undruggable." The partnership could yield up to $2.1 billion in additional payments based on development milestones. Monte Rosa will complete the ongoing Phase 1 study of MRT-6160, while Novartis will manage further development, with both companies sharing profits and losses from commercialization.
Ottimo Pharma has launched under the leadership of former Seagen CEO David Epstein, focusing on a bi-functional antibody, jankistomig, that targets both PD-1 and VEGFR2 to enhance cancer immunotherapy. The startup aims to initiate its first clinical trial next year, with backing from Medicxi. Epstein emphasizes the drug's potential to significantly benefit patients with various solid tumors, while industry veterans Mehdi Shahidi and James Sabry join the team to drive development and strategy.
Lyell Immunopharma is acquiring cell therapy startup ImmPact Bio for $30 million in cash and 37.5 million shares, with potential additional shares based on milestones. The company is streamlining its research focus on differentiated cellular immunotherapies for cancer, including the promising IMPT-314 therapy for blood cancers, while halting less successful projects. Following challenges since its IPO, Lyell aims for a turnaround with a financial runway extending into 2027.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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