AbbVie's schizophrenia drug emraclidine failed two mid-phase trials, performing no better than placebo, resulting in a $40 billion market cap loss for the company. This setback follows the recent approval of Bristol Myers Squibb's Cobenfy, the first new schizophrenia drug in decades, which boosted BMS's share price by 12%. The failure raises concerns for other companies developing similar drugs in the same class.
AbbVie has acquired Roche spinout Nimble Therapeutics for $200 million, focusing on oral peptide treatments for autoimmune diseases. The deal includes undisclosed interim payments and potential milestone payments for shareholders. Nimble's lead asset is a preclinical IL23R inhibitor for psoriasis, with additional candidates targeting inflammatory bowel disease and other autoimmune conditions.
Gilead Sciences has appointed Dietmar Berger, M.D., Ph.D., as its new chief medical officer, recruiting him from Sanofi to replace Merdad Parsey. Berger, a cancer specialist with extensive experience at Genentech and Sanofi, will oversee Gilead's oncology pipeline, which is crucial for the company's growth strategy. He is set to start on January 2, 2024, as Gilead aims to enhance its oncology business amid significant clinical developments.
Roche is offering $9.00 per share in cash for Poseida Therapeutics, along with a contingent value right worth up to $4.00 per share. The tender offer expires on January 7, 2025, and the acquisition is expected to close in the first quarter of 2025, pending regulatory approvals and majority share tendering. Risks include potential competing offers, regulatory hurdles, and legal proceedings.
Roche's subcutaneous Lunsumio has shown comparable efficacy to its intravenous version in treating follicular lymphoma, with an overall response rate of 76.6% versus 81.1% for IV. The new formulation offers advantages in administration time and safety, with lower rates of adverse events and cytokine release syndrome. Roche is also advancing its bispecific therapies, including trials for Lunsumio in combination with other treatments for diffuse large B-cell lymphoma.
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