GeneOnline’s Weekly News Highlights: July 3-7

GeneOnline’s editorial team has compiled a digest of top international biotechnology and healthcare news of the week to help readers keep abreast of global biomedical industry updates.

Singapore’s Top-funded Biotech Start-up Announces Liquidation Following Failure of Fundraising

Founded in 2001, Tessa Therapeutics is a clinical-stage biotechnology company developing next-generation cell therapies for both solid tumors and hematological malignancies. However, despite being backed by Singapore’s top investors including Temasek Holdings and the government-linked EDBI, Tessa still failed to raise more capital to sustain operations and develop its cell therapies for cancers. As a result, this Singapore-based biotech start-up has announced to its shareholders the intent of initiating liquidation procedures in the near future.  

Samsung Biologics Expands Partnership with Pfizer to Strengthen Manufacturing of Biosimilars

On July 4, South Korea’s Samsung Biologics announced two deals worth a combined $897 million with Pfizer, including a $704 million contract, as well as an additional $193 million order that is a follow-up to a deal previously announced in March. The latest deals will see the biotech division of the Samsung Group produce biosimilar products ranging from oncology and inflammation to immunotherapy in the period to 2029 at its newly built Plant 4 in South Korea.

Evotec SE Secured a $74M Deal From the U.S. Department of Defense to Combat Orthopoxviruses

On July 5, Evotec SE, a prominent German biotechnology company announced that it has secured a contract valued at up to $74 million from the U.S. Department of Defense (DOD). The objective of this contract is to accelerate the development of prototypes for monoclonal antibody drugs that target orthopoxviruses, a group of viruses including smallpox, monkeypox, cowpox, and vaccinia virus. This collaboration with the DOD marks Evotec’s second project under the Accelerated Antibodies Program.

F-star Announces Collaboration with Takeda to Develop Next Generation Immunotherapeutics

F-star Therapeutics announced on July 5 that they have entered into a collaboration and license agreement with Takeda to develop next-generation immunotherapeutics for cancer patients. As per the agreement both companies will jointly research and develop bispecific antibodies for immunotherapeutics. Also, the British clinical-stage biotech will receive funding from Takeda for future research for the duration of the agreement.

FDA Granted Eisai and Biogen’s Alzheimer’s Drug a Traditional Approval, Opening Possibility for Medicare Coverage

July 6, 2023 marks a monumental day in the development of Alzheimer’s disease treatment. On this day, the U.S. Food and Drug Administration (FDA) announced the conversion of an accelerated approval of Eisai and Biogen’s Leqembi (lecanemab-irmb) to a regular (traditional) approval. This is the first time the FDA has granted regular approval for a new Alzheimer’s drug in 20 years, and it opens the possibility of coverage for millions of Medicare recipients.

Thermo Fisher Acquires CorEvitas for $912.5 Million 

On July 6, Thermo Fisher Scientific announced they have reached an agreement to acquire CorEvitas for $912.5 million in cash. Based near Thermo Fisher’s headquarters in Waltham, Massachusetts, CorEvitas is a real-world data intelligence company that uses analytic services and data to understand the effectiveness and safety of approved therapies. This acquisition of CorEvitas will improve Thermo Fisher’s capabilities to serve their customers and improve patient outcomes. The deal is expected to be finalized by the end of 2023. 

Billion-Dollar M&A Deal of Two Nordic Biotechs May Bring Forth a World Leader in Tissue Regeneration

On July 7, Danish healthcare company Coloplast announced that it plans to acquire the biologics wound care segment company Kerecis for up to $1.3 billion. This Iceland-based biotech company has the goal of improving wound care treatment and is doing so with their fish skin technology, which allows for improved wound healing and possesses similarity to human skin. Out of the total acquisition amount, $1.2 billion will be an upfront cash payment and the rest will be a potential earnout of up to $100 million. Coloplast’s strategic action demonstrates its commitment to developing wound care solutions.

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GeneOnline Team