Recent Funding:
Blackstone (NY) Raises Multi-Billion-Dollar Life Sciences Fund for Biotech Investments
Blackstone is raising another life sciences fund, targeting at least $5 billion, following its previous 2020 fund. Initial closings have already secured $1.6 billion. The firm continues its strategy of large-scale investments, backing late-stage programs such as Moderna’s flu vaccines ($750M), Alnylam’s RNAi drugs ($2B), and Sanofi’s anti-CD38 therapy ($330M).Part of a broader surge in life sciences funding, joining major 2023 raises from Flagship Pioneering, Bain Capital Life Sciences, ARCH Venture Partners, and others.
8VC (TX) Targets $1B for Sixth Fund, Expanding Life Sciences Investments
8VC is raising a nearly $1 billion fund, continuing its investments in biotech, digital health, and other tech-driven sectors. Portfolio includes notable life sciences companies such as Altos Labs, BigHat Biosciences, Vir Biotechnology, and Mammoth Biosciences. Part of a wave of new biotech VC funds alongside Curie.Bio and Aditum Bio, signaling strong investor confidence in healthcare and biotech innovation.
Biotech Accelerator Curie.Bio Raises $340 Million for a New Seed Fund
Curie.Bio, a biotech accelerator and investment firm founded by Alexis Borisy and Zach Weinberg, has raised $340 million to invest in startups. The firm aims to disrupt traditional biotech financing by offering both capital and expert support to founders. Since its inception in 2022, Curie.Bio has received around 4,000 applications and invested in 26 startups, maintaining a less than 1% acceptance rate.
Recent Layoffs:
Zentalis (SD) lays off 40% of staff, whittles down indications for WEE1 inhibitor
Zentalis Pharmaceuticals is laying off approximately 40% of its staff and refocusing its pipeline candidate, a WEE1 inhibitor called azenosertib, on a smaller group of ovarian cancer patients who express high levels of cyclin E1. The company plans to begin the DENALI Part 2 study, targeting platinum-resistant ovarian cancer with azenosertib, aiming for accelerated approval by 2026. Zentalis is also halting work on colorectal cancer for azenosertib due to resource prioritization. The company’s leadership has been reshuffled with new CEO Julie Eastland.
IPOs:
Metsera (NY) & Maze Therapeutics (SF) Raise $275M & $140M in Nasdaq IPOs
Metsera targets obesity with a GLP-1 receptor agonist in Phase 2b, capitalizing on investor enthusiasm for what could become the largest pharmaceutical market in history. Maze Therapeutics advances small molecule therapies for kidney disease, with a Phase 2 APOL1 kidney disease candidate and multiple partnerships, including Neurocrine and Shionogi. Both IPOs signal renewed investor interest in biotech, following a wave of filings from companies like Sionna, Odyssey, Aardvark, and Aurion.
Akero Therapeutics (SF) Announces Proposed Public Offering of Common Stock
Akero Therapeutics is launching a $300 million public offering of its common stock, with an option for underwriters to purchase an additional $45 million worth of shares. Akero focuses on developing treatments for serious metabolic diseases, such as MASH (Metabolic Dysfunction-Associated Steatohepatitis). Their lead drug candidate, efruxifermin (EFX), is being evaluated in multiple Phase 3 studies for MASH and related conditions. The offering is led by J.P. Morgan, Morgan Stanley, and Jefferies. The proceeds from this offering will help advance Akero’s clinical trials, particularly for its ongoing SYNCHRONY program. Akero is a clinical-stage company aiming to address high unmet medical needs in metabolic diseases, including its current work in liver diseases like MASH.
FDA Approvals:
Vertex Pharmaceuticals Wins FDA Approval for Non-Opioid Painkiller Journavx
Journavx (suzetrigine) is the first NaV1.8 sodium channel blocker approved for moderate-to-severe acute pain, offering a non-opioid alternative for post-surgical and injury-related pain. At $15.50 per pill (~$900 for 30 days), Journavx is significantly more expensive than generic opioids, but Vertex expects strong demand from physicians and patients seeking safer options. Chronic pain applications are next, with a Phase 3 trial in diabetic peripheral neuropathy starting this year, despite mixed Phase 2 results in chronic pain.
FDA Approves Axsome’s Acute Migraine Treatment After 2022 Rejection
Axsome Therapeutics received FDA approval for its migraine treatment, Symbravo, which is designed to rapidly absorb meloxicam, a component used for osteoarthritis and psoriatic arthritis, for the treatment of acute migraines with or without aura. Symbravo was initially rejected in May 2022 due to manufacturing process issues, but after adjustments, it now joins Axsome’s approved products, including Sunosi and Auvelity. A commercial rollout plan is in development, but pricing details will be shared closer to launch.
Other Interesting News:
Genentech (SF) Sues Federal Government Over Alleged 340B Program Abuse
Genentech alleges that ineligible STD clinics are wrongfully receiving 340B drug discounts, citing clinics focused on rheumatology and dermatology rather than sexually transmitted diseases. The lawsuit follows a similar joint legal action by Amgen, Eli Lilly, and UCB, with both cases highlighting concerns over Nevada-based Sagebrush Health Services as an example of alleged abuse. The pharmaceutical industry continues to push for 340B program reforms, arguing that lax oversight has enabled improper discount claims at the expense of drugmakers.
BioAge (SF) officially drops Phase 2 obesity drug
Discontinuation of Azelaprag: BioAge has ceased development of azelaprag, an APJ agonist for obesity, due to liver-related side effects observed in the Phase 2 trial. NLRP3 Inhibitor BGE-102: BioAge has nominated BGE-102, a brain-penetrant NLRP3 inhibitor, as a development candidate for diseases linked to neuroinflammation. Initial Phase 1 data is expected by the end of 2025. BioAge has formed a collaboration with Novartis to discover new targets at the intersection of aging biology and exercise, and with Lilly ExploR&D to develop therapeutic antibodies targeting metabolic aging. As of September 2024, BioAge has $334.5 million in cash, extending its runway into 2029.
