Recent Funding:
TRex Bio (SF) Raises $84M Series B to Advance Immune Drug Research
TRex Bio secured $84M in Series B funding to push its second drug, TRB-061, into Phase 1 trials in 2025 for atopic dermatitis and ulcerative colitis. The company focuses on activating regulatory T cells (Tregs) to treat autoimmune diseases. Existing partnerships with Eli Lilly and J&J contributed milestone payments earlier this year. Delos Capital led the round, joined by corporate and venture backers. TRex aims to develop innovative immune therapies leveraging insights from human tissue research.
Trace Neuroscience (SF) Launches with $101M to Develop Antisense RNA Therapy for ALS
San Francisco-based Trace Neuroscience raised $101M in Series A funding led by Third Rock Ventures to advance an antisense RNA therapy targeting ALS. The startup focuses on restoring TDP-43 and UNC13A function, key to protein production disrupted in ALS. Trace’s lead program aims for clinical trials by 2026, leveraging insights from Biogen’s Qalsody. CEO Eric Green, co-founder of Maze Therapeutics, highlights ALS’s strong genetic targets as a driving factor for the venture.
Avenzo Therapeutics (SD) Licenses ADC Asset and Expands Series A to $386M
Avenzo Therapeutics has secured an exclusive option for ex-China rights to VelaVigo’s bispecific ADC, VBC103, targeting Nectin-4/TROP2 in urothelial and breast cancers, with potential milestone payments up to $800M. Alongside the deal, Avenzo raised $39M in a third Series A tranche, boosting its total funding to $386M. CEO Athena Countouriotis plans to expand the company’s ADC portfolio and grow its team from 35 to 80 in 2024, while eyeing IPO opportunities for 2025 or later.
Atlas Venture Pursues $450M Fund XIV with Focus on Strategic Discipline
Atlas Venture is targeting $450M for its 14th biotech fund, maintaining the same size as its 2022 raise. The firm emphasizes disciplined investment to maximize returns. In 2023 and 2024, Atlas added 18 portfolio companies, deploying $420M while maintaining a science-first approach. Its portfolio spans 56 companies with 147 pipeline programs, including almost 50 in clinical stages. Investments focus on small molecules, cell and gene therapies, biologics, and oligonucleotides, with significant activity in rare diseases (36%) and oncology (31%).
Recent Layoffs:
Gilead Sciences (SF) Plans HQ Layoffs Amid Strategic Refocus
Gilead Sciences is cutting 104 positions at its Foster City headquarters, impacting roles in public affairs, HR, and risk governance. This follows 72 layoffs announced in Seattle, where the company is closing its research facility, and plans to wind down operations at Kite Pharma’s Philadelphia site in 2025. These changes align with Gilead’s long-term goals, including six potential drug launches by 2030, starting with lenacapavir for HIV prevention in 2025. Severance and relocation options are offered to affected employees.
M&A, Deals, Partnerships:
Halozyme Therapeutics (San Diego) Proposes €2B Acquisition of Evotec
Halozyme Therapeutics has proposed acquiring Evotec SE for €11.00 per share in a €2 billion cash deal, a 109% premium to Evotec’s undisturbed share price as of mid-October 2024. The acquisition aims to integrate Evotec’s drug discovery and biologics platforms with Halozyme’s ENHANZE® technology, creating a U.S./European innovative services company. CEO Helen Torley highlighted the deal’s potential to scale revenue, expand biopharma partnerships, and accelerate drug development through shared technologies and capabilities.
FDA Approvals:
PTC Therapeutics (NJ) Gains FDA Approval for Kebilidi
PTC Therapeutics received FDA conditional approval for Kebilidi, the first U.S. gene therapy for AADC deficiency, a severe neurological disorder in infants. Delivered via brain infusion, the therapy showed early motor function improvements in trials. Approval follows challenges including European rejection of its Duchenne drug Translarna and prior layoffs. PTC also earned a rare pediatric disease voucher for Kebilidi, already sold as Upstaza in Europe.
Azurity Pharmaceuticals (MA) has received FDA approval for Danziten
Danziten is an oral nilotinib formulation designed for newly diagnosed Philadelphia chromosome-positive chronic myeloid leukemia. Unlike Tasigna (nilotinib), which requires fasting due to bioavailability spikes with food, Danziten offers improved bioavailability, reducing dosing and eliminating mealtime restrictions. This advancement helps mitigate Tasigna’s cardiac side effects, and Azurity expects to make Danziten available soon.
Syndax Pharmaceuticals (MA) secures FDA OK for new kind of leukemia drug
Syndax Pharmaceuticals has received FDA approval for Revuforj, the first menin inhibitor, targeting relapsed or refractory acute leukemia with KMT2A mutations. Priced at $475,000 annually, the drug showed complete remission in 20% of trial patients. A black box warning highlights the risk of differentiation syndrome, observed in 29% of cases. Syndax plans to launch Revuforj in November, estimating peak annual sales of $200M for this indication, with additional low-dose options arriving next year.
