Recent Funding:
Valora Therapeutics (San Diego) Raised $30 million in Seed Funding
Valora Therapeutics, emerging from the lab of Nobel laureate Carolyn Bertozzi, focuses on developing antibody-lectin chimeras (AbLecs) to target glycosylated proteins involved in cancer and immune diseases. These AbLecs are engineered to improve the precision and efficacy of cancer immunotherapy. The company secured $30 million in seed funding co-led by Avalon BioVentures, Bregua Corporation, and TigerGene, with Alexandria Venture Investments and Correlation Ventures participating. Valora operates its R&D facilities from Avalon’s accelerator in San Diego.
Venrock (SF) Increases Healthcare Investment with $500M Fund
Venrock has launched an additional $500 million healthcare fund, separate from its $650 million 10th fund announced in January. This new capital will support ongoing investments in biotech and pharma, alongside existing Venrock Healthcare funds. The firm has been active, recently participating in Metsera’s $215 million Series B and investing in multiple biotech startups, including Jade Biosciences and Cavalry Biosciences.
FDA Approvals:
BridgeBio Pharma Receives FDA Approval for Acoramidis
BridgeBio Pharma’s Acoramidis has been approved by the FDA as a treatment for transthyretin amyloid cardiomyopathy (ATTR-CM), a rare and progressive heart disease. The drug will compete with Pfizer’s Vyndaqel, targeting a market valued at $1.5 billion annually. Acoramidis is positioned as a more potent alternative due to its ability to stabilize transthyretin proteins effectively. This FDA approval marks a critical milestone for BridgeBio, which aims to establish its credibility as a drug commercializer despite its “science-focused” reputation.
Syndax Pharmaceuticals Gains FDA Approval for Leukemia Therapy
The FDA has approved Syndax Pharmaceuticals’ Revumenib (marketed as Revuforj) for treating acute leukemia patients with KMT2A rearrangements or NPM1 mutations. This groundbreaking oral menin inhibitor offers a targeted approach for patients with few other options, representing a major milestone in Syndax’s pipeline and a critical advancement for personalized leukemia treatments.
Other Interesting News:
Halozyme (SD) Withdraws $2.1B Bid for Evotec (Hamburg)
Halozyme withdrew its $2.1 billion offer for Evotec after the German company refused to engage in discussions. Evotec’s leadership expressed confidence in its independent strategy despite significant share price declines this year. Halozyme had sought to diversify revenue and extend growth through the acquisition, following its purchase of Antares Pharma in 2022. Evotec shares fell 18% after the announcement.
Johns Hopkins Surgeon Makary is Trump’s Pick to Lead FDA
President-elect Donald Trump has nominated Marty Makary, a Johns Hopkins surgeon and health policy expert, as FDA commissioner. Known for his critiques of FDA practices and pandemic-related policies, Makary describes himself as “pro-vaccine” while opposing broad COVID-19 vaccine mandates for young adults and children. If confirmed, Makary will oversee FDA operations, including drug and device approvals and food safety, while working under HHS Secretary Robert F. Kennedy Jr., whose views on vaccines have sparked controversy.
Amgen (LA) Appoints New R&D Chief
Amgen has named Howard Chang, a seasoned biotech entrepreneur and Stanford professor, as its new Chief Scientific Officer, succeeding David Reese. Chang’s career highlights include founding multiple biotech companies and pioneering work in RNA epigenetics. His appointment signals a focus on expanding Amgen’s innovative research portfolio. Chang’s leadership will drive Amgen’s exploration into cutting-edge scientific fields and potentially lead to novel therapeutics.
