Merck KGaA pursuing Springworks; BridgeBio wins EU drug OK
Today, a brief rundown of news involving Merck KGaA and BridgeBio Pharma, as well as updates from Biohaven, Third Harmonic Bio and AdvanCell that you might have missed.
Merck KGaA is in discussions with SpringWorks Therapeutics about a possible acquisition, the German drugmaker confirmed late Monday. While discussions are “advanced,” no legally binding agreement has been brokered and a transaction may not materialize, Merck KGaA said. “Critical conditions have yet to be met,” it added. Earlier on Monday, Reuters had reported the companies were in talks. Springworks shares rose by 34% Monday, but fell 4% Tuesday morning. — Ned Pagliarulo
The European Commission on Tuesday authorized BridgeBio Pharma‘s Beyonttra for people with a condition called transthyretin amyloidosis with cardiomyopathy. Also known as acoramidis, the drug was cleared in the U.S. in November as Attruby. Sales since then have gotten off to a faster-than-expected start. The latest clearance triggers a $75 million milestone payment to BridgeBio from Bayer, which holds commercial rights in Europe through a 2024 collaboration. That deal gives BridgeBio at least a “low thirties” percent royalty on sales there.— Ben Fidler
The Food and Drug Administration will decide whether to approve Biohaven’s experimental treatment for spinocerebellar ataxia within six months, granting the company’s new drug application priority review. If approved, Biohaven’s drug, called troriluzole, would be the first authorized medicine for the neurodegenerative disorder, which affects muscle movement and coordination. Testing, which compared study participants to an external pool of untreated patients, showed treatment slowed disease progression. Biohaven said it is prepared to launch troriluzole for spinocerebellar ataxia this year, should it win FDA clearance. — Ned Pagliarulo
Third Harmonic Bio will weigh “a full range of strategic transactions” as it works to advance its drug THB335 into Phase 2 testing for chronic spontaneous urticaria, the company said Tuesday. It plans to halve its staff and halt work on programs that aren’t THB335, for which it reported Phase 1 study findings on Tuesday. The restructuring could lead Third Harmonic to a merger, sale or licensing deal as it looks to “identify opportunities to maximize shareholder value.” As of Dec. 31, the company had $285 million in cash and cash equivalents. Third Harmonic raised $185 million in its 2022 initial public offering.— Gwendolyn Wu
Eli Lilly will expand its collaboration with AdvanCell, a radiopharmaceutical drug developer that last week raised $112 million in a Series C financing round. The companies’ work together will focus on AdvanCell’s technology for producing Pb-212, a lead radioisotope. Lilly has invested in radiopharmaceuticals through various deals and investments. Financial terms of its agreement with AdvanCell weren’t disclosed. — Ned Pagliarulo
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