Regeneron bispecific approved for myeloma; Concentra to buy IGM

Today, a brief rundown of news involving Regeneron Pharmaceuticals, IGM Biosciences and Catalio Capital, as well as updates from Roche, Hikma Pharmaceuticals and several others that you may have missed.

The Food and Drug Administration on Wednesday approved Regeneron Pharmaceuticals bispecific antibody linvoseltamab for relapsed or refractory multiple myeloma. The clearance was based on tumor response rates in clinical testing and is conditional on Regeneron obtaining confirmatory evidence of the drug’s benefit in further study. Regeneron previously tried to secure an FDA OK of the drug last year, but had its application rejected due to issues with a third-party manufacturer. Linvoseltamab, which Regeneron will sell as Lynozyfic, is one of two bispecific antibodies the company hopes will boost its oncology business. The other, odronextamab, is under regulatory review for lymphoma, with a decision expected by July 30. — Ned Pagliarulo

Concentra Biosciences is buying another struggling biotechnology company, this time agreeing to pay roughly $1.25 per share to acquire IGM Biosciences. The entity controlled by Tang Capital Partners announced Tuesday that IGM’s shareholders would also receive a contingent value right equal to 80% of the proceeds of a deal involving IGM’s intellectual property and experimental drugs, as well as all net cash in excess of $82 million at closing. IGM’s board unanimously approved the merger agreement, and the deal is expected to close in August. Last month, Concentra brokered a similar agreement with Elevation Oncology, and previously acquired companies Jounce Therapeutics and Kronos Bio. — Gwendolyn Wu

Venture capital firm Catalio Capital Management has brought in more than $400 million for its latest healthcare investment fund, according to a Tuesday announcement. The fund is its fourth since launching in 2020. Recently, Catalio invested in the AI drug discovery company Superluminal Medicines and antibody-drug conjugate developer Alentis Therapeutics. Catalio will continue investing in “deals with prospects for near-term liquidity,” as well as “prospects for long-term growth,” said Diamantis Xylas, Catalio’s head of research. — Gwendolyn Wu

With biotech markets still unsettled, several drugmakers this week turned to royalty and debt deals to obtain new funding. BridgeBio Pharma secured $300 million to support launching its new drug Attruby with an agreement that sells some of the company’s royalties on sales of the medicine in Europe, where it’s marketed by Bayer. Meanwhile, Dyne Therapeutics will receive up to $275 million in debt financing via a deal with Hercules Capital, and Apellis will trade Sobi up to 90% of ex-U.S. royalties on sales of its drug Aspaveli for as much as $300 million. — Ned Pagliarulo

Roche said two of its top executives will be retiring from the company, leaving vacancies on its corporate executive committee. Johannes Clevers, head of Roche pharma research and early development since 2022, will step down in August from his current role but remain as leader of the company’s Institute of Human Biology until a successor can be found. Barbara Schädler, head of group communications who’s been employed by Roche since 2019, will retire at the end of the year. Roche said it will announce successors “in due course.” — Jonathan Gardner

Generic drugmaker Hikma plans on spending $1 billion to boost its U.S. manufacturing and research and development capacity by 2030, the company said Saturday. Hikma said the expansion will “increase the company’s US-based capacity to produce large volumes of high-quality and affordable medicines,” which currently stands at 12 billion doses a year. The U.K.-based company joins Johnson & Johnson, Eli Lilly, Merck & Co., Novartis, Roche and Gilead Sciences in pledging to build up U.S.-based manufacturing as President Donald Trump has threatened tariffs on drugs produced overseas. Hikma has facilities in Ohio and New Jersey. — Jonathan Gardner

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