Deal Watch: Pfizer Circles Allergan, Which Continues Its Own M&A
Executive Summary
Allergan remains active, acquiring EU rights to Ironwood's linaclotide from Spain's Almirall. Novartis adds to its immuno-oncology pipeline with Admune purchase, it third I-O transaction in the past month.
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Finance Watch: Adlai Nortye Raises $97.5m In IPO, Brings US Total To 18
Public Company Edition: Cancer-focused Adlai Nortye launched a concurrent initial public offering and private placement, while four other drug developers announced or completed SPAC mergers. Also, Sobi grossed $540m in a rights issue and Immunovant followed early data with a $450m FOPO.
Deals in Depth August 2023
In the top August alliance by deal value, Precision BioSciences licensed Imugene global rights to azercabtagene zapreleucel (azer-cel), its lead allogeneic anti-CD19 CAR T candidate for cancer. Imugene will assume ongoing clinical execution for azer-cel in the large B-cell lymphoma population who have relapsed following autologous CAR T treatment. The license also includes an option to develop up to three other cancer research programs in the future. Precision will receive $21m up front and is eligible for $8m upon successful completion of the Phase Ib dosing in the CAR T relapsed LBCL patient population. For azer-cel, Precision is eligible to receive up to $198m in additional milestone payments plus royalties. For each additional research program selected by Imugene, Precision is eligible for up to $145m in milestone payments and tiered royalties on net sales.