Los Angeles-based startup TORL BioTherapeutics on Wednesday closed a $158 million oversubscribed Series B-2 funding round, which will go toward the advancement of its pipeline of novel antibody-drug conjugates for oncology.
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Takeda will launch global Phase III trials of its investigational oral ORX2 agonist TAK-861 in narcolepsy type 1 in the first half of fiscal year 2024 and abandon the candidate’s development in narcolepsy type 2.
To come up with this list, BioSpace identified companies that launched between September 2022 and September 2023 with Series A funding. They were then assessed using several different criteria including finance, partnerships, pipeline, growth potential and innovation.
Sandoz plans to launch at least five additional biologic drugs, its CEO Richard Saynor said, as the generics drugs business of Switzerland’s Novartis works to enhance its investor appeal ahead of its market debut next month.
A Takeda spokesperson said the layoffs are not part of a larger initiative to reduce staff across the company. Rather, they are part of an effort to make sure the company is “best positioned to meet [its] current and future priorities.”
The companies said in first-quarter earnings calls that they want to restructure R&D, cut costs and shift away from high-risk drug development to focus areas.
To sharpen its focus on its core therapeutic areas, Novartis is discontinuing or licensing out 10% of its clinical development programs, the company announced Tuesday during its first-quarter financial report call with investors.
GSK has dropped both GSK3915393, an investigational celiac disease therapeutic, and GSK3878858, a Staphylococcus aureus vaccine hopeful, from its clinical development roster, the company revealed Wednesday.
GSK on Wednesday beat fourth-quarter profit and sales forecasts helped by sales of its blockbuster shingles vaccine Shingrix and unveiled an upbeat forecast for 2023.
Among the pharma company updates, Teva’s new CEO Richard Francis is confident about the company’s growth, while Y-mAbs President Thomas Gad offered more insights into the company’s 35% workforce reduction and pipeline restructuring.