Jun 13 Pharma Business news

The Business Cocktail

Telegenomics Company Genome Medical nets USD 23 M

Genome Medical, a telegenomics company, having expertise in delivering genome-based medicine has raised USD 23 Million in series B funding.  The proceeds will be used by the company to accelerate the development of its technology and medical services to support patients, physicians and healthcare systems. The financing was led by Echo Health Ventures, a strategic collaboration of Cambia Health Solutions and Mosaic Health Solutions. The company is confident of meeting the rising demand for genetic services along with education, consent, pre-test genetic counselling, etc. with the help of proceeds.

Merck acquires Tilos for USD 773 M

Merck Therapeutics has signed an agreement to buy a private biopharma company Tilos Therapeutics for up to USD 773 Million. The news came after a month of Merck acquiring oncology drug developer- Peloton Therapeutics, for USD 105 billion. Tilos, founded in 2016, has been focusing on developing an array of antibodies that target LAP – a protein that forms a cage around TGF-beta and keeps the cytokine inactive until it is deployed. The acquiring of Tilos will give Merck an exposure into TGF-beta- anti-LAP antibodies, aiming to offer patients struggling with cancer, fibrosis and autoimmune diseases an effective therapy.

ADC nabs USD 76 M in a series E funding

ADC Therapeutics has closed a USD 76 million expansion of its Series E financing raising its total proceeds to USD 276 million.  The company, since its commencement in 2011, has successfully raised USD 531 million. The proceeds will be used to enhance the development of pyrrolobenzodiazepine (PBD)-based ADCs for the treatment of haematological cancer and solid tumors. ADC Therapeutics also plans to successfully run the Phase II clinical trial of ADCT-402 and ADCT-301 in patients with Hodgkin and non-Hodgkin lymphomas and solid tumors.

Sobi buys Novoimmune R&D assets

Sobi, a Swedish rare disease company dedicated to providing access to innovative treatments in rare diseases, today announced the acquisition of immunology R&D capabilities from Novimmune including emapalumab and related assets for USD 518 Million. Sobi’s lead drug candidates and therapy pipeline are already dominated by pre-clinical trials in Immunology and Hematology. However, through this acquisition, the company plans to shift its focus to late-stage assets for the same by divesting SOBI003 and preclinical program SOBI006. Also, the company plans to lay the foundation of its new centres in Sweden and Switzerland, where Novoimmune is based.

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