ADAPTIMMUNE LLC

Halozyme offers to buy Evotec for €2B; Bluebird records first revenue from Lyfgenia; BeiGene rebrands as BeOne Medicines; Adaptimmune to lay off 33% of staff; Leerink Partners adds senior M&A directors; Abeona awaits FDA decision on pz-cel.

Adaptimmune's Phase II trial of lete-cel met primary endpoint, showing 42% response rate in synovial sarcoma and MRCLS patients. The company plans to submit a BLA to FDA by end of 2025, aiming for a second sarcoma approval.

Adaptimmune's TCR-T cell therapy Lete-cel achieved a 42% response rate in NY-ESO-1-positive advanced or metastatic synovial sarcoma or myxoid/round cell liposarcoma patients. The company plans to submit a second marketing authorisation application to the FDA by 2025. Adaptimmune received the first accelerated FDA approval for afami-cel, its TCR-T therapy against solid tumours, following support from Galapagos NV.

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Deutsche Bank reduced its price target on Galapagos NV to €28 from €30, maintaining a Hold rating due to the absence of immediate catalysts and clinical development risks. The focus is on data updates from ASH 2024 and the buildup to 2025's catalysts, with no significant stock movement expected in the near term. Galapagos reported solid Q3 results, including a strong cash position and advancements in oncology and immunology programs, but remains unprofitable with declining revenue.

Galapagos NV reported strong Q3 financials with EUR 3.3 billion in cash, advancing 15+ programs, and preparing for multiple IND applications. Key achievements include FDA IND clearance for GLPG5101, U.S. patient recruitment for Phase II ATALANTA study, and strategic collaborations expanding cell therapy manufacturing. The company plans to submit an IND for GLPG5201 in early 2025 and is confident in its CAR-T data, despite a competitive market. Next financial results call is scheduled for February 13, 2024.

Philadelphia-area life sciences industry nears 900 layoffs since 2022 due to reduced investment and focus on late-stage development, with companies like Verrica Pharmaceuticals and Spark Therapeutics cutting jobs.

Philly biotech Adaptimmune prepares to produce its first doses of a novel cancer treatment, Tecelra, for synovial sarcoma. Pennsylvania faces the nation's largest whooping cough outbreak, and local hospitals grapple with IV fluid shortages due to Hurricane Helene. Philadelphia sees a drop in overdose deaths but racial disparities in mortality are widening.

E. Heath reports advisory/consulting, steering committee, honoraria/paid travel, speaker’s bureau, and research support from various companies. J.R. Ribeiro, K. Poorman, and J. Xiu report personal fees and other support from Caris Life Sciences. H. Mamdani reports other support and grants from Daiichi Sankyo, AstraZeneca, and Genentech. A.F. Shields reports personal fees from Caris Life Sciences. G.L. Lopes reports stock ownership, honoraria, consulting, research funding, travel, and other relationships with multiple companies. S.A. Kareff reports personal fees and travel grants from various organizations. M. Radovich and G.W. Sledge report other support from Caris Life Sciences. G.A. Vidal reports relationships with Guardant360, Gilead, BillionToOne, Genentech/Roche, GSK, and AstraZeneca. J.L. Marshall reports personal fees from Caris. No other disclosures were reported by the other authors.