BRISTOL MYERS SQUIBB

IBT outperformed the NASDAQ Biotechnology Index with a NAV total return of 15.9% for the year ending 31/08/2024. The biotech sector recovered, driven by investor confidence in peaked interest rates. IBT's portfolio benefited from M&A activity, including Bristol Myers Squibb's acquisitions of Mirati Therapeutics and Karuna Therapeutics. The private equity portfolio, managed by SV Health, also had a successful year. Chair Kate Cornish-Bowden noted the sector's recovery, and the managers' strategy focuses on innovative technologies and capital preservation.

IBT outperformed the NASDAQ Biotechnology Index with a NAV total return of 15.9% for the year ending 31/08/2024. The biotech sector saw a recovery driven by investor confidence in interest rates peaking in 2023. IBT's portfolio benefited from M&A activity, including acquisitions by Bristol Myers Squibb. The private equity portfolio, managed by SV Health, also had a successful year. Chair Kate Cornish-Bowden noted the sector's recovery and attractive valuations. The managers' strategy focuses on innovative technologies and risk management, positioning IBT for future growth.

DelveInsight's 'Janus Kinase (JAK) Inhibitors Pipeline Insight, 2024' report details the global pipeline, including clinical trials, therapies, MOA, ROA, and key companies like Pfizer, Incyte Corporation, and AbbVie. It highlights emerging therapies like SDC-1801 and Povorcitinib, recent approvals such as upadacitinib for nr-axSpA, and ongoing Phase III trials like Incyte's povorcitinib for hidradenitis suppurativa.

SpaceX's 31st CRS mission for NASA will launch to the ISS on Nov 4, carrying over 24 ISS National Lab-sponsored payloads aiming to advance human health, space debris removal, and biomanufacturing in low Earth orbit.

CAR-T-cell therapy has shown potential in treating lupus, with patients experiencing complete remission. This treatment, originally for cancer, targets rogue immune cells, leading to drug-free remission in most lupus patients treated. Researchers hope this could be a breakthrough for other autoimmune diseases, inspiring cheaper and simpler strategies from cancer therapy. However, CAR-T's high cost and complexity limit its accessibility, prompting exploration of alternative therapies like BiTEs.

Teva Pharmaceuticals' TEV-479 (olanzapine) showed significant improvement in schizophrenia symptoms in Phase III SOLARIS trial, with all three doses outperforming placebo in social functioning and QoL. TEV-479, administered via subcutaneous injection, aligns with the potential of long-lasting treatments to improve adherence and outcomes. Safety data indicated no cases of PDSS, a concern with previous formulations. The findings were presented at Psych Congress 2024.

Samit Hirawat, BMS EVP, CMO, and head of development, discusses India's significance in clinical trials, BMS's $100M Hyderabad development center, and AI's role in accelerating drug development. He highlights Hyderabad's 2,000 employees, 800 in drug development, aiming for 50 clinical trials by 2026. He also mentions the need for regulatory changes to allow first-in-human trials and the potential of startups in drug development.

Small molecule therapies remain crucial; FDA approves BMS's Cobenfy for schizophrenia, Gilead licenses lenacapavir for HIV, ARS's neffy for anaphylaxis, AstraZeneca's Tagrisso for lung cancer, Bayer's darolutamide for prostate cancer, Novartis' Kisqali for breast cancer, and Pfizer withdraws voxelotor for sickle cell disease due to safety concerns.

Checkpoint inhibitors, like Merck’s Keytruda, have revolutionized immuno-oncology, but response rates have plateaued at 30%. A decade of research has led to a deeper understanding of cancer biology, setting the stage for a second wave of IO therapies, potentially driven by smaller biotech companies. This new wave will explore additional pathways beyond PD-1, with bispecifics and ADCs showing promise. The potential for cytokines and multi-specific antibodies offers hope for more effective, targeted cancer treatments.

FDA approves Bristol Myers Squibb's schizophrenia treatment, COBENZY, with fewer side effects; 69% of severely ill patients and 30% of stable patients showed improvement after a year. COBENZY targets different receptors and reduces common side effects like nausea and weight gain, but high cost ($22,500/year) and unknown side effects may limit its use.