BRISTOL MYERS SQUIBB

Cendakimab, under development for eosinophilic esophagitis and gastroenteritis, is expected to generate $143 mn in annual revenue by 2037 in the US. Bristol-Myers Squibb, a biopharmaceutical company, reported revenues of $45,006 mn for FY2023, with a net margin of 17.8%.

2024 saw significant medical advances, including FDA approval of Orlynvah for resistant UTIs, Cobenfy for schizophrenia, lenacapavir for HIV prevention, and Miplyffa/Aqneursa for Niemann-Pick disease type C. Elinzanetant showed promise for hot flashes, and future innovations include potential non-opioid pain treatments, improved flu vaccines, and gene therapy for vision restoration.

Editas Medicine lays off 65% of staff, shelving its sickle cell disease treatment Reni-Cel; Ionis Pharmaceuticals shifts to in-house drug commercialization; GLP-1 drugs spark debate in Trump's circle; investors sue Bristol Myers Squibb over Padlock Therapeutics milestone payments.

Sana Biotechnology, trading near 52-week low, focuses on engineered cells for Type 1 Diabetes and Autoimmune Diseases, with key data expected by 2025. Despite no revenues, its strong cash position and strategic pivot aim to extend its runway into 2026, crucial for advancing its pipeline amidst competitive cell therapy market.

Tasca Therapeutics announced a $52 million Series A financing to advance its drug discovery platform, progress CP-383 into Phase 1/2 clinical studies, and expand its drug candidate pipeline. The company identifies auto-palmitoylated proteins as unique therapeutic targets across various diseases. CP-383, a first-in-class molecule, has shown robust anti-cancer activity. The executive team brings extensive experience in drug discovery and development.

Padlock investors sue Bristol Myers Squibb for milestone payment refusal; Gilead appoints Dietmar Berger as top doctor; Boundless Bio execs resign, company halts drug development; Lonza to focus on core CDMO business; Bausch + Lomb explores potential sale.

Monte Rosa Therapeutics appoints Eric A. Hughes, M.D, Ph.D., to its Board of Directors. Dr. Hughes, currently EVP, Global R&D and CMO of Teva Pharmaceuticals, brings extensive biopharmaceutical experience. Monte Rosa develops molecular glue degrader (MGD) medicines, leveraging its QuEEN discovery engine for oncology, autoimmune, and inflammatory diseases.

Cooley partner Lila Hope discussed cross-border deals in Chinese biotech, highlighted by her work on SystImmune's global strategic agreement with Bristol Myers Squibb in December 2023.

ASH 2024 highlights include GSK's Blenrep Phase 3 data supporting re-market, J&J's Darzalex Faspro delaying progression in smoldering multiple myeloma, Arcellx's anito-cel showing comparable safety to Carvykti, and J&J/Legend's Carvykti improving survival outcomes. Kura Oncology's ziftomenib showed high response rates in leukemia, Eli Lilly's Jaypirca reduced disease progression risk, and Merck's zilovertamab vedotin achieved high complete response rates in lymphoma. Beam Therapeutics' BEAM-101 showed durable effects in sickle cell disease, Novo Nordisk's etavopivat reduced crises, and Bristol Myers Squibb's arlo-cel demonstrated durable responses in multiple myeloma. Galapagos' GLPG5101 showed encouraging cell therapy results, Orca Bio's Orca-T improved survival in blood cancers, and Sanofi's rilzabrutinib improved platelet response in thrombocytopenia. Regeneron's drug combo showed better disease control than Ultomiris in PNH.

Pfizer CEO Albert Bourla has withstood an ousting attempt by activist investor Starboard Value, despite Pfizer's declining share price. Starboard, with a $1 billion stake, blamed Bourla for the decline and claimed support from former executives. However, Bourla remains in control, attributed to Starboard's flawed analysis and Pfizer's potential hidden value in recent deals. Pfizer's Q3 2024 revenues rose 30%, further supporting Bourla's position.