BRISTOL MYERS SQUIBB

BlossomHill Therapeutics closed a $100M Series B financing, totaling $173M raised. Funds will advance cancer and autoimmune disease treatments into clinical trials. Co-founded by Dr. Jean Cui, known for FDA-approved cancer drugs, the company focuses on innovative drug design to improve patient outcomes.

Dr. Jingrong Jean Cui, Co-Founder, President, and CEO of BlossomHill Therapeutics, has been elected to the National Academy of Engineering for her contributions to engineering and innovation in medicine, particularly in cancer treatment. She has led the development of FDA-approved drugs and previously co-founded Turning Point Therapeutics, acquired by Bristol Myers Squibb for $4.1 billion.

Halozyme Therapeutics reported strong Q4 and full-year 2023 results, with a 26% revenue increase to $829M and a 24% rise in royalty revenue to $448M. The company highlighted growth from its ENHANZE technology and commercial products, projecting 2024 revenue between $915M and $985M. Key achievements include advancements in subcutaneous drug delivery and partnerships, with a focus on expanding its pipeline and leveraging its high-volume auto-injector technology.

LB Pharmaceuticals is developing LB-102, a novel treatment for schizophrenia, leveraging amisulpride's legacy. With $122M in funding, including $75M from Series C, LB-102 aims for improved efficacy and patent protection until 2037. A Phase II trial began in 2023, targeting the antipsychotic market with plans for broader indications. Despite competition, LB-102's innovative approach offers a unique value proposition in the dynamic schizophrenia treatment space.

The global sickle cell disease treatment market is projected to grow from USD 2 billion in 2022 to USD 12.38 billion by 2032. North America leads due to advanced healthcare and research. Blood transfusions dominate treatment types, with hospitals as the primary end-users. Innovations like CRISPR-Cas9 gene-editing offer new treatment avenues, despite challenges like treatment access and adverse effects.

The Global Immuno-oncology Clinical Trials Market is projected to grow from USD 6.13 billion in 2023 to USD 12.87 billion by 2030, at a CAGR of 11.17%. The report analyzes market dynamics, competitive landscape, and profiles key vendors like AstraZeneca and BioNTech. It covers market segmentation by design, phase, indication, and regional prospects including North America, Asia-Pacific, and EMEA.

The CheckMate 8HW trial showed nivolumab plus ipilimumab significantly reduced disease progression or death risk by 79% in MSI-H/dMMR metastatic colorectal cancer patients, compared to chemotherapy. With a 24-month progression-free survival rate of 72% vs 14%, and fewer severe adverse events, this immunotherapy combination may offer a new first-line treatment option.

In 2023, FDA's CDER approved 55 new drugs, a five-year high. Key 2024 drug launches include KarXT for schizophrenia, Donanemab for Alzheimer's, Resmetirom for NASH, Sotatercept for PAH, Datopotamab deruxtecan for lung & breast cancer, Acoramidis for ATTR-CM, mRNA-1345 for RSV, Anktiva for NMIBC, Ensifentrine for COPD, and Imetelstat for MDS.

Biogen and Eisai's Alzheimer's drug Leqembi received full FDA approval, enabling broader Medicare coverage. Novavax's stock surged after amending its vaccine deal with Canada, involving a $349.6M payment. Caribou Biosciences gained from Pfizer's $25M investment, advancing its CAR-T cell therapy. Prothena secured a $55M deal with Bristol Myers Squibb for Alzheimer's treatment rights.

Amgen Inc., a biopharmaceutical company, saw its share price rise due to the $27.8 billion acquisition of Horizon Therapeutics and strong demand for its drugs. Despite raising its 2023 revenue guidance, Amgen faces risks from declining sales of immunology products, high debt, and upcoming competition from Prolia biosimilars. The company's valuation remains unattractive, with a 'market perform' rating advised.