IGM Biosciences Shifts Focus to Autoimmune Disease Research Amid Staff Layoffs
IGM Biosciences is making a significant shift in its research focus towards autoimmune diseases, a move that has resulted in staff layoffs to reduce oncology spending. The company's decision comes after emerging data from a trial of its cancer drug targeting colorectal tumors and the potential of its T cell engagers to treat inflammatory conditions. Mary Beth Harler, a former Bristol Myers Squibb executive, has been named as the new CEO. IGM's T cell engagers are currently being tested against a range of immune diseases, including lupus, myositis, and myasthenia gravis.
In other news, Metsera, an obesity drug startup, has entered into a manufacturing agreement with Amneal Pharmaceuticals. This partnership will see Amneal investing $150 million to $200 million to build two new facilities for the production, packaging, and supply of Metsera's weight-loss therapies in the U.S., Europe, and other developed markets. Additionally, Amneal will gain rights to commercialize Metsera products in certain emerging markets. Leadership changes at Metsera include the appointment of Whit Bernard as CEO, replacing Clive Meanwell.
Gritstone Bio is exploring potential value-maximizing strategies with the help of investment bank Raymond James. The cancer vaccine developer has not specified the strategies under consideration but is likely evaluating interest from potential buyers for its assets or the entire company. This strategic review was announced alongside clinical trial data for one of Gritstone's advanced vaccines in colorectal cancer patients.
Lastly, UCB, a Belgium-based drugmaker, is preparing for a unique head-to-head trial comparing its drug Bimzelx with AbbVie's Skyrizi to determine the more effective anti-inflammatory agent for treating a type of arthritis. The late-stage study aims to enroll approximately 550 participants, with results expected by 2026. Bimzelx, which was first approved last fall, has generated significant revenue, while Skyrizi has achieved substantial net revenue over the same period.