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- Richard Pops will retire as Alkermes CEO on July 31, 2026, after 35 years of leadership that transformed the company from a 20-employee startup into a $1.5 billion revenue biopharmaceutical leader. - Blair Jackson, current Executive Vice President and Chief Operating Officer, will succeed Pops as CEO on August 1, 2026, while Pops continues as Chairman of the Board. - Under Pops' leadership, Alkermes evolved from a drug delivery specialist to a neuroscience-focused company with commercial products for mental health and addiction, plus a promising pipeline in sleep medicine including breakthrough-designated alixorexton. - The leadership transition comes as Alkermes expands into sleep medicine through the recent Avadel acquisition, adding FDA-approved Lumryz to its portfolio and positioning for growth in central disorders of hypersomnolence.
- FDA veteran Richard Pazdur has accepted the director role at the Center for Drug Evaluation and Research (CDER), replacing George Tidmarsh who left amid conflict with biologics chief Vinay Prasad. - Internal FDA tensions have reached a breaking point, with sources warning of potential mass resignations if Prasad attempts to supersede Pazdur's authority at the drug evaluation center. - Pfizer emerged victorious in the high-stakes bidding war with Novo Nordisk for obesity biotech Metsera, while a separate acquisition battle has erupted between Lundbeck and Alkermes for sleep company Avadel Pharmaceuticals. - The FDA concluded one of the year's most controversial regulatory decisions by adding a black box warning to Sarepta's gene therapy Elevidys for serious liver toxicities and death risk.
- Alkermes agreed to purchase Ireland-based Avadel Pharmaceuticals for $18.50 per share, with an additional $1.50 contingent payment if Lumryz receives FDA approval for idiopathic hypersomnia by 2028. - The acquisition provides Alkermes with Lumryz, an FDA-approved once-daily narcolepsy treatment serving over 3,100 patients and projected to generate $272-275 million in sales this year. - The deal positions Alkermes to compete in the sleep disorder market while preparing its own orexin receptor agonist alixorexton for phase 3 testing against Takeda's rival drug oveporexton.
- Xoma Royalty Corp. agreed to acquire Mural Oncology for $2.035-2.240 per share, valuing the deal at $35.2-38.8 million depending on closing cash balance. - The acquisition follows Mural's discontinuation of lead IL-2 therapy nemvaleukin alfa after failed Artistry-6 and 7 trials, leading to 90% workforce reduction in April. - Xoma will wind down Mural's operations as part of a growing trend where investment firms acquire struggling biotechs trading below cash value for liquidation. - The deal represents Xoma's fourth oncology acquisition this year, following purchases of Turnstone Biologics, Lava Therapeutics, and HilleVax.
- Alkermes reported positive Phase 2 results for alixorexton, an investigational daily pill that helped type 1 narcolepsy patients achieve statistically significant improvements in daytime wakefulness over six weeks. - Patients taking all tested doses of alixorexton reached normal wakefulness levels and experienced significant decreases in daytime sleepiness compared to baseline measurements. - Only the middle dose demonstrated statistically significant reduction in cataplexy frequency, though CEO Richard Pops attributed this to methodological limitations in patient self-reporting. - The results position Alkermes to compete in the predicted multibillion-dollar narcolepsy treatment market, with plans to refine methodology for future trials.
- Mural Oncology is discontinuing all clinical development of nemvaleukin alfa after the immunotherapy failed to meet target goals in melanoma and ovarian cancer trials. - The Waltham-based biotech company will lay off approximately 104 employees (90% of its workforce) by the end of the second fiscal quarter of 2025. - With approximately $144.4 million in cash reserves, Mural is now exploring strategic alternatives including potential acquisitions, mergers, or business combinations to maximize shareholder value.
- DelveInsight's latest report reveals 8+ companies developing 10+ therapies for hypersomnia, with Avadel's Lumryz, Zevra's KP1077, and Alkermes' ALKS 2680 among the key candidates advancing through clinical trials. - Recent clinical milestones include Axsome's AXS-12 meeting its Phase III primary endpoint with 72-82% reduction in cataplexy attacks, and Takeda's TAK-861 showing promise as the first treatment targeting the underlying pathophysiology of narcolepsy type 1. - The hypersomnia market is driven by increased awareness, unmet medical needs, and advances in neuroscience, though challenges remain including lack of biomarkers, high trial costs, and regulatory hurdles.
- Long-term data reveals that the combination of olanzapine and samidorphan (OLZ/SAM) maintains symptom control in patients with schizophrenia, schizophreniform disorder, or bipolar I disorder over four years. - The study, a phase 3 open-label extension, followed patients from the ENLIGHTEN clinical program, demonstrating the durability of OLZ/SAM's therapeutic effect. - Results indicated a mean change from baseline in CGI-S score of -0.24 at 4 years, with a median time to study discontinuation of 588 days, suggesting sustained clinical management. - The combination therapy, OLZ/SAM, provides an option to mitigate weight gain associated with olanzapine monotherapy, addressing a significant concern in schizophrenia treatment.
- Alkermes' ALKS 2680 demonstrates improved wakefulness compared to placebo in patients with narcolepsy type 2 (NT2) in a Phase 1b study. - The Phase 1b study also showed ALKS 2680 was generally well-tolerated in patients with idiopathic hypersomnia (IH), with positive signals on wakefulness. - Alkermes is advancing ALKS 2680 into Phase 2 trials (Vibrance-1 and Vibrance-2) to further evaluate its efficacy and safety in narcolepsy type 1 and type 2. - ALKS 2680 is a novel, oral, selective orexin 2 receptor agonist being developed as a once-daily treatment for narcolepsy and other hypersomnolence disorders.
- Centessa Pharmaceuticals' ORX750, an orexin receptor 2 (OX2R) agonist, demonstrated significant improvements in wakefulness in sleep-deprived healthy volunteers. - The 2.5 mg dose of ORX750 restored normal wakefulness, achieving a mean sleep latency of 32 minutes compared to 17 minutes with placebo. - ORX750 exhibited a favorable safety profile, with mild and transient adverse events and no significant on-target effects observed. - Based on these positive Phase 1 results, Centessa plans to initiate Phase 2 trials in patients with narcolepsy types 1 and 2, and idiopathic hypersomnia in late 2024.