The 10-year treasury yield rallied back up to levels not seen since July (4.3%) amid an outlook of seemingly endless government spending. Talk of the return of the "bond vigilantes" is leading many analysts to call for steepening of the yield curve. Biotech continues to hug the 50-day moving average despite the move in yields, breaking the inverse correlation trend for the time being.
M&A:
Abbvie (ABBV) announced the acquisition of Aliada Therapeutics (private) for $1.4 billion in cash. Lead asset ALIA-1758 is an anti-pyrogluatamate antibody in development for Alzheimer's disease.
Revance Therapeutics (RVNC) announced they entered into an amended agreement with partner Teoxane S.A. (private) and obtained a settlement and release for any breaches that may have occurred. In conjunction, RVNC disclosed an extension of the pending tender offer from Crown Labs (private) to November 1st.
Macrogenics (MGNX) announced the sale of breast cancer therapy Margenza rights to TerSera Therapeutics (private) for an initial payment of $40 million and up to $35 million in additional milestones. The drug was approved in 2020 and has yet to achieve profitability.
Regulatory:
The US Court of Appeals denied Regeneron's (REGN) request for an emergency stay against Amgen's launch of its Eylea biosimilar. Amgen (AMGN) confirmed they plan to launch the biosimilar as the court also lifted the temporary injunction that was in place.
iRythm Technologies (IRTC) announced FDA clears first of two 510(k) applications for Zio AT.
Camurus (CAMRF) received a CRL for CAM2029 in the treatment of acromegaly due to manufacturing issues.
Eli Lilly (LLY) announced Alzheimer's therapy donanemab is approved in Great Britain, but the drug will not be made available through the National Health Service as the cost regulator deemed the benefits were too minimal to justify the price.
Clinical:
Vera Therapeutics (VERA) reported 96-wk data from ph.IIb showing an eGFR slope in line with healthy individuals.
Intellia Therapeutics (NTLA) reported Phase 2 HAE data that showed ~80% reduction in attacks, below what was seen in phase 1 of >90%. Shares traded off ~20% as investors debated the relative positioning in a highly competitive HAE prevention market.
Alto Neuroscience (ANRO) announced ALTO-100 failed to meet the primary or key secondary endpoints in the Ph2b MDD trial. Shares crashed >60% to below cash value.
Marinus Pharmaceuticals (MRNS) traded down ~70% on announcing the Phase 3 TrustTSC trial of oral Ganaxolone in TSC failed to meet the primary endpoint. The company plans to explore strategic alternatives.
Corporate Updates and Earnings:
Indivior PLC (INDV) reported a 3Q top and bottom line beat and reiterated revised 2024 guidance. Settlement of the remaining antitrust litigation for $39 million was ahead of street expectations and the share buyback is now 50% compete with the remainder expected by early 2025.
Alkermes (ALKS) reported a top and bottom line miss, but reaffirmed 2024 guidance.
Comentarios