Biogen's Ph2 data on IgA nephropathy drug; Sanofi invests in obesity biotech

Biogen has presented full Phase 2 data for felzartamab, a drug it acquired in a $1.15 billion acquisition of HI-Bio earlier this year. The results reveal that patients with IgA nephropathy maintained an average reduction of 50% in a key measure of kidney function stability over two years. Biogen is planning to advance the drug to a Phase 3 study, although specific details are still pending.

Sanofi has acquired equity in Resalis Therapeutics for an undisclosed sum. This new funding will support Resalis in conducting a Phase 2 proof-of-concept study for its leading obesity medication, RES-010. Earlier in 2024, Resalis raised €10 million to fund the initial obesity trials for RES-010.

Novartis has shared promising one-year data for Fabhalta in treating C3 glomerulopathy, an ultra-rare kidney disease. The data indicates that after 12 months, Fabhalta sustained reductions in proteinuria, with a 35.1% reduction in protein buildup in the urine observed at six months compared to placebo. Patients initially on placebo in the Phase 3 study were transitioned to Fabhalta after six months. Novartis has submitted Fabhalta for approval in the European Union, China, and Japan and anticipates U.S. approval by the end of the year.

Swedish pharmaceutical company CombiGene is streamlining its operations by discontinuing its gene therapy candidate for epilepsy, CG01, to focus on its chronic pain program, COZY. This strategic pivot involves reducing its workforce and external consultants by 45% to extend its financial resources through the second quarter of 2026. As of December 2023, CombiGene employed 11 people.

Eli Lilly has invested significantly in ProQR, securing $75.3 million through the sale of shares at $3.50 each, yielding $63 million. Additionally, Eli Lilly has contributed $12.3 million via a private placement, enhancing ProQR's financial position.

Aardvark Therapeutics, based in San Diego, has acquired the rights to ME-344, a solid tumor drug from MEI Pharma, for an upfront payment of $500,000. ME-344 is an inhibitor of mitochondrial oxidative phosphorylation. MEI Pharma stands to gain up to $62 million in milestone payments contingent on the drug's progress.