Today, a brief rundown of news from AbbVie and AstraZeneca as well as updates from Glycomimetics, Cue Biopharma and Confo Therapeutics that you may have missed.AbbVie on Thursday reported second quarter results indicating it is weathering growing biosimilar competition& to its flagship autoimmune disease drug Humira. According to analysts with the investment bank Piper Sandler, the companys immunology business beat handily consensus revenue estimates, as two of its other drugs, Skyrizi and Rinvoq, generated more than $4 billion combined. Humira sales, at about $2.8 billion, also surpassed expectations. We think investor concerns have subsided, wrote analyst Christopher Raymond, noting that it appears Skyrizi and Rinvoq will more than make up for Humiras loss of patent exclusivity. AbbVie shares climbed 3%. Ben FidlerA Food and Drug Administration advisory panel appeared open to the agency approving a regimen of AstraZenecas immunotherapy Imfinzi that begins before surgery to remove a type of lung tumor and continues afterwards. The positive view came despite concerns from the FDA about over-treatment and difficult to decipher which part of the regimen is more beneficial. Still, FDA panelists unanimously voted Thursday to change trial protocols in the so-called perioperative setting in lung cancer going forward, meaning future clearances will require additional monetary and time investment, wrote Leerink Partners analyst Daina Graybosch. Drugmakers, as a result, will likely be more reluctant to test therapies in earlier settings, and when they do, shy away from a perioperative approach even if its whats best for patients, she wrote. Ben FidlerBelgian biotech startup Confo Therapeutics announced Friday it raised 60 million euros in a Series B financing that will help it bring two drug prospects into clinical trials. Confo is one of a number of companies developing antibodies targeting proteins known as GPCRs. The companys pipeline includes drugs for obesity and pain, one of which is partnered with Eli Lilly and already in early-stage testing. Its funding round was led by investment firm Ackermans & van Haaren, and involved other backers such as Perceptive Advisors and Wellington Partners. Gwendolyn WuGlycomimetics and Cue Biopharma both announced plans Thursday to restructure and cut jobs. Glycomimetics intends to lay off 80% of its workforce and begin a strategic review after learning the FDA will require an additional trial of its leukemia drug uproleselan before considering an approval. Cue, meanwhile, will reduce staff by 25% and seek partners for its cancer drug prospects so it can focus resources on autoimmune disease research. Ben FidlerNine months after selling Mirati Therapeutics to Bristol Myers Squibb, Charles Baum has reemerged as the CEO of a biotechnology startup. Baum on Thursday was named the head of Terremoto Biosciences, which is developing covalent medicines aimed at targets previously thought to be undruggable. The startup has raised $250 million since its inception, most recently a $175 million Series B round from Third Rock Ventures, Novo Holdings and a few other firms last November. Ben Fidler '
