Shenzhen Biotech Co., Ltd.

🚀 Madrigal Pharmaceuticals’ MASH drug beats expectations: The biotech’s Rezdiffra sales came in at $311 million for the first quarter, surpassing analysts’ projections by about $10 million, according to TD Cowen analysts. The Pennsylvania drugmaker licensed another MASH drug the day before its earnings report. — Kyle LaHucik 👥 Gilead lays off 108 workers after Arcellx buyout: Gilead Sciences is laying off 108 staff at its newly acquired Arcellx location, according to a California WARN notice. Gilead bought its collaborator Arcellx for the multiple myeloma cell therapy anito-cel for more than $7 billion in a deal that closed last week. The layoffs are expected to occur by the end of June. — Lei Lei Wu 💪 Investment firm Banyan BioInnovations debuts: The firm said it will focus on finding best- or first-in-class assets and creating companies to advance them. Banyan is backed by the global life sciences investment bank Locust Walk. The firm is launching with a 50-person team, which includes Locust Walk’s CEO Geoff Meyerson and senior advisor Barbara White. — Ayisha Sharma 💸 US-China biotech gets $38M: GSK-partnered LTZ Therapeutics has raised the funding , led by GL Ventures, to support its Phase 1 asset LTZ-301 and start a clinical trial for its second asset, called LTZ-232. The four-year-old Redwood City, CA, and Shenzhen biotech has now raised a total of $130 million. It signed a myeloid cell engager pact with GSK in November. — Kyle LaHucik ⏳ Gubra lowers growth guidance, delays obesity trial start: The company said during its first-quarter earnings that it expects CRO revenue to grow by up to 10% this year, down from prior guidance of 5% to 15%. Gubra also confirmed it has submitted a clinical trial application for its obesity candidate UCN2, which was meant to enter Phase 1 development early this year, but had not yet done so. — Ayisha Sharma