$401M fundraising can’t save Elevate from layoffs

Today’s Big News

Oct 26, 2023

Eisai, Biogen's at-home Leqembi clears toxic protein in Alzheimer's disease. What about safety?


Thermo Fisher shaves another $1B off 2023 forecast, stock plummets to lowest levels since 2020


Despite one of biotech’s biggest fundraisings of the year, ElevateBio cuts 13% of staff


Merck hopes internal ADC work will see the clinic in the 'next couple years'


3M CEO says healthcare spinout 'progressing' as revenues fall across the company


Bristol Myers' incoming CEO plots turnaround for struggling new launches

 

Featured

Eisai, Biogen's injectable Leqembi clears toxic protein in Alzheimer's disease. What about safety?

Eisai and Biogen have trotted out data for a subcutaneous version of the Alzheimer’s disease drug Leqembi. The self-injected version showed an encouraging efficacy result but a seemingly increased risk of ARIA, which analysts said shouldn't be too much of a concern.
 

Top Stories

Thermo Fisher shaves another $1B off 2023 forecast, stock plummets to lowest levels since 2020

Thermo Fisher's full-year outlook now stands at $42.7 billion, about $1 billion less than the previous quarter’s forecasts, which placed revenues between $43.4 billion and $44 billion—a range that was in turn another billion-plus below the year’s original prediction of $45.3 billion.

Despite one of biotech’s biggest fundraisings of the year, ElevateBio cuts 13% of staff

Even with $401 million in the bank—thanks to one of the year’s largest biotech fundraisings—ElevateBio is still shaving off some pre-clinical work resulting in layoffs that will affect 13% of the workforce.

While stacking on deals, Merck hopes internal ADC work will see the clinic in the 'next couple years'

Much of the fervor around Merck & Co.’s work with antibody-drug conjugates has centered on partnerships, namely the most recent $4 billion collaboration announced last week with Daichii Sankyo.

3M CEO says healthcare spinout 'progressing' as revenues fall across the company

The long-planned spinout of 3M’s healthcare business is still set to be completed in the near future, albeit somewhat later than originally expected, according to a company update.

Bristol Myers' incoming CEO plots turnaround for struggling new launches

On outgoing chief executive Giovanni Caforio’s last earnings call, Bristol Myers Squibb had some tough questions to answer about a roster of underperforming new products. But according to CEO-elect Chris Boerner, it’s a question of “when, not if” those drugs rise to meet expectations.

TCT: Boston Scientific’s drug-coated coronary balloon outperforms typical uncoated angioplasty

The company described the trial as the first in the U.S. to examine the use of a drug-coated balloon to clear coronary stents that have become obstructed over time.

Merck raises revenue guidance thanks to a surprising bump from COVID-19 pill Lagevrio

It’s been grounded in Europe and reduced to irrelevancy in the U.S., but Merck’s COVID-19 pill Lagevrio somehow remains a force. The antiviral treatment racked up sales of $640 million in the third quarter, shocking analysts who figured it would generate $120 million. As a result, Merck has jacked up its 2023 revenue forecast.

Pfizer, BioNTech prep flu-COVID mRNA combo shot for phase 3, reprising Moderna race after seeing early data

The race is on. Again. Having already gone up against Moderna in COVID-19 and influenza, Pfizer and BioNTech have now followed their recurring rival in reporting early-phase data on a mRNA combination vaccine against both pathogens—and in outlining plans to start a pivotal trial.

Takeda takes $770M in write-downs after Alofisel flop, Exkivity withdrawal decision

The write-downs were attributed to stem cell Alofisel's recent flunk in a phase 3 trial in Crohn's disease fistulas, plus the withdrawal of cancer med Exkivity worldwide. Takeda also cut its profit forecast for the year by a sizable amount.
 
Fierce podcasts

Don’t miss an episode

'The Top Line': Leqembi's full approval and the future of Alzheimer's treatment

In this episode of "The Top Line," Fierce's Fraiser Kansteiner engages in a conversation with Alexander Scott, senior vice president of integrity at Eisai, to discuss the full approval of Leqembi and what it means for Eisai and, most importantly, for Alzheimer's patients.
 

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