Proteostasis Rakes in $45M in Series A

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Um. Wow. $45M?
Proteostasis announced that it has secured $45 million in a Series A financing to develop drugs as novel therapies to treat multiple genetic and degenerative disorders associated with protein homeostasis deficiencies. Investors included HealthCare Ventures, Fidelity Biosciences, New Enterprise Associates, Novartis Option Fund and Genzyme Ventures.
On paper, this company smells [...]

Alpharma Responds to Unsolicited Proposal by King

Well, that didn’t take long. I figured al la other acquisition response timelines (e.g.; Genentech / Roche) the response would come next week. I guess Alpharma isn’t messing around.
The Alpharma reponse letter is included below:
Mr. Brian A. Markison
Chairman of the Board,
President and Chief Executive Officer
King Pharmaceuticals, Inc.
501 Fifth Street
Bristol, Tennessee 37620
Dear Mr. Markison:
Our [...]

King Tenders All Cash $1.4B Unsolicited Bid For Alphama

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Wasn’t it just a few weeks ago King Pharmaceuticals was trading 15% higher due to speculation Pfizer was buying them?
How many different ways are there to spell “market manipulation”?  Methinks not more than one.
King announced today that it has submitted a [...]

BMS Ponies Up for Elotuzumab

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Bristol-Myers Squibb and PDL BioPharma announced an agreement for the global development and commercialization of PDL BioPharma’s anti-CS1 antibody, elotuzumab (HuLuc63), currently in Phase I development for multiple myeloma.
Does someone have some cash burning a hole in their knickers? BMS has been on fire in the last six months divesting non-core [...]

When Deals Get Ugly

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What’s a billion between friends?
The University of Georgia Research Foundation Inc. has filed suit claiming Allergan screwed them out of a couple hundred million bucks for a drug that’s earned the company more than a billion dollars.
Allercan filed briefs in the case opposing the unsealing of. “commercially-sensitive documents because the harm that [...]

Wanna Know Why Drug Discovery/Development Is Hard?

FTY270 (fingolimod), an S1P1 modulator, is a T-cell specific immunosuppressant and is a hot, emerging phase III therapy for MS from Novartis (NVS). So where is the difficulty?
In the Aug. 14, 2008, issue of Nature, scientists from Emory University and the Yerkes Primate Research Center reported that, paradoxically, in a mouse model the drug [...]

Apologies About the Pharmababble Feed

I had some technical problems with the new site layout and my feed was spewing press releases (i.e.; i didn’t know what I was doing and screwed something up).
Everything should be back to normal now though.  Thanks for reading.
Eben

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Genentech Drops The Other Shoe

We all knew it was just a matter of time until the “special committee” appointed to review the Roche officially rejected the buyout offer of $89/share.
The press release indicates a willingness to listen to offers that “recognizes the value of the company and reflects the significant benefits that would accrue” to an acquiring company.
Move along [...]

Heathcare / Medical Venture Capital Groups

I’ve compiled a list of relevant healthcare / biotech / med device / pharma VC groups.
Enjoy.

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Biotech Committed Equity Financing Facility

I can’t tell you why this seems to be the year of CEFFs (committed equity financing facility) but it can’t be argued otherwise. As you can see from the google news hist-trend-o-graph, press releases with CEFF in them are on pace to hit an all time high in 2008.

Basically, private investment firms (Kingsbridge Capital [...]

FDA on Pace to Approve Only 18 NMEs

That’s good for business, right?
Pharmalot has the story.

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Icahn Responds to BMS Offer for ImClone

I love a little Icahn in the morning.
ImClone released a statement this morning indicating that the BMS offer substantially undervalues the company.
On Friday, ImClone closed $5.34 (almost 9%) above the BMS offer of $60/share. It will be interesting to watch this one shake out. I think Old Carl has some fight left in [...]

Biomed Funding Roudup: Week Ending 8.1.08

ReGen Biologics Closes $2.5 Million Private Placement and Announces New 510(k) Submission to the FDA
ReGen Biologics is an orthopedic products company that develops, manufactures and markets innovative tissue growth and repair products. The recently filed 510(k) seeks clearance of a collagen scaffold device for reinforcement and repair of meniscus tissue.
Biolex Therapeutics Adds $10.5 Million in [...]