Summit Therapeutics' closely watched PD-1xVEGF study surprisingly missed its mark at an interim analysis. UCB will pay $2 billion upfront to buy Candid Therapeutics, which has aggregated a group of Chinese assets. Johnson & Johnson eliminated two CD20 CAR-T programs that it licensed from Sino-American biotech AbelZeta Pharma. And more.
1. Summit's PD-1xVEGF interim trial miss surprises analysts, shares tumble
To investors’ dismay, an interim analysis of the squamous cohort in Summit Therapeutics’ global Harmoni-3 trial for ivonescimab in first-line non-small cell lung cancer apparently didn’t meet statistical significance on progression-free survival. As the trial continues to its final PFS analysis, analysts raised concerns that the readout could indicate a degradation in the PD-1xVEGF bispecific’s benefit from the Chinese to global studies.
2. UCB inks $2B Candid buyout to join Gilead in autoimmune field
UCB has agreed to buy Candid Therapeutics for $2 billion upfront before the T-cell engager biotech’s planned reverse merger with Rallybio. Candid has risen rapidly, beginning with a $370 million series A round in 2024. The company has built a pipeline on Chinese assets licensed from the likes of EpimAb, Genor Biopharma, WuXi Biologics and Harbour BioMed.
3. J&J axes $5B CAR-T dream months after touting best-in-disease efficacy
Johnson & Johnson has discontinued a CD20 CAR-T and a CD19xCD20 bispecific CAR-T that it received from Sino-American firm AbelZeta Pharma, then called Cellular Biomedicine. The Big Pharma company once said its CD20-based CAR-T programs could reach more than $5 billion in peak sales. Now, it's citing “the evolving large B-cell lymphoma treatment landscape” as the rationale for the cull.
In an interview with Fierce, Strand Therapeutics CEO Jake Becraft, Ph.D., argued that the U.S. must modernize its regulatory framework, pursuing goals like reducing manufacturing requirements for early-stage clinical trials, to compete with China in biotechnology. He suggested that the U.S. risks losing more capabilities if it keeps relying on foreign countries to run first-in-human studies.
5. GSK pens $1B deal with China’s SiranBio for oligonucleotide that could reduce abdominal fat
GSK is paying China’s SiranBio $55 million upfront for an oligonucleotide candidate that targets activin receptor-like kinase 7 to potentially reduce abdominal fat while preserving lean mass. The biotech will finish a phase 1 trial before GSK takes over, and it’s entitled to up to $1 billion in milestone payments.
6. CDMO Samsung Biologics estimates $102M impact stemming from ongoing union strike
Union workers at Korean CDMO Samsung Biologics kick off strike
As thousands of union workers at Samsung Biologics went on strike last week, the Korean CDMO has estimated a financial impact of about 150 billion Korean won ($102 million). The company is trying to maintain supply stability and remains in conversation with the union, a spokesperson said. The union is reportedly seeking a 14% average wage increase, among other demands.
Other News of Note:
7. Takeda pivotal trial win improves convenience for PID patients relative to HyQvia
8. BioNTech to slash 1,860 jobs, exit sites in Germany and Singapore in major manufacturing pullback
9. Windward catches $165M breeze to fuel long-acting TSLP ambitions
10. Bipartisan PRIMATE Act aims to ban monkey imports to US
11. Banyan BioInnovations puts down roots with $100M, Icon partnership
12. Olympus, EndoRobotics in distribution pact for robot-assisted endoscopic tech