Top Biopharma News for 05/23/2024


Here are the latest stories being discussed in biopharma today:


Cytokinetics CEO Defends Royalty Pharma Deal: ‘That Narrative Was Hijacked’

Robert Blum, CEO of Cytokinetics, clarified investor concerns regarding the company’s deal with Royalty Pharma, dispelling notions that selling the company was a better path. On Wednesday, Cytokinetics unveiled a $575 million agreement with Royalty Pharma alongside a $500 million public offering to support the potential launch of aficamten for a rare heart disease and fund another Phase 3 study for omecamtiv mecarbil, which the FDA rejected last year. The news caused a 17% drop in Cytokinetics shares, leading to investor frustration.

ReNAgade Acquired by RNA Rival a Year After Megaround-Backed Launch

Orna Therapeutics is acquiring ReNAgade Therapeutics, combining two well-funded biotech startups aiming to advance genetic medicines. This all-equity transaction will focus on RNA therapies capable of reprogramming blood and immune cells within the body. Orna, which has raised $331 million since 2021, specializes in circular RNA medicines. ReNAgade, launched a year ago with $300 million, has been developing a range of RNA-based medicines and innovative lipid nanoparticles.

Exclusive: SR One Raises $200M+ for Third Fund, Still with GSK Support

SR One, a venture capital firm previously associated with GSK, has secured over $200 million for a growth opportunities fund. This fund complements SR One’s previous $500 million and $600 million funds. Despite their separation in 2020, GSK continues to hold a significant stake in SR One’s endeavors, supporting the firm’s mission to back innovative life sciences ventures.

Startup Launches with ‘RNA Sensor’ Technology from Stanford and MIT to Better Control mRNA Therapies

Berkeley-based Radar Therapeutics has launched with $13.4 million in seed funding to develop RNA sensors that can activate genetic medicines once they reach the target area in the body. Founded on technologies from Stanford and MIT, this innovative approach aims to overcome the delivery challenges faced by existing therapies.

Bicycle’s $555M Placement; Tango Therapeutics Scraps Cancer Program

Bicycle Therapeutics plans to raise $555 million through a private placement, leading to a 20% surge in their stock. Investors include Deep Track Capital, EcoR1 Capital, Fairmount Capital, Forbion, Perceptive Advisors, and RA Capital Management. Meanwhile, Tango Therapeutics announced the cancellation of one of their cancer programs as they realign their focus.

Takeda Enters Hot Molecular Glue Space in Deal Worth Up to $1.2B with Degron

Takeda Pharmaceutical is venturing into the promising molecular glue sector through a collaboration with Degron Therapeutics, valued up to $1.2 billion. The partnership aims to develop molecular glue degraders in oncology, neuroscience, and inflammation, enhancing Takeda’s research capabilities in these core therapeutic areas.