Plus, news about Turn Biotechnologies, HanAll Biopharma, Corcept Therapeutics, Actuate and Merck:
Agios sells vorasidenib rights to Royalty Pharma: As part of the agreement, the biotech will get a $905 million payout upon FDA approval of the glioma drug, which has a PDUFA date of Aug. 20. Agios can also still receive a $200 million milestone payment upon approval from Servier, which purchased Agios’ oncology portfolio, including vorasidenib, in a 2020 deal for $1.8 billion upfront. Agios’ shares $AGIO rallied about 22% on Tuesday morning. — Ayisha Sharma
Cargo Therapeutics enters $110M private placement: The cancer-focused cell therapy company plans to use the proceeds to prep for a potential BLA for its Phase 2 candidate, CRG-022, and support IND-enabling studies for CRG-023. The financing should extend its cash runway through 2026. — Ayisha Sharma
Turn Biotechnologies, HanAll Biopharma ink new deal: The agreement, valued at $300 million or more, focuses on age-related eye and ear conditions. Turn, an mRNA medicines startup, will use its technologies to restore gene expression. — Kyle LaHucik
Corcept Therapeutics touts Ph3 success for hypercortisolism drug: The biotech’s selective cortisol modulator, relacorilant, significantly improved loss of blood pressure control in patients with the endocrine disorder, which is also known as Cushing’s disease. The company’s shares $CORT were up around 12% on Tuesday morning. — Ayisha Sharma
Cancer biotech files for IPO: Actuate, founded in 2015, plans to debut on the Nasdaq as “ACTU.” Its lead asset, elraglusib, is being tested in multiple adult and pediatric cancers. The biotech is also studying injectable and oral tablet formulations of the drug, which stems from research out of the University of Illinois Chicago and Northwestern University. Actuate joins Telix, Aprinoia and Rapport in seeking a Nasdaq listing this year. — Kyle LaHucik
Merck’s Keytruda boosts breast cancer survival: The anti-PD-L1 drug combined with chemotherapy significantly improved overall survival in a Phase 3 trial of patients with high-risk early-stage triple-negative breast cancer. Merck plans to present the results at an upcoming medical meeting and share them with regulatory authorities. — Ayisha Sharma