paras_biotech

FDA vs EMA drug approvals:

"Of the 329 novel drugs approved by both the FDA/EMA from 2014-2022, 79% (260) were approved in the U.S. first, with median time to approval 0.5 years faster in the U.S"

Source: Iqvia
iqvia.com/insights/the...

Talk about volatility in Biotech sector:

"The $XBI crossed the $100 threshold 10 separate times in 2024, with a 52-week high of $105.47 and 52-week low of $77.50" from William Blair

Launch and Postlaunch Price Developments of New Drugs in the US:

"In the US, mean (SD) launch prices increased from $31 699 ($36 439) in 2011 to $228 658 ($571 252) in 2022, with an average increase of 19.7% per year"

Source:
jamanetwork.com/journals/jam...

The large US/EU biopharma are sitting on $179B in cash/equiv, but total debt of $540B

PFE's retention ratio -18% & M&A 0

Source: Cantor

- LoQus23 raised $43M for allosteric small molecule inhibitor of MutSβ
- Uniqure disclosed Phase1/2 AMT-130 showing - disease slow by about 80% compared to a natural history
- Roche paied $60M upfront to Ionis 2 pre-clinical assets

Recent news in HD space -
- Novartis paid $1B upfront to access PTCT's Phase2 staged silicing modulator
- Sage's GABAA receptor modulator Phase 2 drug failed
- Takeda discontinued its collab with Wave's allele-selective antisense oligonucleotide

Huntington's disease potential treatment approaches:

4Q'24: Key Biopharma Pivotal readouts left for the year
Source: Cantor

Class of 2024 IPO performance: 10 of the total 18 IPOs trading below the offering price

Source: JPM

2024 Healthcare performance: don't bother.

While Healthcare is up ~6% YTD, it ranked last among the sectors with ~19% relative underperformance compared to the S&P 500

Source: JPM

Total Addressable Market For Cell Therapy/Bispecifics

Cell Therapies/bispecifics pursuing "chasing" the next dream - Autoimmune diseases

Below - upcoming milestones

Source: Cowen

2023-24 YTD Private financings: Breakdown by Modality & Therapeutic Area

*Small molecules continue to draw majority of all the capital allocation across diff modalities.

Source: Evercore

Biotech XBI strength many times depends on M&A's momentum (as shown below) but as we see new drugs approvals (Attruby for ATTR-CM), good clinical readouts (Summit's HARMONi-2) & new FDA commissioner (Makary) - mkt will open for better deal making

- RNA theme (share price performance) beating the gene therapies in the last 12 months

- Yet, not much M&A going in the RNA as we continue to see for small molecules and antibodies

- Some RNA focused pub companies by stage

Source: Cowen & Leerink

Biotech M&A by value & count

*I believe lot of differentiated/Ph2-3 staged assets got acq in 2023-1H'24, hence muted 2H'24

Anyways:
*$30B in deal flow YTD'24 is less than half of 2023’s $110B
*The number of acq YTD'22, which is below 2023’s record deal count of 30 deals
Source: Leerink

2024: a year of Biotech Insane Mega-rounds

Below is Series A comparison b/w "Insane" Mega vs "Sane" Small Rounds

What Megrounds would mean:
- Definitely: Good for building drug development talent
- Maybe: Good for better medicines
- Less likely: Good for returns

#Biotech #Venturecapital

So, $AMGN AMG-133 "hidden" tab is gone forever.
The company replaced the supplement data excel yesterday.

For future reference, Cantor's Olivia/Gugan screenshot & Evercore's Rafat commentary on inc. heart rate data across diff doses

#Biotech #Obesity

Sales of ADCs reached $10B+ in 2023 with 4 blockbusters
**AZ paid upfront $1.35B (total deal $7B) to Daiichi for Enhertu in 2019**