Life Science Today 086 – Genentech, Immunocore, Biogen, Eli Lilly, TenSixteen

Introduction

Welcome to Life Science Today, your source for stories, insights, and trends across the life science industry. I’m your host, Dr. Noah Goodson. This week, bispecific antibodies, ocular oncology, Biogen sells, Lilly Builds, and the treatment of a lifetime. 

Disclaimer

The views expressed on Life Science Today are those of the host and guests. They do not necessarily reflect the opinions of any organizations with which they are affiliated. 

Bispecific Genentech Antibody gets FDA Approval 

Genentech continues to expand their portfolio of ocular products. Last week they received FDA approval for the first bispecific antibody to treat two unique pathways of ocular disease with one antibody. Sold as Vabysmo, the antibody faricimab targets both angiopoietin-2 and VEGF-A, making it a potent therapeutic option for multiple retinal diseases. In this case it is FDA approved to treat both wet age-related macular degeneration as well as diabetic macular edema. Both diseases independently can lead to blindness. By combined targeting of Ang-2 and acting as VEGF inhibitor, faricimab can decrease inflammation and stabilize blood vessels of the eye which can result in a slowed or stopped loss-of-vision, as well as regaining some visual function in certain cases. It’s yet another notch in the Genentech’s ophthalmology belt and one that I expect to used broadly for many years to come. 

Vision Oncology

Speaking of FDA approvals for ocular diseases, a new ocular oncology therapy has also been given the thumbs up this week. Immunocore’s novel therapy, KIMMTRAK, can now be used for the treatment of unresectable or metastatic uveal melanoma. The uvea is the middle layer of the eye and includes the iris, the part you think of as causing your eye color, the ciliary body, and the choroid. Uveal Melanoma is the most common cancer within the eye and can unsurprisingly lead to blindness, and when metastatic in can lead to death. KIMMTRACK is a T Cell Receptor (TCR) therapy delivered via infusion. 

This is Immunocore’s first FDA approval. The company was founded in 2008 and spent a long time in private investment and smaller funding rounds but finally went public in February of last year raising north of $258M with a market value of around $1B. Initially their stocks rose sharply but have slowly tapered down to just below IPO value. Now as they move to commercial stage with this small but important approval they will doubtless leverage the success and income while continuing to advance their pipeline of early-stage oncology and infectious disease products. With their underlying approach validated by this approval, I wouldn’t be surprised if they seek pharma partnerships to fund some of their pipeline going forward. 

Biogen $2.3B Selloff of Samsung Bioepis

Changes are coming on the back of the commercial failure of Biogen’s Alzheimer’s therapy Aduhelm. With positioning towards a revitalized pipeline, the pharma company is looking for cash and cash-flow control. The first big move announced last week is the sale of their almost 50% stake in Samsung Bioepis for $2.3B. This move gives Samsung Bioepis control of the burgeoning pipeline of biosimilars and a positive outlook for long-term profitability. For Biogen, this cash infusion is just one of a number of moves they are expected to make across this year including looming major layoffs and more portfolio repositioning. Of course, some rumors have swirled of a potential acquisition, but I’m not sure how much weight they carry. Just at recording, more news came that two long-time board members are departing. I don’t know that the company is a sinking ship, but it should serve as a reminder that the pharmaceuticals business is high stakes indeed and the fates of the brightest stars are never guaranteed. 

Eli Lilly Builds $1B

You’ve probably heard me mention major biotech and manufacturing development in North Carolina over the last year. Well the string of wins for the Tar Heel state continues. This time with another major pharma company, Eli Lilly, deciding to invest more than $1B in a manufacturing facility for injectable products and devices. With a $0.5B facility established in 2020 near Raleigh, this new facility a few hours away will expand Lilly’s base with clear vision to support their ongoing commercialization efforts across the next decade. For NC, this continues to establish them as one of the global leaders in biomanufacturing and contract manufacturing and development. 

Google Ventures Backs TenSixteen Bio $40M Series A

TenSixteen Bio has launched last week with a $40M Series A backed by Foresite Capital and Google Ventures. In the biotech world, $40M feels like a fairly small series A these days. But I think TenSixteen is worth noting because they are looking into technology that is not central to a most other portfolios. Specifically, they are interested in clonal hematopoiesis of indeterminate potential (CHIP). The idea behind this is that small mutations can build up across the lifetime of individuals as cells divide billions of times. These small genetic mutations, especially in white blood cells, can lead to diseases. A 2014 paper suggests that CHIP could occur in 10% of people 70 and older, but it doesn’t always cause diseases. This makes TenSixteen’s project reasonably ambitious because they’ve got to both find a way to detect CHIP accurately, determine if it is indeed clinically diagnosable, and then created a target. Scientifically this is a fascinating project to try and quantify, detect, and treat the disease burden from a lifetime of random mutations. But how do you get funding for something this ambitious? Well, at the core of TenSixteen’s approach is the creation of a data-platform. And this is probably where the real money maker is here. AI drug discovery data-platforms and complex analysis of multifaceted data are all the rage right now and there may be value in whatever TenSixteen builds, whether it results in a CHIP therapy or not. Which, I assume is why GV is on board. 

Closing Credits

Thanks for joining me for Life Science Today, your source for stories, insights, and trends across the life science industry. Learn more at LifeScienceTodayPodcast.com. If you like what you hear, please tell a friend. Once again, I’m Dr. Noah Goodson, I’ll see you next week. 

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Story References
Genentech
Immunocore
Biogen
Eli Lilly
TenSixteen


About the Show
Life Science Today is your source for stories, insights, and trends across the life science industry. Expect weekly highlights about new technologies, pharmaceutical mergers and acquisitions, news about the moves of venture capital and private equity, and how the stock market responds to biotech IPOs. Life Science Today also explores trends around clinical research, including the evolving patterns that determine how drugs and therapies are developed and approved. It’s news, with a dash of perspective, focused on the life science industry.