A surprising deal from Vertex Pharmaceuticals adds to Big Pharma’s acquisitive streak as Crinetics folds into the cystic fibrosis drugmaker. Meanwhile, IPOs and venture capital raises trend upward, but mostly for derisked companies. Plus, FDA decisions slow only slightly as the hunt for a permanent leader drags on.
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Vertex Pharamceuticals shocked analysts this week with the biggest M&A deal in the company’s history. The cystic fibrosis drugmaker is buying Crinetics Pharmaceuticals for $10 billion, notching one of the largest deals of the year. Crinetics will provide Vertex with entry to the specialty endocrinology market with the FDA-approved acromegaly pill Palsonify. Meanwhile, Novartis tucked in ADC specialist Myricx for a more modest tota of up to $1.5 billion.
The BioSpace team also caught up with hair loss biotech Veradermics to track the company’s rise six months after debuting on the New York Stock Exchange. The company’s shares have risen a whopping 650% in that time, led by strong data for their extended-release version of Rogaine. CEO Reid Waldman credits the meteoric rise to the GLP-1 weight loss craze that has opened up consumer markets to pharmaceuticals.
On the regulatory front, the FDA’s decisions slowed slightly in the first half, with 79 total as compared to 85 in the same period a year earlier. After extensive leadership turnover at the agency, experts expect things to pick up in the second half, with batch of big decisions expected in the third quarter.
Finally, we wrap up the first half’s biotech venture capital activity, particularly Isomorphic Labs’ eye watering $2.1 billion raise that will likely stand the test of time for one of the largest biotech raises ever.
