Pharma & Biotech
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WSJ: Rite Aid Strikes Deal To Transfer Control Over To Creditors, Settle Opioid Claims
Rite Aid has struck a preliminary deal to transfer ownership of the bankrupt drugstore operator to senior bondholders while also settling lawsuits over its alleged role in overprescribing opioids, writes Alexander Gladstone for The Wall Street Journal. Under the agreed plan, Rite Aid’s senior bondholders would swap their claims for 90 percent of the stock…
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Newtown Square’s Arrivent Plans Public Stock Offering to Fund Cancer Drug
ArriVent Biopharma in Newtown Square plans to initiate a public stock offering to raise between $137.5 million and $160 million for the development and launch of a drug to treat advanced non-small cell lung cancer. Furmonertinib is now in late-stage clinical testing. It is already approved in China and marketed by Allist, writes John George…
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A Radnor-Based Investor Brings a Life Sciences Company to Philadelphia
Radnor-based Brodie Generational Capital Partners has bought the assets of Cytimmune Sciences, a medical research company based in Rockville, Maryland and is relocating it to Philadelphia, writes Paul Schwedelson for Philadelphia Business Journal. The acquisition was made three months ago. Cytimmune Sciences is now a subsidiary of Brodie Generational and is known as Zahav Biosciences.…
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Some Counties Get More Opioid Settlement Funds Than Others–Here’s Why
It works out that Delaware County opioid payments and payments for other counties in Pennsylvania run an average of $6.50 per resident, but the amount actually varies by county depending on need, writes Ed Mahon and Kate Giammarise of NPR station WESA. Statewide, opioid funds distributed by county vary from a low of $1.13 per…
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Annovis Bio Creates New Drug Form to Treat Alzheimer’s, Parkinson’s
A Berwyn-based biopharmaceutical company is filing for a patent for its new drug candidate that could potentially treat neurodegenerative diseases. Annovis Bio filed for a patent for the “novel crystalline form” of buntanetap, writes John George for the Philadelphia Business Journal. This drug has a higher purity and longer half-life. Getting a 20-year patent…
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Radnor’s Avantor Advances Sustainability Program for Suppliers
Laboratory product and services provider Avantor, located in Radnor, has started a global “responsible supplier’ program to help reduce the environmental impact and accelerate sustainable practices along the supply chain, writes John George for the Philadelphia Business Journal. Avantor piloted the program with a small group of supplier partners in 2022. It expanded the program…
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Idorsia, U.S. Headquartered in Radnor, Aims for Asia Pacific Market
Swiss biopharmaceutical company Idorsia Ltd. has entered into negotiations to operate in the Asia Pacific region and gain licensing rights there for its products, writes John George for Philadelphia Business Journal. The company has its U.S headquarters in Radnor. The deal could net Idorsia up to $440 million. “This prospective strategic transaction would allow Idorsia…
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NRx in Radnor Pens $345M+ Deal to Market Bipolar Drug
NRx Pharmaceuticals in Radnor has signed a licensing deal for its new drug candidate targeting bipolar depression, writes John George for Philadelphia Business Journal. The deal could give NRx $345 million upfront and milestone payments to follow. NRx is collaborating with Lotus Pharmaceuticals and Alvogen on developing an experimental treatment known as NRX-101. An…
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ArriVent in Newtown Square raises $155M for Cancer Drug Trial
Two Delaware County life science firms are leading the way this year in equity financing. A cancer treatment drug being developed by ArriVent Biopharma in Newtown Square got a financial boost this week when the company closed a $155 million private stock sale. The sale was the second largest equity financing deal this year for…
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Get Ready. Worm Blood Could One Day Be Coursing Through Your Veins
A Villanova University associate professor of chemical engineering is researching whether earthworm hemoglobin can one day replace human blood as donor blood for trauma care, writes Queen Muse for phillymag.com. Jacob Elmer said earthworm hemoglobin, specifically night crawlers and red wigglers, works without the side effects of human hemoglobin. As many as 4.5 million Americans…
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Mineralys in Radnor Raises $192M for Blood Pressure Drug
A public stock offering from Mineralys Therapeutics of Radnor netted $192 million for the company’s development of a new blood pressure drug candidate, lorundrostat, writes John George for Philadelphia Business Journal. The company sold 12 million shares of common stock at $16 per share in an upsized IPO. The IPO could grow another $28.8 million…
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Mineralys in Radnor Raises Funds for new Blood Pressure Treatment
Mineralys Therapeutics, a Radnor biopharmaceutical company is hoping to raise $100 million to develop a new high blood pressure treatment, writes John George for Philadelphia Business Journal. Mineralys has filed documents with the Securities and Exchange Commission to raise the funds through a public offering. The number of shares needed and the price per share…
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Newtown Square’s ArriVent Has Stock Sale for Cancer Drug
A Newtown Square biopharmaceutical company, ArriVent, has raised $110 million in a private stock sale to bring cancer medicines approved in China to the U.S. and the European Union, writes John George for Philadelphia Business Journal. ArriVent Biopharma officials said the funds will advance its existing pipeline and support asset growth. They expect the Series…
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Radnor Firm Emergent Fast Tracking a Narcan Nasal Spray
Emergent BioSolutions Inc., based in Radnor, has come up with an over-the-counter version of Narcan Nasal Spray, writes Julie Wernau for The Wall Street Journal. The company hopes to fast-track its FDA application for the spray, with expected approval on March 29, 2023, first in line ahead of its competitors. The company has been working…
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Drug Firm Headquartered in Radnor Hires Lindsey Vonn as Spokesperson
Four-time Olympic skier Lindsey Vonn is the latest celebrity spokesperson for Idorsia’s insomnia treatment, Quviviq, writes Isabel Tehan for Philadelphia Business Journal. Idorsia is a Swiss pharmaceutical company with its U.S. headquarters in Radnor. Vonn will share her personal experiences with insomnia and talk about how Quviviq, has helped her. Quviviq is Idorsia’s first US…
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Investors’ Back Radnor Firm’s Development of Blood Pressure Drug
Mineralys Therapeutics in Radnor is getting a $118 million investment from biotech investors in six nations to develop a new blood-pressure drug, writes Joseph N. DiStefano for Philadelphia Business Journal. The 15-person firm is using a different approach it hopes will help African Americans and others who have lower response rates to drugs developed in…
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Boathouse Row to Light Up for Rare Disease Day, Says King of Prussia’s CSL Behring CEO
“Our collective hope shines a light on the progress made and challenges ahead,” CSL Behring Limited CEO and Managing Director Paul Perreault said in a video message to 25,000 employees. “Today, the rare disease community joins together to recognize Rare Disease Day. It’s a day, above all, that represents connection and hope. On February 28th, as…
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Radnor Biotech CEO Scott Braunstein on Top 25 Biotech CEO List for 2022
The CEO of a Radnor-based pharmaceutical company, Dr. Scott Braunstein, M.D., has made a top 25 list of Biotech CEOs for 2022, compiled by The Healthcare Technology Report. Dr. Braunstein, of Marinus Pharmaceuticals, came in at No. 11. Marinus focuses on improving the lives of patients with seizure disorders. Dr. Braunstein was named CEO in…
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