Pharma & Biotech
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Stock of Local Biopharmaceutical Company Takes a Dive After Disappointing Trial for Its Lead Therapy
Malvern-based Galera Therapeutics’ stock fell by more than 70 percent after the biopharmaceutical firm announced that its cancer drug candidate did not meet its primary endpoint during late-stage clinical testing, writes John George for the Philadelphia Business Journal. The company’s lead experimental cancer therapy, GC4419, is being developed as a treatment for severe oral mucositis…
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Wynnewood-based Lankenau Institute for Medical Research Creates Rapid Test for COVID-19 Delta Variant Detection
Researchers at Wynnewood-based Lankenau Institute for Medical Research have developed a rapid diagnostic test to detect the Delta variant in COVID-19 patients they are calling “groundbreaking,” writes John George for the Philadelphia Business Journal. Dr. Scott Dessain, the institute’s chairman of clinical and oncology research, led the project. According to LIMR officials, this is the…
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Plymouth Meeting-based Inovio Expands Late-Stage Testing of COVID-19 Vaccine Candidate to Colombia
Plymouth Meeting-based Inovio Pharmaceuticals has expanded the late-stage testing of its COVID-19 vaccine candidate it is working on with China’s Advaccine Biopharmaceuticals Suzhou to Colombia, writes John George for The Business Journals. The move follows the approval granted by the country’s Instituto Nacional de Vigilancia de Medicamentos y Alimentos to Inovio to conduct the Phase…
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Merck Acquiring Acceleron Pharma for Around $11.5B
Merck, the pharmaceutical giant with sizable operations in West Point, is acquiring Acceleron Pharma for around $11.5 billion, according to a staff report from CNBC. The move is broadening Merck’s portfolio beyond the cancer drug Keytruda with potential treatments that could mean fresh revenue for the company. Merck is gaining access to sotatercept, Acceleron’s rare…
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With an Eye on Expansion, Myonex Unveils Its New 20 Million-dollar Horsham Headquarters
Clinical trial supply company Myonex officially opened its new $20 million headquarters in Horsham, writes John George for the Philadelphia Business Journal. The new building is located in the Keith Valley Business Center. With 65,000 square feet, it is designed to allow Myonex to double its headcount over the coming years. The property also includes…
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Gene Therapy Developer Exegenesis Bio Opens Lower Gwynedd Offices, Plans to Triple Montco Staff
Gene therapy developer Exegenesis Bio of China officially opened its new offices at Springhouse Innovation Park Business and Research Campus in Lower Gwynedd, writes John George for the Philadelphia Business Journal. The company also announced major expansion plans that include tripling its local staff and doubling in size overall over the following 12 months. “Exegenesis…
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Wall Street Journal: Swamped by Thousands of Opioid-Related Lawsuits, Endo International Hires Restructurer
Endo International — based in Dublin, Ireland, with a U.S. headquarters in Malvern — has hired a financial restructuring firm to navigate its current legal morass. The pharmaceutical giant’s troubles stem from thousands of opioid-related lawsuits, writes Alexander Gladstone for The Wall Street Journal. The company has tapped consulting firm Alvarez & Marsal Holdings to…
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Conshohocken-based AmerisourceBergen Agrees to Pay State of New York Billions in Opioid-Related Settlement
Conshohocken-based AmerisourceBergen along with two other pharmaceutical wholesalers, Cardinal Health and McKesson, have agreed to pay up to $1.179 billion in settlement to resolve opioid-related claims with the state of New York, writes John George for the Philadelphia Business Journal. According to the three companies, the settlement “was negotiated in connection with the ongoing negotiations…
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3 Life Sciences Companies Make Long-Term Commitments to Nearby Chester County
As the pandemic-related business slumps abate, three life sciences companies made long-term commitments to the region. They’ve each signed leases for headquarters in Chester County, writes Natalie Kostelni for the Philadelphia Business Journal. After exploring several options, Castle Creek Biosciences extended its lease for 10 more years on the 86,500 square feet at Eagleview Corporate…
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Thoma Bravo Acquiring King of Prussia’s Greenphire
King of Prussia-based Greenphire, which develops and markets software for managing clinical trials, is being acquired by Thoma Bravo, a private equity investment firm, writes John George for the Philadelphia Business Journal. The financial terms of the deal were not disclosed. The company will continue to be led by its existing CEO, Jim Murphy, along…
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Now Part of Discovery Labs, Former GSK Plant in King of Prussia Adds Penn Medicine as New Tenant
The former GlaxoSmithKline property in King of Prussia has added University of Pennsylvania’s gene therapy program as a new tenant, writes Jacob Adelman for The Philadelphia Inquirer. Penn Medicine’s rapidly-growing unit has signed a 150,000-square-foot lease at the property and will use the space for part of its expanding research into genetic medicines for rare…
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Chief Executive Magazine Names Merck’s Kenneth Frazier CEO of the Year
Kenneth Frazier, CEO of Merck, the pharmaceutical giant with sizable operations in West Point, has been named CEO of the Year by Chief Executive magazine, writes Alex Keown for BioSpace. Upper Gwynedd-based Frazier, who will retire from his role at the end of next month, was selected by an independent committee for the prestigious title.…
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King of Prussia-based Maxona Pharmaceuticals Raises Millions in Private Sale to Advance Its Medication Portfolio
King of Prussia-based Maxona Pharmaceuticals has raised $5.56 million in a private sale to advance its non-opioid and non-steroidal pain medication portfolio, writes John George for the Philadelphia Business Journal. According to documents the pharmaceutical company filed with the Securities and Exchange Commission, Maxona is seeking to raise a total of $10 million. The company’s…
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Lower Gwynedd’s Jefferson Institute of Bioprocessing Training Workers for Growing Demands of Local Life Sciences
The life sciences industry in the region is experiencing explosive growth, with expectations that the need for jobs in cell therapy, gene therapy, and gene editing sectors will triple over the next decade, writes Ilene Raymond Rush for The Philadelphia Inquirer. To ensure there is no shortage of qualified employees, the Jefferson Institute of Bioprocessing…
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Merck’s Cancer Antibody Granted Another Approval by FDA
Merck, the pharmaceutical giant with sizable operations in West Point, has received another approval for its blockbuster cancer antibody Keytruda, writes Mark Terry for BioSpace. The Food and Drug Administration approved the checkpoint inhibitor combined with Genentech’s Herceptin and fluoropyrimidine-containing and platinum-containing chemotherapy for the first-line treatment of advanced gastric cancer. The drug was approved…
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Washington Post: First Federal Opioid Trial Against ‘Big Three’ Drug Distributors Including Conshohocken’s AmerisourceBergen Starts Today
The first federal trial against the so-called “Big Three” drug distributors, including Fortune-10 company, Conshohocken-based AmerisourceBergen, is set to start today in West Virginia, writes Meryl Kornfield for The Washington Post. Cabell County and its seat, Huntington, will provide the testing ground for a legal claim that is being made by thousands of cities, counties,…
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Pfizer’s Collegeville Campus Hits the Market
Pfizer has put its 340-acre Collegeville campus up for sale as it transitions to more flexible work routines in preparation for the post-pandemic era, writes Natalie Kostelni for the Philadelphia Business Journal. The New-York based company is contemplating its next move in a post-pandemic world as more and more people get vaccinated and return to…
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Lower Gwynedd’s Tavotek Biotherapeutics Raises $20M in Private Stock Sales
Tavotek Biotherapeutics, which has operations in Lower Gwynedd and China, has raised $20 million from outside investors through a series of two private stock sales, writes John George for the Philadelphia Business Journal. The biopharmaceutical company plans to use the proceeds from these stock sales to accelerate the development of its three antibody drug candidates.…
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