Pharma & Biotech
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Plymouth Meeting’s Harmony Biosciences Pivots After FDA Rejects Wakix for Sleep Disorder
Plymouth Meeting’s Harmony Biosciences’ stock fell 10% on Wednesday after the FDA rejected the expansion of its insomnia drug, Wakix, writes John George for the Philadelphia Business Journal. Wakix, containing the active ingredient pitolisant, is currently approved for managing excessive daytime sleepiness and cataplexy in narcolepsy patients. Idiopathic hypersomnia is a chronic condition causing excessive…
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Audubon’s Globus Medical Makes Game-Changing Acquisition
Audubon-based Globus Medical has announced its acquisition of California life sciences company Nevro Corp. for $250 million in cash, writes John George for the Philadelphia Business Journal. The deal, valued at $5.85 per share, represents a 17% premium over Nevro’s last closing price. The acquisition is expected to close in late Q2 2025, pending shareholder…
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Plymouth Meeting’s Harmony Biosciences Eyes $3B in Sales with New Treatments on the Way
Since launching in 2017, Plymouth Meeting’s Harmony Biosciences has grown from a small drug developer into a billion-dollar company, writes John George for the Philadelphia Business Journal. CEO Dr. Jeffrey Dayno says the company is entering a new phase, expanding beyond its main product, Wakix, with new treatments in development. Wakix, which treats narcolepsy-related sleepiness…
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Blue Bell’s ThirdLaw Molecular is Creating Science that Looks Like Magic
Temple University spinout ThirdLaw Molecular is pioneering a new class of molecules designed to create more effective, faster, and cheaper drugs, writes John George for the Philadelphia Business Journal. Based in Blue Bell, PA, the company uses its proprietary Spiroligomer technology, developed by founder and president Dr. Christian Schafmeister. Spiroligomer molecules are synthetic, easy to…
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King of Prussia’s XyloCor Therapeutics Raises $67.5 Million to Advance Gene Therapy
King of Prussia-based XyloCor Therapeutics has managed to raise $67.5 million in Series B financing to advance its gene therapy for refractory angina, writes John George for the Philadelphia Business Journal. The financing round was led by a new investor in XyloCor, Paris investment firm Jeito Capital. EQT, Fountain Healthcare Partners, and Lumira Ventures –…
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Yardley-Based Optinose Implements Reverse Stock Split to Boost Share Price, Avoid NASDAQ Delisting
Yardley-based Optinose will enact a 1-for-15 reverse stock split to boost its share price and fend off a potential NASDAQ delisting, writes Ryan Mulligan for the Philadelphia Business Journal. The pharmaceutical company received a notice from NASDAQ two months ago indicating that it could be delisted from the public market after its stock closed below…
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MCCC Biotechnology Student’s Research Published in Science Journal
When Sihem Nadour made the trip to the United States three years ago from her home country of Algeria, she had never heard the name Montgomery County Community College spoken together, let alone considered studying there. Yet the now 23-year-old Biotechnology major, who lives in Lansdale, is being celebrated for her work in MCCC’s labs.…
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Plymouth Meeting’s Zelira Therapeutics Takes Unconventional Approach Cannabis
Zelira Therapeutics, a biopharmaceutical company with operations in Plymouth Meeting and Australia, is preparing to launch clinical trials for its autism spectrum disorder drug in 2024, writes John George for Philadelphia Business Journal. The company has adopted an innovative “launch, learn, and develop” strategy to accelerate development while reducing costs. Instead of following the traditional…
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Wayne’s Aclaris Therapeutics Signs Exclusive Licensing Deal with Chinese Biotech
Wayne-based Aclaris Therapeutics has entered into an exclusive licensing agreement with a Chinese biotechnology company worth up to $960 million, causing a spike in the company’s shares earlier this week, writes John George for the Philadelphia Business Journal. The Biosion deal involves an experimental treatment for severe asthma and atopic dermatitis, a skin disorder. As…
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Conshohocken-based Medicus Pharma Moves Closer to Promising IPO
Conshohocken-based Medicus Pharma, which is working on a new way to treat skin cancer, is moving closer to completing an initial public offering, writes John George for the Philadelphia Business Journal. The company is domiciled in Toronto and is already traded on the TVSX Stock Exchange in Canada. Its management team is in Montgomery County.…
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Cencora Makes Big Move, Acquires Retina Consultants
Conshohocken’s Cencora announced an agreement to acquire Retina Consultants of America from Webster Equity Partners, writes John George for the Philadelphia Business Journal. The sale went for $4.6 billion. RCA is based in Texas and manages a network of nearly 300 retina specialists who handle over 2 million patient visits annually across 23 states. Cencora…
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Conshohocken-based Cencora CEO Names Two Outsiders to Leadership Team
Bob Mauch, CEO of Conshohocken-based Cencora, has added two outsiders to the company’s leadership team in one of his first major public moves since he took over last month, writes John George for the Philadelphia Business Journal. Francois Mandeville is the company’s new executive vice president for strategy and mergers and acquisitions. Pawan Verma joined…
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Conshohocken’s Madrigal Pharmaceuticals Reports Sales Through the Roof
Conshohocken’s Madrigal Pharmaceuticals, saw third-quarter sales soar for its NASH treatment, Rezdiffra, writes John George for the Philadelphia Business Journal. With revenue reaching $62.2 million, sales are up 326% from the previous quarter’s $14.6 million. This surge lifted the company’s stock by nearly 16% to $250.06 on Thursday. CEO Bill Sibold expressed the importance of…
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A Planned GSK Expansion Pushes Company Beyond Montgomery County
GlaxoSmithKline, the London-based pharmaceutical giant with a substantial presence in Montgomery County and Philadelphia, announced a landmark investment of up to $800 million to expand its Pennsylvania manufacturing operations, reports John George for the Philadelphia Business Journal. This new GSK expansion, located in Marietta, Lancaster County, marks GSK’s largest U.S. manufacturing investment to date and…
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West Chester-Based Verrica Pharmaceuticals Restructures to Expand Access for Flagship Product
Verrica Pharmaceuticals is restructuring its sales and operating teams in an effort to reduce costs and expand access to its flagship product, writes John George for the Philadelphia Business Journal. The West Chester dermatology therapeutics company expects to reduce its overall cost structure by half, and at the same time, keep sufficient resources to support…
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Cencora Welcomes New CEO Robert Mauch Amidst Stable Growth and Future Opportunities
On Tuesday, Robert Mauch officially became the new CEO of Conshohocken-based Cencora, formerly AmerisourceBergen, reports John George for the Philadelphia Business Journal. Mauch succeeds Steve Collis. According to Elizabeth Anderson, an analyst at Evercore ISI, this transition is not expected to result in significant changes, as Mauch is a long-time company insider taking over a…
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Rite Aid Promotes New CEO, Emerges from Bankruptcy as a Private Company
Rite Aid has emerged from bankruptcy as a private company with a new CEO, writes John George for the Philadelphia Business Journal. Matt Schroeder has been elevated from the CFO position to become the Philadelphia-based retail pharmacy chain’s new lead executive. He succeeds Jeffrey S. Stein, who joined the company in October 2023 as its…
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Plymouth Meeting-based Inovio Delays FDA Approval Plans for Experimental DNA Drug
Plymouth Meeting-based Inovio is delaying plans to seek Food and Drug Administration approval for its experimental DNA medicine as a treatment for recurrent respiratory papillomatosis before the end of the year due to a recent setback, writes John George for the Philadelphia Business Journal. The biotechnology company stated in July it would file its first…
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