Pharma & Biotech
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Montco Life Sciences Company Starts 2024 Strong with Influx of Cash from Public Stock Offering
Life science companies in the Philadelphia region saw a return of interest in sector investors during the first two months of 2024, writes John George for the Philadelphia Business Journal. One of those companies is Larimar Therapeutics in Bala Cynwyd which raised $172.5 million from a public stock offering. Larimar, which develops treatments for complex…
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Cencora’s ESG Report Shows Its Commitment to People and the Planet
Cencora, based in Conshohocken, recently released its 2023 Environmental, Social and Governance Report showing its commitment to people and the planet, and highlighting diversity, equity and inclusion as priorities. The company, formerly AmerisourceBergen, outlined its efforts to attract more talent and to enhance a culture of inclusion by bringing all its teams under a united…
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South Korean Medical Device Company Chooses Montco Over New York, Boston for New Subsidiary
InBody Co. Ltd. has chosen Audubon for the location of its newU.S. subsidiary InBody BWA Inc., writes John George for the Philadelphia Business Journal. The South Korean medical device company specializes in body composition technology and has been searching for a site for its newest business unit. It recently chose Audubon over big cities like…
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Michigan-based Dow Signs a Long-term Lease Extension for Collegeville Location
The Dow Chemical Company, based in Michigan, will be keeping its Montgomery County location for the foreseeable future, writes Paul Schwedelson for the Philadelphia Business Journal. The company just signed a long-term lease extension for 800,000 square feet of space at David Werner Real Estate Investments life sciences and office campus in Collegeville. Dow has…
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GSK, Merck Kick Off New Year with Mergers and Acquisitions Worth Billions
GlaxoSmithKline and Merck, both with significant operations in Montgomery County, have started this year with billions of dollars in mergers and acquisitions, writes John George for the Philadelphia Business Journal. GSK has entered into an agreement to acquire Aiolos Bio for $1 billion upfront and an additional regulatory milestone-related $400 million. Aiolos Bio, which is…
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Independence Blue Cross Awards $200K Grant to Jefferson Health Project
A Jefferson Health project recently received a grant of $200,000 from Independence Blue Cross as part of its 2024 Clinical Care Innovation program, writes John George for the Philadelphia Business Journal. The program is designed to support projects focusing on improving the quality and delivery of health care. The Jefferson Health project is one of…
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Inovio Getting Closer to Seeking FDA Approval for Its First DNA Medicine
Plymouth Meeting’s Inovio Pharmaceuticals is getting closer to seeking U.S. Food & Drug Administration approval for its first DNA medicine, writes John George for the Philadelphia Business Journal. The biotechnology company expects to file a biologics license application for its new lead drug candidate, INO-3107, in the second half of 2024. The drug candidate targets…
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Despite More BioTech Layoffs, Life Sciences PA Says ‘Pace of Innovation Remains Strong’
The biotech industry in the Philadelphia area continues to undergo some belt-tightening, but Christopher Molineaux of Life Sciences Pennsylvania says, “the pace of innovation remains strong,” writes Tom Avril for The Philadelphia Inquirer. The latest round of belt-tightening is occurring at the University of Pennsylvania’s gene therapy program where about a quarter of the staff…
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CRB Relocates Philly Operations to Seven Tower Bridge Building in Conshohocken
CRB, a global provider of engineering, architecture, and construction solutions to life sciences and food and beverage industries, has moved its Philadelphia-area operations to Conshohocken, according to the company. The company will now operate out of the new Seven Tower Bridge building in Conshohocken. The 26,670-square-foot office will be home to more than 150 CRB…
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Merck Says Inflation Reduction Act Impacts Drugmakers’ Ability to Innovate
Merck, the biggest employer in Montgomery County is fighting back against the Inflation Reduction Act in court and in Washington, writes Andrew Seidman for The Philadelphia Inquirer. The Inflation Reduction Act was passed last year in part to reduce prescription drug costs for Medicare beneficiaries, but Merck and other pharmaceutical companies call the pharmaceutical price…
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Plymouth Meeting’s Inovio on Track to Launch First DNA Medicine in U.S.
Plymouth Meeting-based Inovio Pharmaceuticals is on the right track to launch its first product which would also be the first DNA medicine in the United States, writes John George for the Philadelphia Business Journal. The biotechnology company has had a rough two-year stretch during which it parted ways with its founding CEO, implemented several layoff…
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Former Merck CEO Talks About the CEO’s Responsibility to Uphold Principles
On a recent episode of Fortune’s “Leadership Next” podcast, co-host Alan Murray talked to Ken Frazier, former CEO of Merck on the importance of sticking to your principles as a business leader. In the interview, Frazier explained why he left former U.S. President Donald Trump’s presidential advisory council and other challenging decisions he had to…
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Peter Anastasiou Joins Board of Directors of Plymouth Meeting’s Harmony Biosciences
Plymouth Meeting-based Harmony Biosciences Holdings has appointed Peter Anastasiou, chief executive officer of a development stage company Capsida, to the company’s board of directors. Prior to running Capsida, Anastasiou held various leadership positions at Lundbeck, including President of North America and U.S. Chief Commercial Officer. As part of his roles, he oversaw U.S. and Canadian…
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Plymouth Meeting’s Inovio Shares Spike After Positive FDA Reception on Groundbreaking Treatment
Plymouth Meeting biotech company Inovio’s innovations are paying off. Amid positive feedback from the FDA on an experimental respiratory disease therapy, the Montgomery County-based company’s shares soared more than 11 percent, writes John George for the Philadelphia Business Journal. The therapy specifically treats recurrent respiratory papillomatosis (RRP), a rare disease that causes non-cancerous tumors…
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Are Big Pharma like GSK Moving Away from Global Public Health Projects?
Anna Maria Barry-Jester recently explored why GlaxoSmithKline has delayed a tuberculosis vaccine, an important global public health project for ProPublica. Back in 2018, research on a new tuberculosis vaccine was looking promising. In clinical studies, the shot had prevented more than half of the participants from getting sick. The next step would have been for…
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Madrigal Pharmaceuticals Sells $500M in Stocks in Prep for FDA Approval
Conshohocken-based Madrigal Pharmaceuticals is in a flurry of activity as it prepares for the potential launch of its NASH drug candidate, writes John George for Philadelphia Business Journal. NASH is an inflammatory liver disease, and right now there is no U.S. Food and Drug Administration-approved treatment for it. Madrigal’s new drug candidate resmetirom, if approved,…
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WSJ: After Decades of Disparaging Her Research, Penn Celebrates Abington Scientist’s Nobel Prize
The University of Pennsylvania is basking in the glow of Katalin Karikó and Drew Weissman, two researchers who recently discovered they had been awarded the Nobel Prize in Medicine for their groundbreaking work on messenger RNA, writes Gregory Zuckerman for The Wall Street Journal. Karikó and Weissman did most of their research at the school,…
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Abington Scientist Whose Work Made COVID-19 Vaccines Possible Awarded Nobel Prize
Katalin Karikó, the Abington scientist whose work led to RNA vaccines that transformed the threat of the COVID-19 pandemic, was awarded the Nobel Prize in Medicine, writes Carolyn Y. Johnson for The Washington Post. Hungarian-born Karikó saw the medical potential of mRNA early in her career and she pursued it with the kind of tenacity…
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