Pharma & Biotech
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Penn’s Dr. James Wilson Discusses Future of Cell and Gene Therapy in King of Prussia
Gene therapy pioneer Dr. James Wilson shared his hope for the future of cell and gene therapy at Life Sciences Pennsylvania’s “Life Sciences Future” conference in King of Prussia, writes John George for Philadelphia Business Journal. Wilson, director of the gene therapy program at the University of Pennsylvania, predicts a brighter future despite the current…
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Madrigal Pharmaceuticals Plans $500 Million Stock Offering While Awaiting Nod from FDA
Conshohocken-based Madrigal Pharmaceuticals plans to raise $500 million while anticipating FDA approval of a groundbreaking therapy, writes John George for the Philadelphia Business Journal. The pharmaceutical company plans to sell 1.25 million shares at $151.69 per share. The offering will close on October 3, and net proceeds will go towards any activities surrounding the…
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FDA Asked to Withdraw Approval of Harmony Biosciences’ Narcolepsy Drug; Review Pending
Scorpion Capital filed a citizens petition with the U.S. Food and Drug Administration asking to have the federal agency reverse its approval of Plymouth Meeting-based Harmony Biosciences’ narcolepsy drug Wakix, writes John George for the Philadelphia Business Journal. The New York-based short seller issued a report in March questioning the treatment’s effectiveness and the validity…
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South Korean Company Acquires Controlling Interest in Center for Breakthrough Medicines
Center for Breakthrough Medicines in King of Prussia sold its controlling interest to SK Pharmteco after experiencing some investing lags that led to the layoff of 60 workers in August, writes John George for Philadelphia Business Journal. SK Pharmteco, a division of the South Korean conglomerate SK Inc., is based in Rancho Cordova, California. The…
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WSJ: University City-based BioTech Firm Nears Human Trials for Breakthrough Artificial Womb Technology
University City-based Vitara Biomedical is currently working on an artificial womb for premature babies and is getting closer to human clinical trials, writes Liz Essley Whyte for The Wall Street Journal. Last year, a Vitara Biomedical executive said at a biotech symposium last year that the firm is in the process of commercializing the research…
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Former Sanofi Executive Named CEO of Conshohocken-based Madrigal Pharmaceuticals
Conshohocken biopharmaceutical company Madrigal Pharmaceuticals has named Bill Sibold as the new CEO taking over from Dr. Paul Friedman. He has also joined the company’s board of directors, writes John George for Philadelphia Business Journal. Prior to joining Madrigal, Sibold held the positions of executive vice president for specialty care at Sanofi and president of…
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Audubon-based Globus Medical and NuVasive Complete Multibillion-dollar Merger
Globus Medical, a medical device company based in Audubon, and NuVasive, which is based in San Diego, have completed their multibillion-dollar merger, writes John George for the Philadelphia Business Journal. Under the terms of the agreement, Globus will give 0.75 shares of its Class A common stock to NuVasive in exchange for each share of…
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Conshohocken’s AmerisourceBergen Officially Becomes Cencora
AmerisourceBergen, a wholesale pharmaceutical distribution and services company based in Conshohocken and Pennsylvania’s largest company, has officially changed its name to Cencora, writes John George for the Philadelphia Business Journal. The name change was announced back in January, but it just became official on Wednesday. Cencora CEO Steven H. Hollis said this is an important…
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Abington COVID-19 Vaccine Scientist Believes mRNA Technology is Capable of Fighting Many Diseases
While even the majority of scientists working on mRNA vaccines for COVID-19 were shocked by its effectiveness, Katalin Karikó, an Abington biochemist and one of the pioneers of mRNA technology research, did not expect anything less, writes Stephen Buranyi for the WIRED. “There was no nail-biting,” she said. “I expected the vaccines to be very…
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Plymouth Meeting’s Harmony Biosciences Holdings Acquires Zynerba Pharmaceuticals
Harmony Biosciences Holdings in Plymouth Meeting has agreed to buy Zynerba Pharmaceuticals for up to $200 million, writes John George for Philadelphia Business Journal. Under the deal, Harmony will pay the shareholders of the Devon-based pharmaceutical company $1.1059 per share in cash and one non-tradable contingent value right per share. The Zynerba shareholders also reserve…
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Greater Philadelphia Area Ranks Among Top 10 U.S. Biopharma Clusters
The Greater Philadelphia area earned high marks for its efforts to attract life sciences companies, writes Alex Philippidis for Genetic Engineering & Biotechnology News. Since 2014, GEN has ranked regions across the U.S. on which are most competitive in drawing life science companies to their areas. Greater Philadelphia took the seventh spot in the Top…
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Plymouth Meeting Pharmaceutical Company Undergoes Third Round of Layoffs
Inovio Pharmaceuticals in Plymouth Meeting continues to trim its workforce. In this third round of layoffs in 13 months, the pharmaceutical company eliminated 30% of its full-time staff, writes John George for Philadelphia Business Journal. Inovio said in documents filed with the Securities and Exchange Commission that this is all part of an ongoing corporate…
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West Chester-Based Verrica Finally Gets Approval for Skin Disease Treatment
A West Chester pharmaceutical company finally achieved federal approval of a new drug candidate that treats a contagious skin disease, writes John George for the Philadelphia Business Journal. The fourth time Verrica Pharmaceutical applied for the approval of Ycanth proved to be successful. The application for Ycanth was resubmitted in January after the FDA…
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Chinese Cell and Gene Therapy CDMO Raises $30M to Expand Montco Operations
China’s CoJourney, a contract development and manufacturing organization that specializes in cell and gene therapy, plans to use the $30 million it has raised in equity financing to expand its Montgomery County operations, writes John George for the Philadelphia Business Journal. The financing round was led by Chinese investment holding company Legend Holdings and supported…
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Bala Cynwyd-based SwanBio Therapeutics Will Narrow Research Focus, Trim Workforce
Bala Cynwyd-based SwanBio Therapeutics is planning to lay off half of its workforce and narrow its research focus in an attempt to conserve cash as the market for raising investment capital continues to tighten, writes John George for the Philadelphia Business Journal. “As many of our peers have had to do in this challenging market,…
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West Conshohocken Is Home to One of Best-paying Biopharma Companies in Country
One Montgomery County company found its place on the list of seven best-paying biopharma companies in the nation where workers can take home over $400,000, writes Zachary Tracer for Newsbreak. Coming up with new medical treatments can be a daunting task. However, most scientists and other biotech employees are paid handsomely for their hard work,…
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Fortune 500: AmerisourceBergen No Longer One of Top Ten Largest Companies
The Philadelphia region is no longer home to one of the ten largest companies in America after Conshohocken-based AmerisourceBergen dropped from tenth place to eleventh on the 2023 Fortune 500 list, writes Ryan Mulligan for the Philadelphia Business Journal. The list ranks publicly traded companies by annual revenue. Its latest iteration was published earlier this…
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Malvern’s Ocugen Prepping for $16.5 Million Stock Sale Weeks After Nixing Its COVID Vaccine
A Malvern-based biotechnology company known for its gene therapies and vaccines, is expecting to raise $16.5 million through a public stock offering, writes John George for the Philadelphia Business Journal. Weeks ago, Ocugen announced that they were putting a halt to its COVID-19 vaccine Covaxin. This was after the Food and Drug Administration cancelled…
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