Pfizer tapped Samsung Biologics' manufacturing capabilities in a $183 million deal. Olympus is buying a Korean endoscopic device maker for up to $370 million. Dr. Reddy's is boosting its U.S. generics portfolio with a $105 million acquisition. BeiGene's revenue climbed nearly 100% in 2022 thanks to two cancer drugs. And more.
Samsung Biologics has signed a deal with Pfizer. The deal is worth $183 million and runs through 2029, although the exact products to be covered remain unclear. Samsung has previously partnered with Moderna to make the latter’s COVID vaccine and recently struck a $296 million pact with GSK.
Olympus has offered up to $370 million to purchase Taewoong Medical, a South Korean maker of endoscopic devices for gastrointestinal procedures. Olympus appeared to specifically appreciate Taewoong’s broad slate of metallic GI stents, which are used in minimally invasive procedures to open up the GI tract. The acquisition comes as part of a bigger plan at Olympus to focus on GI, urological and respiratory care.
In another M&A deal, Dr. Reddy’s Laboratories plans to spend up to $105 million to purchase Mayne Pharma’s U.S. generics portfolio, including 45 in-market products and many approved but unmarketed drugs. Mayne Pharma just recently expanded its offerings by snatching up TherapeuticsMD’s products, which will remain with the company.
BeiGene’s 2022 product revenues reached $1.25 billion, up nearly 100% from $634 million in 2021. Blood cancer drug Brukinsa and PD-1 inhibitor tislelizumab were the main drivers of the growth. Both drugs face critical commercial tests this year.
After FDA’s surprise rejection of Eli Lilly’s donanemab, the Institute for Clinical and Economic Review has updated its cost-effectiveness analysis of Eisai’s Leqembi. The new recommended price range came above ICER’s previous estimates, including a $900 increase in annual costs on the upper end.
Junshi Biosciences said two pivotal trials of its PCSK9 drug ongericimab have hit their goals in patients with high cholesterol. The positive readouts set Junshi up to challenge Amgen’s Repatha and Sanofi’s Praluent in China. The two Western pharmas both cited China’s reimbursement coverage as a driver of their PCSK9 drugs’ growth last year.
Three Chinese biotechs raised additional cash. Ophthalmology-focused Eluminex Biosciences raised $40 million in a series B. Cell therapy specialist Oricell Therapeutics added $45 million to a $125 million series B round from last July. And mRNA therapeutics developer Immorna secured about $100 million in extended series A rounds.