Aug. 16 Quick Takes: Everest extends runway by offloading Trodelvy
Plus Flagship’s Senda raises $123M and updates from Bluejay, AZ, Ventyx and more
Sending Trodelvy sacituzumab govitecan’s Asian rights back to Gilead Sciences Inc. (NASDAQ:GILD) unit Immunomedics gives $280 million in upfront money to Everest Medicines Ltd. (HKEX:1952) to invest in its pipeline. Everest, which is led by CEO Kerry Blanchard, is eligible for $175 million in milestones and off the hook for $710 million in potential obligations. In June, Everest gained approval in China for the antibody-drug conjugate targeting TROP2, which it originally licensed in a 2019 deal.
Halozyme Therapeutics Inc. (NASDAQ:HALO) raised $625 million through the sale of 1% convertible notes due 2028. The notes have an initial conversion price of $56.02, representing a 30% premium above Halozyme’s closing price of $43.14 on Friday. The biotech proposed before market hours Monday to raise $500 million, following positive data on a subcutaneous formulation of Tecentriq atezolizumab combined with its Enhanze drug delivery technology...