Nov. 9 Quick Takes: Royalty deal brings Arrowhead $250M as partner Amgen preps Phase III
Plus: Bankruptcy ‘increasingly probable’ for Clovis, and updates from Veru, SOBI, GSK and more
As partner Amgen Inc. (NASDAQ:AMGN) prepares to start a Phase III trial by year-end of olpasiran to reduce the risk of cardiovascular disease, Arrowhead Pharmaceuticals Inc. (NASDAQ:ARWR) has sold its entire royalty associated with the program to Royalty Pharma plc (NASDAQ:RPRX) in exchange for $250 million up front. Milestones could add another $160 million to the value of the deal, which includes royalties up to the low double digits. This week, Amgen presented data showing that the antisense therapy led to sustained lowering of LPA over 36 weeks in the Phase II OCEAN(a)-DOSE study.
With sales of PARP inhibitor Rubraca rucaparib in decline and cash running low, Clovis Oncology Inc. (NASDAQ:CLVS) revealed in a regulatory filing Wednesday that a “potential bankruptcy filing in the very near term looks increasingly probable as a way to preserve the value of our business and assets for the benefit of our stakeholders.” The company, which had $58.3 million in cash at Sept. 30, said the possibility that Rubraca’s label could be narrowed may also affect its ability to generate revenue. Clovis laid off 115 employees this week; its shares fell 72% to $0.28 Wednesday, leaving it with a market cap of about $40 million...