Aug. 23 Quick Takes: CVS launches biosimilar subsidiary

CVS Health Corp. (NYSE:CVS) will co-produce and commercialize biosimilars via a subsidiary, Cordavis, which the pharmaceutical benefit manager launched on Wednesday. Cordavis will launch its first product, Humira biosimilar Hyrimoz adalimumab from the Sandoz unit of Novartis AG (SIX:NOVN; NYSE:NVS), in 1Q24 under a Cordavis private label. CVS said the list price of Hyrimoz will be more than 80% lower than Humira. 

San Francisco-based Foundery Immune Studio had an initial close of $29.6 million for its inaugural fund, Foundery Fund I, to invest in de-risking preclinical programs from academic centers, starting with University of California San Francisco and University of Arizona, with whom the firm has master agreements. Founded in 2021 by alumni of myeloid-focused immuno-oncology company Pionyr Immunotherapeutics Inc., the firm, which calls itself a venture studio, has a preclinical R&D team that conducts target validation and proof-of-concept testing across multiple programs in autoimmunity, inflammation, and immuno-oncology. Its LPs include a family office, a public research university endowment, and high-net worth individuals including Samsara BioCapital's Srini Akkaraju and Redpoint Ventures co-founder Jeff Brody. A final close of $160 million is slated for mid-2024, according to a fund spokesperson...