Nov. 28 Quick Takes: BMS, Avidity adding targets to discovery deal
Plus: Acelyrin says CRO Fortrea erred in psoriatic arthritis study, Aro raises $41.5M for tissue-targeted siRNA pipeline
Shares of Avidity Biosciences Inc. (NASDAQ:RNA) rose 15% to $7.08 on Tuesday after it announced an expanded partnership with Bristol Myers Squibb Co. (NYSE:BMY), building on an existing arrangement with the pharma’s MyoKardia subsidiary. The companies will now aim to discover and develop antibody-oligonucleotide conjugate therapeutics against up to five new targets using Avidity’s platform. Avidity will receive a $60 million upfront payment plus a $40 million equity investment at $7.88 per share, a 28% premium to Avidity’s Monday closing price of $6.16; the biotech is eligible for nearly $2.2 billion in milestones, plus royalties.
Acelyrin Inc. (NASDAQ:SLRN) said stronger clinical quality control measures implemented since a surprise failure in hidradenitis suppurativa have helped reveal “execution errors” in a Phase IIb/III study of izokibep to treat psoriatic arthritis. The biotech said some patients in two of the study’s four arms received dosing with the incorrect sequence; it is working to determine the implications of the errors. In September, IL-17A-inhibiting protein izokibep missed the primary endpoint in a Phase IIb/III trial to treat hidradenitis suppurativa, evaporating more than half the company’s value; its $621 million IPO is the year’s largest by a biotech. Acelyrin was off 32% to $5.88 on Tuesday...