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Lilly bolsters IBD portfolio with $3.2bn Morphic acquisition
Eli Lilly has signed a definitive agreement to acquire Morphic Holding for $3.2bn, expanding its inflammatory bowel disease (IBD) portfolio. Through the deal – which is expected to close in Q3 2024 – Lilly will inherit Morphic’s lead asset, MORF-057. The candidate is under investigation in two Phase II studies for ulcerative colitis and one Phase II study for Crohn’s disease. The small molecule drug inhibits α4β7, an integrin expressed on some white blood cells.
Biogen completes $1.15bn HI-Bio acquisition to expand immunology presence
Biogen is undergoing therapy diversification after completing its $1.15bn acquisition of Human Immunology Biosciences (HI-Bio). The deal, which was agreed upon in May this year and includes $650m in milestone payments, sees Biogen bolster its pipeline with US-based HI-Bio’s anti-CD38 monoclonal antibody candidate felzartamab.
Semnur Pharmaceuticals to go public in $2bn SPAC deal
Semnur Pharmaceuticals has signed a letter of intent to go public via a merger with the special purpose acquisition company (SPAC) Denali Capital Acquisition Corp. The business combination equity is valued at up to $2bn, with proceeds of up to $40m dependent on the number of acquired SPAC shares.
Formation Bio secures $372m funds for AI-driven drug platform
Formation Bio has secured $372m in a Series D financing round to bolster its drug pipeline and expedite the expansion of its AI-driven drug development platform. The newly acquired funds are earmarked for two key objectives: the procurement and in-licensing of candidate drugs and the enhancement of their AI capabilities.
