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Magenta to explore strategic alternatives after patient’s death in Phase 1/2

Sotio Biotech

23/7/2023 | 2 minutes to read

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A week after pausing enrollment in a Phase 1/2 study of targeted conditioning agent MGTA-117 due to the death of a patient, Magenta Therapeutics is now seeking strategic alternatives and stopping development of all programs.


Magenta to explore strategic alternatives after Phase 1/2 patient death

Magenta announced it will explore potential strategic alternatives that may include, but are not limited to, an acquisition, merger, business combination, or other transaction. There can be no assurance that this review process will result in Magenta pursuing a transaction or that any transaction, if pursued, will be completed on attractive terms. 


AstraZeneca licenses Claudin 18.2 ADC from Keymed for $63 million upfront

KYM Biosciences, a joint venture established by affiliates of Keymed Biosciences and Lepu Biopharma, and AstraZeneca have entered into a global exclusive licence agreement for CMG901, an ADC targeting Claudin 18.2. AstraZeneca will be responsible for the research, development, manufacture, and commercialization of CMG901 globally. CMG901 is currently in a Phase 1 trial for the treatment of Claudin 18.2-positive solid tumors, including gastric cancer. AstraZeneca will make an upfront payment of $63m on transaction closing and additional development and sales-related milestone payments of up to $1.1bn to KYM Biosciences as well as tiered royalties up to low double digits.

Pfizer in talks to acquire Seagen in deal likely valued at $30+ billion

A potential buyout of Seagen by Pfizer, which was reported by The Wall Street Journal, makes strategic sense for both parties and the antitrust hurdle appears surmountable. Talks are in the early stage between the companies, according to the WSJ report. Seagen is valued at $30 billion, and a deal could be worth even $40 billion. Flush with cash after scoring a record $100 billion in revenue in 2022, fueled by sales of its COVID-19 products Comirnaty and Paxlovid, Pfizer is primed to make a major deal.  Pfizer’s oncology business needs a rejuvenation. Pfizer’s largest oncology asset, breast cancer drug Ibrance, has been on decline. Seagen is an attractive target with four commercial medicines and many more likely coming in its deep pipeline full of antibody-drug conjugate candidates. The company hit $2 billion in revenue last year, for a 25% increase from 2021. Seagen was in talks last August with Merck for a buyout that was rumored to be worth more than $40 billion, but the parties could not agree on a price.

ADC Therapeutics announced pricing of underwritten offering by selling shareholder

ADC Therapeutics announced the pricing of an underwritten offering of 12,000,000 common shares of the Company currently owned by A.T. Holdings II, an affiliate of Auven Therapeutics Holdings, at a price of $5 per share. ADCT is not selling any common shares and will not receive any proceeds from the sale of the common shares in the offering. The offering included participation from Redmile Group, Perceptive Advisors, Frazier Life Sciences and Surveyor Capital (a Citadel company) along with other institutional investors.

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