Pharma & Biotech
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After Fielding Multiple Offers, Yardley-Based Optinose Secures Potential $330M Deal With Paratek
Yardley-based Optinose, which put itself up for auction three years ago attracting multiple suitors, has secured a potential $330 million deal with Paratek, writes John George for the Philadelphia Business Journal. Founded in 2000, the specialty pharmacy company markets Xhance, an FDA-approved drug-device combination for nasal polyps and chronic sinusitis. Optinose formed a strategy workgroup…
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Paratek Pharmaceuticals Acquires Yardley-Based Optinose in $330M Deal
Paratek Pharmaceuticals of Boston has entered into a definitive agreement to buy Yardley-based Optinose in a deal worth up to $330 million, writes John George for the Philadelphia Business Journal. Optinose has one medicine approved by the Food and Drug Administration in the market: Xhance. The drug-device combination product treats nasal polyps and chronic sinusitis.…
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Malvern’s Endo Enters Into Agreement to Merge with Mallinckrodt in $6 Billion Deal
Malvern-based Endo has agreed to merge with Mallinckrodt in a cash and stock deal, valuing the combined pharmaceutical company at $6.7 billion, writes John George for the Philadelphia Business Journal. Both Endo’s predecessor company, Endo International, and Mallinckrodt recently went through bankruptcies and also had to deal with litigation regarding their alleged roles in the…
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Warrington’s Windtree Therapeutics Eyes Acquisitions to Stay Afloat
To remain viable, Warrington-based Windtree Therapeutics plans on boosting revenue by acquiring smaller companies with FDA-approved products, writes John George for the Philadelphia Business Journal. One of the region’s oldest biotechnology companies will pursue this new corporate strategy of all-stock deals while advancing its internal drug candidates for heart disease and cancer. “We believe that…
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BioNTech Agrees to Pay $467M to Penn as Part of COVID-19 Vaccine Royalties Settlement
University of Pennsylvania will receive $467 million from BioNTech as part of a settlement in a lawsuit over COVID-19 vaccine royalties, writes John George for the Philadelphia Business Journal. In an August lawsuit filed in the U.S. District Court in Philadelphia, Penn claimed it was owed additional royalties from BioNTech for using its patented technology…
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Yardley-Based Optinose Implements Reverse Stock Split to Boost Share Price, Avoid NASDAQ Delisting
Yardley-based Optinose will enact a 1-for-15 reverse stock split to boost its share price and fend off a potential NASDAQ delisting, writes Ryan Mulligan for the Philadelphia Business Journal. The pharmaceutical company received a notice from NASDAQ two months ago indicating that it could be delisted from the public market after its stock closed below…
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Newtown-based Helius Medical Technologies Explores ‘Strategic Alternatives’ to Boost Stockholder Value
Helius Medical Technologies, a Newtown-based medical device company, has begun exploring “strategic alternatives,” including a reverse merger and licensing deal, to enhance stockholder value, writes John George for the Philadelphia Business Journal. According to the company, the move is linked to actions, or lack thereof, by the Center for Medicaid and Medicare Services, regarding its…
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A Planned GSK Expansion Pushes Company Beyond Montgomery County
GlaxoSmithKline, the London-based pharmaceutical giant with a substantial presence in Montgomery County and Philadelphia, announced a landmark investment of up to $800 million to expand its Pennsylvania manufacturing operations, reports John George for the Philadelphia Business Journal. This new GSK expansion, located in Marietta, Lancaster County, marks GSK’s largest U.S. manufacturing investment to date and…
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Doylestown Research Nonprofit to Manage Long Island Life Sciences Incubator
The state of New York selected Doylestown’s Baruch S. Blumberg Institute to manage a life sciences incubator at a planned $430 million cell and gene therapy campus in Long Island called BioGenesis Park, writes John George for the Philadelphia Business Journal. The Blumberg Institute is a nonprofit biotechnology research and education organization. Its primary focus…
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Doylestown Cancer Pharma Moves Closer to Starting Clinical Testing on Its 3rd Experimental Cancer Treatment
Doylestown-based Aprea Therapeutics is moving closer to entering clinical testing with its third potential experimental cancer treatment, writes John George for the Philadelphia Business Journal. The company, with an $18 million market capitalization, previously started enrolling patients in a phase I study of APR-1051. The experimental treatment targets ovarian and breast cancer in patients with…
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University of Pennsylvania Suing German Drugmaker BioNTech Over COVID-19 Vaccine Payments
The University of Pennsylvania submitted a federal civil lawsuit against BioNTech, alleging that the German drugmaker did not pay Penn its full share of royalties from COVID-19 vaccine worldwide sales, writes Abraham Gutman for The Philadelphia Inquirer. The vaccine was made by BioNTech and Pfizer using mRNA technology developed by Penn researchers Katalin Karikó and…
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Windtree Therapeutics Secures $12.9 Million Financing to Boost Operations and Eliminate Debt
Warrington biotechnology firm Windtree Therapeutics has secured financial stability through a $12.9 million financing arrangement, providing $3.4 million in new funding and eliminating $9.5 million in senior notes, writes John George for the Philadelphia Business Journal. The company achieved this by selling 16,099 shares of convertible preferred stock with warrants to purchase up to…
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Temple University Engineers Invent Soy-based Bandages As an Alternative to Healing Wounds
Temple University engineers have invented a soy-based material to create natural bandages that can be cheaply produced and help skin heal better from wounds and burns that usually result in scarring, writes Nicole Leonard for WHYY. Following more than a decade of research and experimentation, Philadelphia scientists are seeking approval from the U.S. Food and…
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Doylestown’s Pennsylvania Biotechnology Center Welcomes Nick Spring as First Entrepreneur in Residence
The Pennsylvania Biotechnology Center (PABC) in Doylestown has appointed Nick Spring, a seasoned life sciences executive, as its inaugural entrepreneur in residence, writes John George for the Philadelphia Business Journal. With a wealth of experience, Spring will provide crucial guidance to startups and early-stage companies in areas such as business strategy, fundraising, and product…
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Carisma Therapeutics Selects First Drug Candidate Under Moderna Partnership, Triggers $2M Payment
Philadelphia-based Carisma Therapeutics has chosen an experimental cell therapy that targets the most prevalent type of liver cancer as the first drug development candidate under its Moderna partnership, writes John George for the Philadelphia Business Journal. The move has triggered a $2 million payment to the immunotherapy company from Moderna and boosted its stock price…
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Malvern-Based Annovis Bio to Focus Future Development of Its Experimental Drug on Early Alzheimer’s Patients
Malvern-based Annovis Bio plans to focus on patients who have the early form of Alzheimer’s disease in the future development of its experimental treatment for the neurodegenerative disorder, writes John George for the Philadelphia Business Journal. The move is based on the analysis of the mixed results from the biopharmaceutical company’s most recent study. Annovis…
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Warminster’s Arbutus Biopharma Achieves Breakthrough in Hepatitis B Treatment
Warminster biotech company Arbutus Biopharma shared promising results from its latest study on a new treatment for hepatitis B, writes John George for the Philadelphia Business Journal. The company announced the findings at the European Association for the Study of the Liver conference in Milan, Italy. Arbutus reported that their treatment, imdusiran, helped 33 percent…
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New Jersey-based Dispensary Hides $3,000 Worth of Marijuana in Philadelphia’s Gayborhood for Pride Weekend
While recreational cannabis may not be legal yet in Pennsylvania, a New Jersey-based dispensary has hid $3,000 worth of it — in the form of three $1,000 vouchers — in Philadelphia’s Gayborhood ahead of Pride Weekend. Camden Apothecary, which opened in 2021, is situated adjacent to the historic Bell Pharmacy and is managed by the…
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