Vertex Pharmaceuticals announced on July 8 its largest merger and acquisition deal to date, acquiring Crinetics Pharmaceuticals for $10 billion. The move gives Vertex entry into the specialty endocrinology market through Crinetics’ FDA-approved acromegaly pill, Palsonify. The deal is among the largest in the biopharmaceutical sector this year.
Novartis also completed a smaller transaction, acquiring antibody-drug conjugate specialist Myricx for up to $1.5 billion. These transactions highlight continued activity in mergers and acquisitions within the biotech industry during the second half of the year.
The BioSpace team reported on Veradermics, a hair loss biotechnology company that debuted on the New York Stock Exchange six months ago. Since its debut, Veradermics' shares have increased by 650%, attributed by CEO Reid Waldman to strong data from their extended-release version of Rogaine and increased consumer interest driven by trends in GLP-1 weight loss pharmaceuticals. Waldman said, “the meteoric rise [is due] to the GLP-1 weight loss craze that has opened up consumer markets to pharmaceuticals.”
On regulatory matters, decisions from the Food and Drug Administration slowed slightly in the first half of this year with 79 total decisions, compared to 85 during the same period last year. After significant leadership turnover at the agency, experts anticipate an increase in activity later this year with several major decisions expected in the third quarter.
Venture capital funding remained robust as Isomorphic Labs raised $2.1 billion—one of biotech’s largest raises ever—in what analysts expect will stand out for years.
