Plus, news about Think Bioscience and Apellis:
Pharming axes Orchard pact: The Dutch biopharma terminated a research collaboration and licensing agreement with Orchard Therapeutics due to “current strategy as well as prioritization.” Back in 2021, Pharming paid $17.5 million upfront and promised up to $189.5 million in biobucks for OTL-105, a gene therapy for the rare disorder hereditary angioedema. Orchard is now owned by Kyowa Kirin. — Kyle LaHucik
A tough road ahead for Seres: The biotech revealed in an SEC filing that it received a notice of default under its credit agreement with Oaktree. The commercial-stage microbiome company “believes that it is not in default” and “intends to vigorously defend itself” if any actions are taken. The company also said it could take “additional cost-reduction initiatives” as its current runway is slated to end before 2025. Seres’ shares $MCRB were down about 30% on Wednesday morning. — Kyle LaHucik
Think Bioscience raises $6M in seed extension: That brings total funding to $26 million for the company, which is developing small molecules with “undruggable” targets. YK Bioventures and existing investors participated. — Jaimy Lee
Wall Street’s worried about Apellis’ geographic atrophy drug: After announcing its second-quarter results, Apellis shares $APLS closed 10% lower on Tuesday, at $43.90. Mizuho Securities analyst Graig Suvannavejh attributed the stock drop to a “lack of investor confidence” in the growth strategy for Syfovre, which competes against Astellas’ Izervay. — Jaimy Lee