Plus, news about Pacira Biosciences, Cassava Sciences, Merck, Monopar Therapeutics, Eli Lilly and Optinose:
Royalty Pharma signs MS deal: The company will pay about $525 million in cash to buy the milestones and royalties that ImmuNext is set to receive from Sanofi for a Phase 3 multiple sclerosis drug. Sanofi is expected to seek FDA approval of the monoclonal antibody in 2027. If frexalimab is approved, Royalty expects to get royalties from the drug through 2041. — Kyle LaHucik
X4 Pharmaceuticals sells a voucher for $105M: The company received a priority review voucher after its WHIM syndrome treatment Xolremdi was approved last month. It did not disclose the purchaser. X4 also announced that it drew $20 million from an existing loan facility with Hercules Capital. Its cash runway now extends into late 2025. — Jaimy Lee
Pacira eyes $250M: The Florida biotech plans to offer that amount in convertible senior notes. Earlier this week, the non-opioid pain biotech said its board approved an up-to $150 million share repurchase. — Kyle LaHucik
Cassava Sciences raises $125M: The Alzheimer’s disease biotech, which has been mired in scientific misconduct allegations, said it raised the money from cash exercises of warrants. — Kyle LaHucik
Merck’s Keytruda fails Phase 3 endometrial cancer test: The anti-PD-1 drug added to chemotherapy did not meet the disease-free survival primary endpoint in patients with newly diagnosed high-risk endometrial cancer following surgery. Other Phase 3 studies of Keytruda combinations are ongoing in different endometrial carcinoma settings. — Ayisha Sharma
Monopar axes non-radiopharma assets: The decision comes after the biotech entered the clinic with its MNPR-101-Zr imaging program for advanced solid cancers. A related therapeutic radiopharma asset, MNPR-101-RIT, is set to enter the clinic later this year. Monopar had just $8.8 million in cash, cash equivalents and short-term investments as of March 31. — Ayisha Sharma
Lilly taps into 5 Prime Sciences’ analytics tools: Lilly plans to use 5 Prime’s “human genetics, multi-omics and AI technologies” to advance Lilly’s early cardio-metabolic drug development. 5 Prime will receive undisclosed upfront considerations, research fees and potential milestones and royalties. — Ayisha Sharma
Optinose plans to raise $55 million. It’s selling 31.8 million shares at $1.00 apiece. — Jaimy Lee