Plus, news about OnKure:
Deciphera’s other bidder: Before its acquisition by Ono Pharmaceutical, Deciphera had one other bidder that offered $19.00 per share, according to a new SEC filing. In total, Deciphera reached out to 23 companies to gauge buyout interest. Ultimately, Deciphera was acquired by Ono for $25.60 per share in April. — Max Gelman
Bristol Myers Squibb reports lung cancer failure: The Phase 3 trial was testing Opdivo plus chemo, followed by either Opdivo and Yervoy or Opdivo alone, against chemo followed by AstraZeneca’s Imfinzi in previously untreated patients with stage 3 non-small cell lung cancer whose tumors can’t be surgically removed. The primary endpoint, which was not achieved, was progression-free survival. — Max Gelman
OnKure inks reverse merger: The oncology biotech will take the Nasdaq spot of Reneo Pharmaceuticals, which let go of most of its staff in December after a Phase 2b fail in rare mitochondrial disorders. OnKure will have about $120 million in cash once the deal closes, likely later this year, to fund its PI3Kα-targeted solid tumor asset OKI-219. — Kyle LaHucik