Plus, news about AEON Biopharma, Bio-Thera and STADA:
Insmed to raise $500M in public offering: The startup launched the offering after it revealed positive Phase 3 data in a lung disease called non-cystic fibrosis bronchiectasis on Tuesday. If approved, the therapy would be the first dipeptidyl peptidase 1 (DPP1) inhibitor on the market. Insmed’s stock $INSM closed 120% higher on Tuesday. — Max Gelman
Merus puts together $300M offering: It’s raising money after touting Phase 2 data set to be presented at ASCO. The data showed that petosemtamab in combination with Merck’s Keytruda induced a 67% response rate in patients with head and neck cancer. Merus now plans to run Phase 3 trials in both the first-line and second-line settings. — Max Gelman
AI startup nabs $13M seed round: ExpressionEdits will develop genetic medicines and intends to study protein expression using AI to “predict and redesign genes.” Researchers from the University of Cambridge founded the company. The round was co-led by Octopus Ventures and redalpine. — Max Gelman
AEON Biopharma to lay off 55%: The Irvine-based biotech said the layoffs will allow it to keep the lights on into the fourth quarter of this year. Among those let go is CFO Peter Reynolds. The company had 10 employees at the end of 2023. Its botulinum toxin failed a mid-stage migraine test earlier this month. — Kyle LaHucik
Bio-Thera forms Simponi biosimilar deal: The China-based biopharma will receive $10 million upfront and up to $147.5 million from STADA for commercialization rights to BAT2506, an experimental biosimilar to Johnson & Johnson’s Simponi, in the EU, UK, Switzerland and elsewhere. The immunosuppressive (also known as golimumab) has been approved for ulcerative colitis and rheumatoid arthritis, among other conditions, for more than a decade. — Kyle LaHucik