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Today, a brief rundown of news involving Novo Nordisk and DBV Technologies, as well as updates from Arbutus Biopharma, Bicycle Therapeutics and CRISPR Therapeutics that you may have missed.
Novo Nordisk on Friday licensed an experimental medicine from Lexicon Pharmaceuticals that it intends to develop for obesity and associated metabolic disorders. Lexicon is receiving $45 million in cash upfront, which it will use to pay down debt, according to a regulatory filing. It could also get up to $960 million in future payouts if certain milestones are met. The drug, LX9851, works differently than most obesity medicines and in preclinical testing appeared to boost the effects of semaglutide, the active ingredient in Novo's weight loss therapy Wegovy. — Ben Fidler
DBV Technologies has secured up to $307 million in financing to support the potential U.S. approval and commercial launch of a skin patch it's been developing for peanut allergies. The funding was led by more than eight investment firms, among them MPM BioImpact and Vivo Capital, and comes days after the company and the Food and Drug Administration agreed on the safety data required for an approval submission. DBV expects to generate that data from an ongoing Phase 3 trial and file an application next year. The FDA rejected DBV's skin patch, Viaskin, in 2020. — Ben Fidler
Arbutus Biopharma will lay off 57% of its workforce and halt in-house scientific research as part of a strategic review undertaken by new CEO Lindsay Androski. Arbutus revealed the job cuts, along with the departures of three senior executives, in an earnings report Thursday. The company is also reviewing the development plans for a pair of hepatitis B medicines in clinical testing, and expects to provide an update on the next steps for both once the evaluation is complete. Androski was named CEO during a board shake-up in February that included the appointment of four new directors, among them Roivant Sciences CEO Matt Gline. — Ben Fidler
Bicycle Therapeutics chairman Pierre Legault is retiring and will be replaced by Felix Baker, the cofounder of hedge fund Baker Brothers, the cancer drug developer said Thursday. Bicycle announced the switch alongside several other changes to its board of directors and leadership team. Transgene CEO Alessandro Riva has joined the board along with Baker, while medical oncologist Fabrice André was named on the company's clinical advisory board. In addition, Eric Westin and Jim MacDonald-Clink were promoted to chief medical officer and head of business development, respectively, following the transitions of Santiago Arroyo and Nigel Crockett to advisory roles. The changes "strengthen our expertise in oncology," said CEO Kevin Lee, in a statement. Bicycle has lost about two-thirds of its market value over the last year. — Ben Fidler