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BIO: Jazz is auditioning new bandmates in an M&A market ripe with talent

2023-06-06

并购引进/卖出临床结果ASCO会议临床2期

Jazz Pharmaceuticals is open to a large deal more than two years after acquiring GW Pharma for more than $7 billion.

Jazz Pharmaceuticals be investing in and acquiring innovation,” Jazz PharmaceuticGW Pharmaruce Cozadd says, as the company scouts for deals at the BIO International Convention.

Cozadd is hunting for acquisitions in neurology and oncology, whJazz Pharmaceuticalsportfolio that includes Epidiolex for seizures and Xywav for narcolepsy. The full neurology portfolio brought in $654 million in the first quarter of the year, according to a recent earnings report. Meanwhile, the oncology programs collected $228.9 million and is fresh off new data for HER2-targeting bispecific antibody zanidatamab, which is partnered with Zymeworks.

“We’re looking at a variety of potential transactions,” Cozadd told Fierce Biotech on the sideline of the coEpidiolex “We seizuresve toXywav largnarcolepsyt we could do a large deal.”HER2-targeting zanidatamab Zymeworks

The candid acknowledgment of the company’s M&A strategy is emblematic of a scorching hot market that’s allowing smaller, well-financed biopharmas to move out of the seller position. Cozadd said Jazz would not have been a buyer a year ago, but now it's on the hunt.

And it's not just straight M&A, either. At the end of 2022, Jazz opted in on a licensing deal with Zymeworks for zanidatamab that could ultimately see the company pay out up to $1.76 billion. It’s a milestone-heavy deal, with more than $1.3 billion in biobucks on the table, but included a second option fee for $325 million.

So far, so good for the asset, which posted new phase 2 data at this year’s concurrent American SocZymeworksliniczanidatamab annual meeting showing a 41.3% confirmed objective response rate in HER2-amplified biliary tract cancers. A recent study in Cancers reported that the objective response rate of first-line treatment—AstraZeneca's Imfinzi combined with chemotherapy—is 8.7% to 26.7%. The company is also aiming zanidatamab at gastroesophageal adenocarcinoma and breast cancer.

But Jazz is contending with a tough rival in this space, namely AstraZeneca’s Enhertu which has emerged as a dominant player in the HER2-targeting space. Cozadd was wary of describing Jazz as “HER2-amplified biliary tract cancerscompany was adding aCancersoption to the treatment paradigm for patients, particularly those wAstraZenecacanImfinziese patients, "I'm happy to say, get many lines of therapy, meaning they zanidatamabhe disease for a long time,” he said. “Sbreast cancere use for multiple agents across tumor types and across different lines of therapy.”

Jazz’s return to M&A comes some two and a half years after the aAstraZenecaof Enhertuma for $7.2 billion, which tacked on a cannabinHER2-targeting namely Epidiolex. Revenue for the drug increased 20% to $Enhertuillion in the first quarter of 2023 compared to the first quarter of 2022. Cozadd said that deal required the companbreast cancer considerable amount, taking on leverage that it’s since been able to shed. Jazz had $1.2 billion in cash on hand plus $500 million in untapped borrowing capacity as of the etumor March.

Jazz reported revenues of $892.8 million for the first quarter of the year, wiGW Pharmaoduct sales increasing 49% compared to the same quarter a year befoEpidiolexompany is looking forward to three late-stage readouts by the end of 2024, including JZP150 in post-traumatic stress disorder and suvecaltamide in essential tremor in addition to zanidatamab.

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