VectivBio Holding AG

PARIS, FRANCE / ACCESSWIRE / August 23, 2023 / Abivax SA (Euronext Paris: FR0012333284 - ABVX) ("Abivax" or the "Company") today announced the appointment of Patrick Malloy as new Senior Vice President Investor Relations. Mr. Malloy brings 20 years of investor relations and commercial leadership experience in the biopharmaceutical sector. He is expected to play a crucial role in furthering the strategic international positioning of Abivax and obefazimod with the investor community. Didier Blondel, Chief Financial Officer of Abivax, said: "I am glad Patrick joins our team with his extensive experience in investor relations and commercial as well as a proven track record as a strategic leader in the biopharma sector. As we are advancing the strategic positioning of Abivax and obefazimod internationally, his expertise will be very valuable for the success of our projects and our Company." Patrick Malloy, new Senior Vice President Investor Relations of Abivax, commented: "Abivax is currently in the process of sharpening its pro the international financial community. I am excited to support these efforts to successfully complete the ongoing Phase 3 clinical program with lead drug candidate obefazimod for the treatment of moderately to severely active ulcerative colitis and to make it accessible to the many patients in need." Mr. Malloy joins Abivax from VectivBio AG (acquired by Ironwood Pharmaceuticals in June 2023), where he held the position of Senior Vice President, Investor Relations & Strategic Communications. Previously, he served as Vice President of Investor Relations and Corporate Communications at Arena Pharmaceuticals (acquired by Pfizer in 2022). Mr. Malloy spent over 16 years at Actelion Pharmaceuticals (acquired by Johnson and Johnson in 2017), where he held several commercial and corporate strategic leadership roles across the organization. Mr. Malloy will be based at the Abivax office on the U.S. East Coast. Contacts Abivax Communications Regina Jehle regina.jehle@abivax.com +33 6 24 50 69 63 ***** DISCLAIMER This press release contains forward-looking statements, forecasts and estimates. Words such as "expect," "will" and variations of such words and similar expressions are intended to identify forward-looking statements. Although Abivax' management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks, contingencies and uncertainties, many of which are difficult to predict and generally beyond the control of Abivax, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. A description of these risks, contingencies and uncertainties can be found in the documents filed by the Company with the French Autorité des Marchés Financiers pursuant to its legal obligations including its registration document (Document d'Enregistrement Universel). These risks, contingencies and uncertainties include among other things, the uncertainties inherent in research and development, future clinical data and analysis, decisions by regulatory authorities, such as the FDA or the EMA, regarding whether and when to approve any drug, as well as their decisions regarding labelling and other matters that could affect the availability or commercial potential of such product candidates. Special consideration should be given to the potential hurdles of clinical and pharmaceutical development including further assessment by the company and regulatory agencies and IRBs/ethics committees following the assessment of preclinical, pharmacokinetic, carcinogenicity, toxicity, CMC and clinical data. Furthermore, these forward-looking statements, forecasts and estimates are only as of the date of this press release. Readers are cautioned not to place undue reliance on these forward-looking statements. Abivax disclaims any obligation to update these forward-looking statements, forecasts or estimates to reflect any subsequent changes that the Company becomes aware of, except as required by law. Information about pharmaceutical products (including products currently in development) which is included in this press release is not intended to constitute an advertisement. This press release is for information purposes only, and the information contained herein does not constitute either an offer to sell, or the solicitation of an offer to purchase or subscribe securities of the Company in any jurisdiction, in particular in France. Similarly, it does not give and should not be treated as giving investment advice. It has no connection with the investment objectives, financial situation or specific needs of any recipient. It should not be regarded by recipients as a substitute for exercise of their own judgement. All opinions expressed herein are subject to change without notice. The distribution of this document may be restricted by law in certain jurisdictions. Persons into whose possession this document comes are required to inform themselves about and to observe any such restrictions. SOURCE: ABIVAX View source version on accesswire.com:

– LINZESS (Iinaclotide) EUTRx prescription demand growth increased 9% year-over-year; LINZESS U.S. net sales of $270 million, an increase of 9% year-over-year – – Expands clinical utility of LINZESS with FDA approval for pediatric patients ages 6-17 years-old suffering from functional constipation (FC) – – Strengthens GI development portfolio with acquisition of VectivBio Holding AG and its lead investigational asset, apraglutide, for the potential treatment of short bowel syndrome with intestinal failure – – Completes STARS Phase III clinical trial enrollment; now expects topline data in March of 2024 – BOSTON--(BUSINESS WIRE)-- Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a GI-focused healthcare company, today reported its second quarter 2023 results and updated its full year 2023 financial guidance. “We made significant progress towards the goal of becoming the leading GI healthcare company, as the second quarter was truly transformative for Ironwood,” said Tom McCourt, chief executive officer of Ironwood. “LINZESS continued its strong momentum with another quarter of impressive performance. As a result, we are raising our full-year 2023 U.S. net sales and Ironwood revenue guidance. Furthermore, we are thrilled that in June the FDA approved LINZESS for the treatment of pediatric patients ages 6 to 17 years-old with functional constipation, expanding its clinical utility and adding another potential growth driver for the brand. Also in the second quarter, we strengthened our GI portfolio with the acquisition of VectivBio, including its lead investigational asset, apraglutide, which we believe is poised to become the new standard of care for patients with short bowel syndrome with intestinal failure if successfully developed and approved, with the potential to achieve $1 billion in peak net sales. Looking ahead, we are excited about continuing to maximize LINZESS, advance our clinical programs, strengthen our financial position, and grow Ironwood’s leadership within GI.” Second Quarter 2023 Financial Highlights1 (in thousands, except for per share amounts) 2Q 2023 2Q 2022 Total revenues $107,382 $97,231 Total operating expenses2 1,190,521 41,576 GAAP net income (loss)2 (1,089,478) 37,080 GAAP net income (loss) attributable to Ironwood Pharmaceuticals, Inc.2 (1,062,187) 37,080 GAAP net income (loss) attributable to Ironwood Pharmaceuticals, Inc. per share – basic (6.84) 0.24 GAAP net income (loss) attributable to Ironwood Pharmaceuticals, Inc. per share – diluted (6.84) 0.21 Adjusted EBITDA2 (1,034,182) 56,015 Non-GAAP net income (loss)2 (1,041,325) 37,761 Non-GAAP net income (loss) per share – basic (6.71) 0.24 Non-GAAP net income (loss) per share – diluted (6.71) 0.21 1. Refer to the Reconciliation of GAAP Results to Non-GAAP Financial Measures table and to the Reconciliation of GAAP Net Income to Adjusted EBITDA table at the end of this press release. Refer to Non-GAAP Financial Measures for additional information. 2. Includes a one-time charge of approximately $1.1 billion related to acquired in-process research and development from the acquisition of VectivBio in the second quarter of 2023. Second Quarter 2023 Corporate Highlights U.S. LINZESS Prescription Demand: Total LINZESS prescription demand in the second quarter of 2023 was 47 million LINZESS capsules, a 9% increase compared to the second quarter of 2022, per IQVIA. U.S. Brand Collaboration: LINZESS U.S. net sales are provided to Ironwood by its U.S. partner, AbbVie Inc. (“AbbVie”). LINZESS U.S. net sales were $269.7 million in the second quarter of 2023, a 9% increase compared to $248.4 million in the second quarter of 2022. Ironwood and AbbVie share equally in U.S. brand collaboration profits. See the LINZESS U.S. Commercial Collaboration table at the end of the press release. – LINZESS commercial margin was 71% in the second quarter of 2023, compared to 69% in the second quarter of 2022. See the U.S. LINZESS Full Brand Collaboration table below and at the end of this press release. – Net profit for the LINZESS U.S. brand collaboration, net of commercial and research and development (“R&D”) expenses, was $180.3 million in the second quarter of 2023, compared to $163.8 million in the second quarter of 2022. See U.S. LINZESS Full Brand Collaboration table below and at the end of this press release. Collaboration Revenue to Ironwood: Ironwood recorded $104.8 million in collaboration revenue in the second quarter of 2023 related to sales of LINZESS in the U.S., an 11% increase compared to $94.5 million for the second quarter of 2022. See U.S. LINZESS Commercial Collaboration table at the end of the press release. U.S. LINZESS Full Brand Collaboration (in thousands, except for percentages) Three Months Ended June 30, 2023 2022 LINZESS U.S. net sales as reported by AbbVie $269,686 $248,351 AbbVie & Ironwood commercial costs, expenses and other discounts 78,998 76,363 Commercial margin 71% 69% AbbVie & Ironwood R&D Expenses 10,356 8,214 Total net profit on sales of LINZESS 180,332 163,774 Full brand margin 67% 66% FDA Approval of New Indication for LINZESS In June 2023, Ironwood announced that the U.S. Food and Drug Administration (“FDA”) approved LINZESS as a once-daily treatment for pediatric patients ages 6-17 years-old suffering from functional constipation. LINZESS is the first and only FDA-approved prescription therapy for functional constipation in this patient population. Acquisition of VectivBio Holding AG (“VectivBio”) On June 29, 2023, Ironwood completed a tender offer to purchase outstanding ordinary shares of VectivBio (the “VectivBio Shares”) at a price per share of $17.00, net to the shareholders of VectivBio in cash, without interest and subject to any applicable withholding taxes. The aggregate consideration paid by Ironwood to acquire the shares accepted for payment was approximately $1.2 billion. Ironwood financed the acquisition through proceeds from the borrowings under a revolving credit facility entered into in connection with the transaction, cash on hand, and cash of VectivBio. As of June 30, 2023, Ironwood holds 98% of the outstanding VectivBio Shares. Ironwood intends to effect a squeeze-out merger under Swiss law to acquire the remaining outstanding VectivBio Shares in the second half of 2023. The remaining outstanding VectivBio Shares are expected to be settled by Ironwood in cash. Workforce Reductions and Restructuring In April 2023, Ironwood reduced its workforce by approximately 10% of its headquarters-based personnel in an effort to further strengthen the operational efficiency of the organization. The workforce reduction was substantially completed during the second quarter of 2023. In June 2023, Ironwood commenced the elimination of certain positions in connection with the VectivBio acquisition. The majority of the eliminations were initiated in June 2023 and the remaining eliminations are expected to be substantially completed during the third quarter of 2023. Pipeline Updates Apraglutide Ironwood is advancing apraglutide, a next-generation, synthetic peptide glucagon-like peptide-2 (“GLP-2”) analog which Ironwood is developing for short bowel syndrome with intestinal failure (“SBS-IF”), a severe malabsorptive condition. Ironwood believes apraglutide has the potential to be the new standard of care for the treatment of SBS-IF based on its potency and pharmacological properties. Ironwood is conducting a Phase III clinical trial, STARS, designed to evaluate clinical benefit for both SBS-IF stoma and colon-in-continuity patients with unique convenience of weekly dosing. Enrollment is completed and topline results are now expected in March of 2024. Ironwood is also conducting a Phase II proof-of-concept clinical trial, STARGAZE, to evaluate apraglutide in patients with steroid-refractory gastrointestinal acute Graft versus Host Disease (aGvHD), a life-threatening condition that occurs when immune cells from the donor attack a recipient’s healthy cells after an allogeneic hematopoietic stem cell transplant. Ironwood expects data for the STARGAZE Phase II clinical trial in the first quarter of 2024. CNP-104 Ironwood has a collaboration and license option agreement with COUR Pharmaceuticals Development Company, Inc. (“COUR”). This agreement grants Ironwood an option to acquire an exclusive license to research, develop, manufacture and commercialize, in the U.S., products containing CNP-104 (“CNP-104”), a tolerizing immune modifying nanoparticle, for the treatment of primary biliary cholangitis (“PBC”), a rare autoimmune disease targeting the liver. If successful, CNP-104 has the potential to be the first approved PBC disease modifying therapy. COUR is currently conducting a clinical study for CNP-104 evaluating the safety, tolerability, pharmacodynamic effects and efficacy of CNP-104 in PBC patients, with early data assessing T-cell response from patients enrolled in the clinical study expected in the second half of 2023, which Ironwood believes will inform timing of topline data. IW-3300 Ironwood is currently advancing IW-3300, a guanylate cyclase-C agonist being developed for the potential treatment of visceral pain conditions, such as interstitial cystitis / bladder pain syndrome (“IC/BPS”) and endometriosis. Ironwood is continuing the Phase II proof of concept study in IC/BPS. Second Quarter 2023 Financial Results Total Revenues. Total revenues in the second quarter of 2023 were $107.4 million, compared to $97.2 million in the second quarter of 2022. – Total revenues in the second quarter of 2023 consisted of $104.8 million associated with Ironwood’s share of the net profits from the sales of LINZESS in the U.S. and $2.6 million in royalties and other revenue. Total revenues in the second quarter of 2022 consisted of $94.5 million associated with Ironwood’s share of the net profits from the sales of LINZESS in the U.S. and $2.7 million in royalties and other revenue. Operating Expenses. Operating expenses in the second quarter of 2023 were $1,190.5 million, which includes a one-time charge of $1,090.4 million of acquired IPR&D (“IPR&D”) from the acquisition of VectivBio, compared to $41.6 million in the second quarter of 2022. – Operating expenses in the second quarter of 2023 consisted of $52.5 million in selling, general and administrative (“SG&A”) expenses, and $34.6 million in research and development (“R&D”) expenses, $13.0 million in restructuring expenses and approximately $1.1 billion in acquired in-process research and development. Operating expenses in the second quarter of 2022 consisted of $30.1 million in SG&A expenses and $11.5 million in R&D expenses. Interest Expense and Other Financing Costs. Interest expense was $1.8 million in the second quarter of 2023, in connection with Ironwood’s convertible senior notes and revolving credit facility. Interest expense recorded in the second quarter of 2023 included $1.3 million in cash expense and $0.5 million in non-cash expense. Interest expense was $2.2 million in the second quarter of 2022, in connection with Ironwood’s convertible senior notes. Interest expense recorded in the second quarter of 2022 included $1.7 million in cash expense and $0.5 million in non-cash expense. Interest and Investment Income. Interest and investment income was $8.8 million in the second quarter of 2023. Interest and investment income was $1.0 million in the second quarter of 2022. Loss on Derivatives. Ironwood recorded a loss on derivatives of $0.7 million in the second quarter of 2022 as a result of the change in fair value of its convertible note hedges and note hedge warrants. Ironwood’s note hedge warrants and convertible note hedges terminated unexercised upon expiration in April 2023 and June 2022, respectively. Income Tax Expense. Ironwood recorded $13.3 million of income tax expense in the second quarter of 2023, the majority of which was non-cash, as Ironwood continues to utilize net operating losses to offset taxable income for federal purposes and in many states. Ironwood recorded $16.7 million of income tax expense in the second quarter of 2022. GAAP Net Income (Loss) Attributable to Ironwood. GAAP net loss was ($1,062.2) million, or ($6.84) per share (basic and diluted) in the second quarter of 2023, which includes a one-time charge of ($1,090.4) million of acquired IPR&D from the acquisition of VectivBio, compared to GAAP net income of $37.1 million, or $0.24 per share (basic) and $0.21 per share (diluted) in the second quarter of 2022. Non-GAAP Net Income (Loss). Non-GAAP net loss was ($1,041.3) million, or ($6.71) per share (basic and diluted) in the second quarter of 2023, which includes a one-time charge of ($1,090.4) million of acquired IPR&D from the acquisition of VectivBio, compared to non-GAAP net income of $37.8 million, or $0.24 per share (basic) and $0.21 (diluted) in the second quarter of 2022. – Non-GAAP net income excludes the impact of mark-to-market adjustments on the derivatives related to Ironwood’s 2022 Convertible Notes, amortization of acquired intangible assets, restructuring expenses and acquisition-related costs, all net of tax effect. See Non-GAAP Financial Measures below. Adjusted EBITDA. Adjusted EBITDA was ($1,034.2) million in the second quarter of 2023, which includes a one-time charge of ($1,090.4) million of acquired IPR&D from the acquisition of VectivBio, compared to $56.0 million in the second quarter of 2022. – Adjusted EBITDA is calculated by subtracting mark-to-market adjustments on derivatives related to Ironwood’s 2022 Convertible Notes, restructuring expenses, acquisition-related costs, net interest expense, income taxes, depreciation and amortization, and acquisition-related costs, from GAAP net income. See Non-GAAP Financial Measures below. Cash Flow Highlights. Ironwood ended the second quarter of 2023 with $175.3 million of cash and cash equivalents, compared to $656.2 million of cash and cash equivalents at the end of 2022. – Ironwood generated approximately $35.0 million in cash from operations in the second quarter of 2023, compared to $61.4 million in cash from operations in the second quarter of 2022. – The acquisition of VectivBio was funded through proceeds from a revolving credit agreement, cash on hand and cash of VectivBio. Ironwood 2023 Financial Guidance. Ironwood is increasing its 2023 U.S. LINZESS net sales and total revenue growth guidance and updating its adjusted EBITDA financial guidance. Prior 2023 Guidance Updated 2023 Guidance U.S. LINZESS Net Sales Growth 3% to 5% 6% to 8% Total Revenue $420 to $435 million $435 to $450 million Adjusted EBITDA1 >$250 million ~ ($900) million2 Includes a one-time charge of approximately $1.1 billion from acquisition of VectivBio 1 Adjusted EBITDA is calculated by subtracting mark-to-market adjustments on derivatives related to Ironwood’s 2022 Convertible Notes, restructuring expenses, net interest expense, income taxes, depreciation and amortization, and acquisition-related costs from GAAP net income. 2 Updated 2023 adjusted EBITDA guidance includes a one-time charge of approximately $1.1 billion related to acquired in-process research and development from the acquisition of VectivBio in the second quarter of 2023. For purposes of this guidance, Ironwood has assumed that it will not incur material expenses related to additional business development activities in 2023. Non-GAAP Financial Measures Ironwood presents non-GAAP net income and non-GAAP net income per share to exclude the impact, net of tax effects, of net gains and losses on derivatives related to Ironwood’s 2022 Convertible Notes that are required to be marked-to-market, restructuring expenses, and acquisition-related costs. Non-GAAP adjustments are further detailed below: The gains and losses on the derivatives related to Ironwood’s 2022 Convertible Notes were highly variable, difficult to predict and of a size that could have a substantial impact on the company’s reported results of operations in any given period. Restructuring expenses are considered to be a non-recurring event as they are associated with distinct operational decisions. Included in restructuring expenses are costs associated with exit and disposal activities. Acquisition-related costs in connection with the acquisition of VectivBio are considered to be non-recurring and include direct and incremental costs associated with the acquisition and integration of VectivBio to the extent such costs were not classified as capitalizable transaction costs attributed to the cost of net assets acquired through acquisition accounting. Ironwood also presents adjusted EBITDA, a non-GAAP measure, as well as guidance on adjusted EBITDA. Adjusted EBITDA is calculated by subtracting mark-to-market adjustments on derivatives related to Ironwood’s 2022 Convertible Notes, restructuring expenses, net interest expense, income taxes, depreciation and amortization, and acquisition-related costs from GAAP net income. The adjustments are made on a similar basis as described above related to non-GAAP net income, as applicable. Management believes this non-GAAP information is useful for investors, taken in conjunction with Ironwood’s GAAP financial statements, because it provides greater transparency and period-over-period comparability with respect to Ironwood’s operating performance. These measures are also used by management to assess the performance of the business. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. For a reconciliation of non-GAAP net income and non-GAAP net income per share to GAAP net income and GAAP net income per share, respectively, and for a reconciliation of adjusted EBITDA to GAAP net income, please refer to the tables at the end of this press release. Ironwood does not provide guidance on GAAP net income or a reconciliation of expected adjusted EBITDA to expected GAAP net income because, without unreasonable efforts, it is unable to predict with reasonable certainty the non-GAAP adjustments used to calculate adjusted EBITDA. These adjustments are uncertain, depend on various factors and could have a material impact on GAAP net income for the guidance period. Conference Call Information Ironwood will host a conference call and webcast at 8:30 a.m. Eastern Time on Tuesday, August 8, 2023 to discuss its second quarter 2023 results and recent business activities. Individuals interested in participating in the call should dial (888) 330-2384 (U.S. and Canada) or (240) 789-2701 (international) using conference ID number and event passcode 4671230. To access the webcast, please visit the Investors section of Ironwood’s website at at least 15 minutes prior to the start of the call to ensure adequate time for any software downloads that may be required. The call will be available for replay via telephone starting at approximately 11:30 a.m. Eastern Time on August 8, 2023, running through 11:59 p.m. Eastern Time on August 22, 2023. To listen to the replay, dial (800) 770-2030 (U.S. and Canada) or (647) 362-9199 (international) using conference ID number 4671230. The archived webcast will be available on Ironwood’s website for 14 days beginning approximately one hour after the call has completed. About Ironwood Pharmaceuticals Ironwood Pharmaceuticals (Nasdaq: IRWD), an S&P SmallCap 600® company, is a leading global gastrointestinal (GI) healthcare company on a mission to advance the treatment of GI diseases and redefine the standard of care for GI patients. We are pioneers in the development of LINZESS® (linaclotide), the U.S. branded prescription market leader for adults with irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC). LINZESS is also approved for the treatment of functional constipation in pediatric patients ages 6-17 years-old. Ironwood is also advancing apraglutide, a next-generation, long-acting synthetic GLP-2 analog being developed for rare gastrointestinal diseases, including short bowel syndrome with intestinal failure (SBS-IF) as well as several earlier stage assets. Building upon our history of GI innovation, we keep patients at the heart of our R&D and commercialization efforts to reduce the burden of GI diseases and address significant unmet needs. Founded in 1998, Ironwood Pharmaceuticals is headquartered in Boston, Massachusetts, and has additional operations in Basel, Switzerland. We routinely post information that may be important to investors on our website at . In addition, follow us on Twitter and on LinkedIn. About LINZESS (linaclotide) LINZESS® is the #1 prescribed brand in the U.S. for the treatment of adult patients with irritable bowel syndrome with constipation (“IBS-C”) or chronic idiopathic constipation (“CIC”), based on IQVIA data. LINZESS is a once-daily capsule that helps relieve the abdominal pain, constipation, and overall abdominal symptoms of bloating, discomfort and pain associated with IBS-C, as well as the constipation, infrequent stools, hard stools, straining, and incomplete evacuation associated with CIC. LINZESS relieves constipation in children and adolescents aged 6 to 17 years with functional constipation. The recommended dose is 290 mcg for IBS-C patients and 145 mcg for CIC patients, with a 72 mcg dose approved for use in CIC depending on individual patient presentation or tolerability. In children with functional constipation aged 6 to 17 years, the recommended dose is 72 mcg. LINZESS is not a laxative; it is the first medicine approved by the FDA in a class called GC-C agonists. LINZESS contains a peptide called linaclotide that activates the GC-C receptor in the intestine. Activation of GC-C is thought to result in increased intestinal fluid secretion and accelerated transit and a decrease in the activity of pain-sensing nerves in the intestine. The clinical relevance of the effect on pain fibers, which is based on nonclinical studies, has not been established. In the United States, Ironwood and AbbVie co-develop and co-commercialize LINZESS for the treatment of adults with IBS-C or CIC. In Europe, AbbVie markets linaclotide under the brand name CONSTELLA® for the treatment of adults with moderate to severe IBS-C. In Japan, Ironwood's partner, Astellas, markets linaclotide under the brand name LINZESS for the treatment of adults with IBS-C or CIC. Ironwood also has partnered with AstraZeneca for development and commercialization of LINZESS in China, and with AbbVie for development and commercialization of linaclotide in all other territories worldwide. LINZESS Important Safety Information INDICATIONS AND USAGE LINZESS® (linaclotide) is indicated for the treatment of both irritable bowel syndrome with constipation (IBS-C) and chronic idiopathic constipation (CIC) in adults and functional constipation (FC) in children and adolescents 6 to 17 years of age. It is not known if LINZESS is safe and effective in children with FC less than 6 years of age or in children with IBS-C less than 18 years of age. IMPORTANT SAFETY INFORMATION WARNING: RISK OF SERIOUS DEHYDRATION IN PEDIATRIC PATIENTS LESS THAN 2 YEARS OF AGE LINZESS is contraindicated in patients less than 2 years of age. In nonclinical studies in neonatal mice, administration of a single, clinically relevant adult oral dose of linaclotide caused deaths due to dehydration. Contraindications LINZESS is contraindicated in patients less than 2 years of age due to the risk of serious dehydration. LINZESS is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction. Warnings and Precautions LINZESS is contraindicated in patients less than 2 years of age. In neonatal mice, linaclotide increased fluid secretion as a consequence of age-dependent elevated guanylate cyclase (GC-C) agonism, which was associated with increased mortality within the first 24 hours due to dehydration. There was no age dependent trend in GC-C intestinal expression in a clinical study of children 2 to less than 18 years of age; however, there are insufficient data available on GC-C intestinal expression in children less than 2 years of age to assess the risk of developing diarrhea and its potentially serious consequences in these patients. Diarrhea In adults, diarrhea was the most common adverse reaction in LINZESS-treated patients in the pooled IBS-C and CIC double-blind placebo-controlled trials. The incidence of diarrhea was similar in the IBS-C and CIC populations. Severe diarrhea was reported in 2% of 145 mcg and 290 mcg LINZESS-treated patients and in <1% of 72 mcg LINZESS-treated CIC patients. In children and adolescents 6 to 17 years of age, diarrhea was the most common adverse reaction in 72 mcg LINZESS-treated patients in the FC double-blind placebo-controlled trial. Severe diarrhea was reported in <1% of 72 mcg LINZESS treated patients. If severe diarrhea occurs, dosing should be suspended and the patient rehydrated. Common Adverse Reactions (incidence ≥2% and greater than placebo) In IBS-C or CIC adult patients: diarrhea, abdominal pain, flatulence, and abdominal distension. In FC pediatric patients: diarrhea. Please see full Prescribing Information including Boxed Warning: LINZESS® and CONSTELLA® are registered trademarks of Ironwood Pharmaceuticals, Inc. Any other trademarks referred to in this press release are the property of their respective owners. All rights reserved. Forward-Looking Statements This press release contains forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about Ironwood’s ability to execute on its mission; Ironwood’s strategy, business, financial position and operations; Ironwood’s ability to drive growth and profitability; the demand, development, commercial availability and commercial potential of linaclotide, including pursuing highly differentiated GI assets to add to our portfolio, and the drivers, timing, impact and results thereof; the potential indications for, and benefits of, linaclotide; our financial performance and results, and guidance and expectations related thereto; LINZESS prescription demand growth, LINZESS U.S. net sales growth, total revenue and adjusted EBITDA in 2023; our ability to develop apraglutide and the expected timing of receiving data from the apraglutide clinical trials; the commercial potential of apraglutide, including potential peak net sales, and the potential of apraglutide to become the standard of care for patients with SBS-IF; the potential of CNP-104 to be the first PBC disease modifying therapy and the expected timing of receiving data from the clinical study for CNP-104 in PBC patients and the results thereof, and the belief that this will inform timing of topline data; our plan to advance IW-3300 including the timing and results thereof; our plans for completing statutory squeeze-out merger, and the expected timing thereof. These forward-looking statements speak only as of the date of this press release, and Ironwood undertakes no obligation to update these forward-looking statements. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include those related to the effectiveness of development and commercialization efforts by us and our partners; preclinical and clinical development, manufacturing and formulation development of linaclotide, apraglutide, CNP-104, IW-3300, and our product candidates; the risk that clinical programs and studies, including for the linaclotide pediatric program, apraglutide, IW-3300 and CNP-104, may not progress or develop as anticipated, including that studies are delayed or discontinued for any reason, such as safety, tolerability, enrollment, manufacturing, economic or other reasons; the risk that findings from our completed nonclinical and clinical studies may not be replicated in later studies; the risk that we or our partners are unable to obtain, maintain or manufacture sufficient LINZESS or our product candidates, or otherwise experience difficulties with respect to supply or manufacturing; the efficacy, safety and tolerability of linaclotide and our product candidates; the risk that the commercial and therapeutic opportunities for LINZESS or our product candidates are not as we expect; decisions by regulatory and judicial authorities; the risk we may never get additional patent protection for linaclotide and other product candidates, that patents for linaclotide or other products may not provide adequate protection from competition, or that we are not able to successfully protect such patents; the risk that we are unable to manage our expenses or cash use, or are unable to commercialize our products as expected; the risk that the development of any of our linaclotide pediatric programs, apraglutide, CNP-104 and/or IW-3300 are not successful or that any of our product candidates is not successfully commercialized; outcomes in legal proceedings to protect or enforce the patents relating to our products and product candidates, including abbreviated new drug application litigation; the risk that financial and operating results may differ from our projections; developments in the intellectual property landscape; challenges from and rights of competitors or potential competitors; the risk that our planned investments do not have the anticipated effect on our company revenues; developments in accounting guidance or practice; Ironwood’s or AbbVie’s accounting practices, including reporting and settlement practices as between Ironwood and AbbVie; the risk that we are unable to manage our expenses or cash use, or are unable to commercialize our products as expected; the impact of the COVID-19 pandemic; and the risks listed under the heading “Risk Factors” and elsewhere in Ironwood's Annual Report on Form 10-K for the year ended December 31, 2022, and in our subsequent Securities and Exchange Commission filings. Condensed Consolidated Balance Sheets (In thousands) (unaudited) June 30, 2023 December 31, 2022 Assets Cash and cash equivalents $ 175,321 $ 656,203 Accounts receivable, net 118,990 115,458 Prepaid expenses and other current assets 22,500 7,715 Restricted cash 788 1,250 Total current assets 317,599 780,626 Restricted cash, net of current portion 510 485 Accounts receivable, net of current portion - 14,589 Property and equipment, net 5,876 6,288 Operating lease right-of-use assets 13,319 14,023 Intangible assets, net 4,096 - Deferred tax assets 257,900 283,661 Other assets 3,920 847 Total assets $ 603,220 $ 1,100,519 Liabilities and Stockholders’ Equity Accounts payable $ 3,505 $ 483 Accrued research and development costs 20,122 5,258 Accrued expenses and other current liabilities 79,585 16,700 Current portion of operating lease liabilities 3,095 3,065 Current portion on convertible senior notes 199,083 - Note hedge warrants - 19 Total current liabilities 305,390 25,525 Operating lease liabilities, net of current portion 15,598 16,599 Convertible senior notes, net of current portion 197,974 396,251 Revolving credit facility 400,000 - Other liabilities 31,035 9,766 Total stockholders’ equity (deficit) (346,777) 652,378 Total liabilities and stockholders’ equity (deficit) $ 603,220 $ 1,100,519 Condensed Consolidated Statements of Income (In thousands, except per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues Collaborative arrangements revenue $ 107,382 $ 97,231 $ 211,443 $ 194,760 Total revenues 107,382 97,231 211,443 194,760 Operating expenses: Research and development 34,577 11,452 47,424 22,274 Selling, general and administrative 52,484 30,124 83,601 58,985 Restructuring expenses 13,011 - 13,011 - Acquired in-process research and development 1,090,449 - 1,090,449 - Total operating expenses 1,190,521 41,576 1,234,485 81,259 Income (loss) from operations (1,083,139) 55,655 (1,023,042) 113,501 Other income (expense): Interest expense and other financing costs (1,840) (2,207) (3,367) (4,548) Interest and investment income 8,757 1,018 16,029 1,248 Gain (loss) on derivatives - (681) 19 49 Other income (expense), net 6,917 (1,870) 12,681 (3,251) Income (loss) before income taxes (1,076,222) 53,785 (1,010,361) 110,250 Income tax expense (13,256) (16,705) (33,403) (34,369) GAAP net income (loss) (1,089,478) 37,080 (1,043,764) 75,881 Less: GAAP net income (loss) attributable to noncontrolling interests (27,291) - (27,291) - GAAP net income (loss) attributable to Ironwood Pharmaceuticals, Inc. $ (1,062,187) $ 37,080 $ (1,016,473) $ 75,881 GAAP net income (loss) attributable to Ironwood Pharmaceuticals, Inc. per share—basic ($6.84) $ 0.24 ($6.56) $ 0.49 GAAP net income (loss) attributable to Ironwood Pharmaceuticals, Inc. per share—diluted ($6.84) $ 0.21 ($6.56) $ 0.42 Reconciliation of GAAP Results to Non-GAAP Financial Measures (In thousands, except per share amounts) (unaudited) A reconciliation between net income on a GAAP basis and on a non-GAAP basis is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 GAAP net income (loss)1 $ (1,089,478) $ 37,080 $ (1,043,764) $ 75,881 Adjustments: Mark-to-market adjustments on the derivatives related to convertible notes, net 0 681 (19) (49) Amortization of acquired intangible assets 4 - 4 - Restructuring expenses 13,011 - 13,011 - Acquisition-related costs 35,681 - 35,681 - Tax effect of adjustments (543) - (543) - Non-GAAP net income (loss)1 $ (1,041,325) $ 37,761 $ (995,630) $ 75,832 A reconciliation between basic net income per share on a GAAP basis and on a non-GAAP basis is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 GAAP net income (loss) attributable to Ironwood Pharmaceuticals, Inc. per share – basic $ (6.84) $ 0.24 $ (6.56) $ 0.49 Plus: GAAP net income (loss) attributable to noncontrolling interests – basic $ (0.18) - $ (0.18) - Adjustments to GAAP net income (loss) per share (as detailed above) 0.31 - 0.31 - Non-GAAP net income per share (loss) – basic $ (6.71) $ 0.24 $ (6.43) $ 0.49 Weighted average number of common shares used to calculate net income per share — basic 155,367 153,304 154,912 155,550 A reconciliation between diluted net income per share on a GAAP basis and on a non-GAAP basis is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 GAAP net income (loss) attributable to Ironwood Pharmaceuticals, Inc. per share – diluted $ (6.84) $ 0.24 $ (6.56) $ 0.49 Plus: GAAP net income (loss) attributable to noncontrolling interests – diluted $ (0.18) - $ (0.18) - Adjustments to GAAP net income per share (loss) (as detailed above) 0.31 - 0.31 - Non-GAAP net income per share (loss) – diluted $ (6.71) $ 0.21 $ (6.43) $ 0.42 Weighted average number of common shares used to calculate net income per share — diluted 155,367 184,876 154,912 187,315 1 GAAP and non-GAAP net loss for three months ended June 30, 2023 and for six months ended June 30, 2023 include a one-time charge of approximately $1.1 billion related to acquired in-process research and development from the acquisition of VectivBio in the second quarter of 2023 Reconciliation of GAAP Net Income to Adjusted EBITDA (In thousands) (unaudited) A reconciliation of GAAP net income to adjusted EBITDA: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 GAAP net income (loss)1 $ (1,089,478) $ 37,080 $ (1,043,764) $ 75,881 Adjustments: Mark-to-market adjustments on the derivatives related to convertible notes, net 0 681 (19) (49) Restructuring expenses 13,011 - 13,011 - Interest expense 1,840 2,207 3,367 4,548 Interest and investment income (8,757) (1,018) (16,029) (1,248) Income tax expense 13,256 16,705 33,403 34,369 Depreciation and amortization 265 360 551 715 Acquisition-related costs 35,681 - 35,681 - Adjusted EBITDA1 $ (1,034,182) $ 56,015 $ (973,799) $ 114,216 1 GAAP net loss and adjusted EBITDA for three months ended June 30, 2023 and for six months ended June 30, 2023 includes a one-time charge of approximately $1.1 billion related to acquired in-process research and development from the acquisition of VectivBio in the second quarter of 2023. U.S. LINZESS Commercial Collaboration1 Revenue/Expense Calculation (In thousands) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 LINZESS U.S. net sales as reported by AbbVie2 $ 269,686 $ 248,351 $ 519,900 $ 480,685 AbbVie & Ironwood commercial costs, expenses and other discounts3 78,998 76,363 145,406 137,379 Commercial profit on sales of LINZESS $ 190,688 $ 171,988 $ 374,494 $ 343,306 Commercial Margin4 71% 69% 72% 71% Ironwood’s share of net profit 95,344 85,994 187,247 171,653 Reimbursement for Ironwood’s commercial expenses 9,407 8,458 19,135 17,118 Ironwood’s collaborative arrangement revenue $ 104,751 $ 94,452 $ 206,382 $ 188,771 1 Ironwood collaborates with AbbVie on the development and commercialization of linaclotide in North America. Under the terms of the collaboration agreement, Ironwood receives 50% of the net profits and bears 50% of the net losses from the commercial sale of LINZESS in the U.S. The purpose of this table is to present calculations of Ironwood’s share of net profit (loss) generated from the sales of LINZESS in the U.S. and Ironwood’s collaboration revenue/expense; however, the table does not present the research and development expenses related to LINZESS in the U.S. that are shared equally between the parties under the collaboration agreement. Please refer to the table at the end of this press release for net profit for the U.S. LINZESS brand collaboration with AbbVie. 2 LINZESS net sales are recognized using AbbVie’s revenue recognition accounting policies and reporting conventions. As a result, certain rebates and discounts are classified as LINZESS U.S. commercial costs, expenses and other discounts within Ironwood’s calculation of collaborative arrangements revenue. 3 Includes certain discounts recognized and cost of goods sold incurred by AbbVie; also includes commercial costs incurred by AbbVie and Ironwood that are attributable to the cost-sharing arrangement between the parties. 4 Commercial margin is defined as commercial profit on sales of LINZESS as a percent of total LINZESS U.S. net sales. US LINZESS Full Brand Collaboration1 Revenue/Expense Calculation (In thousands) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 LINZESS U.S. net sales as reported by AbbVie2 $ 269,686 $ 248,351 $ 519,900 $ 480,685 AbbVie & Ironwood commercial costs, expenses and other discounts3 78,998 76,363 145,406 137,379 AbbVie & Ironwood R&D Expenses4 10,356 8,214 19,006 16,380 Total net profit on sales of LINZESS $ 180,332 $ 163,774 $ 355,488 $ 326,926 1 Ironwood collaborates with AbbVie on the development and commercialization of linaclotide in North America. Under the terms of the collaboration agreement, Ironwood receives 50% of the net profits and bears 50% of the net losses from the commercial sale of LINZESS in the U.S. The purpose of this table is to present calculations of the total net profit (loss) generated from the sales of LINZESS in the U.S., including the commercial costs and expenses and the research and development expenses related to LINZESS in the U.S. that are shared equally between the parties under the collaboration agreement. 2 LINZESS net sales are recognized using AbbVie’s revenue recognition accounting policies and reporting conventions. As a result, certain rebates and discounts are classified as LINZESS U.S. commercial costs, expenses and other discounts within Ironwood’s calculation of collaborative arrangements revenue. 3 Includes certain discounts recognized and cost of goods sold incurred by AbbVie; also includes commercial costs incurred by AbbVie and Ironwood that are attributable to the cost-sharing arrangement between the parties. 4 R&D expenses related to LINZESS in the U.S. are shared equally between Ironwood and AbbVie under the collaboration agreement.

去年，生物制药行业见证了很多大手笔的兼并与收购。很多并购项目创造了百亿美元宏大的声势与场面，但实际效果并没有达到当初的预期。2023年，美国联邦贸易委员会（Federal Trade Commission）越来越多介入了企业并购交易审查。许多大型制药公司表示，生物技术公司估值的准确性有待提高，在当前经济环境下如何分配资金需要谨慎观察。虽然生物制药行业的整体并购氛围稍显审慎，但2023年上半年仍有9笔价值10亿美元以上的交易，其中最高一笔达430亿美元。表1 2023上半年9大生物制药收购01辉瑞收购Seagen，扩展肿瘤学产品管线时间：2023年3月13日交易价格：430亿美元今年3月，辉瑞以430亿美元收购总部位于西雅图的抗体药物偶联物（ADC）领导者Seagan，预计将于2023年底或2024年初完成交易。因为在肿瘤学项目开发上的出色表现，Seagen在行业内并不缺乏追求者。2022年他们曾经与默沙东走得很近，但因价格没有谈拢而告吹。据报道，默沙东愿意为Seagen每股支付超过200美元的价格，这使得双方潜在的交易价格已经超越了400亿美元。待价而沽的Seagen没有能够和默沙东走到一起，这给了辉瑞机会，他们每股229美元的报价最终被Seagen接受，将这笔交易的价格提升到了430亿美元。430亿美元并没有使这笔交易进入生物制药历史排行榜前10名，略低于罗氏在2009年以468亿美元收购Genentech的价格（第10名）。这笔交易将Seagen的ADC技术融入辉瑞的产品管线，加强他们的肿瘤学产品开发，这对于辉瑞的未来发展至关重要，尤其是在后疫情时代。辉瑞预测，到2030年，Seagen的12%的同比预期增长将为他们带来超过100亿美元的收入。Seagen的四种药物已经获得FDA批准，用于治疗乳腺癌，宫颈癌和膀胱癌以及淋巴瘤，而且标签扩展的研究目前正在进行之中。Seagen的管线包括十几种新分子，以及用于ADC和其他抗体平台（如双特异性抗体）的下一代技术。02默沙东收购Prometheus，加强免疫学产品线时间：2023年4月17日交易价格：108亿美元默沙东以约108亿美元的价格收购了长于免疫学开发的Prometheus Biosciences，一举为自己的管线增加了5种炎症性肠和免疫介导疾病的临床和临床前候选药物。Prometheus的主要候选药物最初被指定用于治疗溃疡性结肠炎和克罗恩病（新名称MK-7240）。这笔交易使默沙东进一步进入免疫学领域，在此之前这并不是他们所擅长的领域。交易的核心是Prometheus单克隆抗体PRA023，该抗体将于今年晚些时候进入溃疡性结肠炎（UC）和克罗恩病（CD）的后期研究。除了PRA023之外，Prometheus还在推进其他四种免疫介导适应症的候选药物，它们都成为了默沙东管线中的新项目。03Astellas收购Iveric Bio，开发眼科疗法时间：2023年5月1日交易价格：59亿美元日本生物制药公司Astellas以59亿美元收购新泽西州的Iveric Bio，以加强其视力复明的重点开发领域。Astellas以每股40美元的价格收购Iveric，这是Astellas最大的一笔收购。该交易涉及多个项目，包括Avacincaptad Pegol（ACP，也称为Zimura,oligonucleotide药物）治疗年龄相关性黄斑变性的地理萎缩（GA，一种不可逆的眼病），并且已经受到FDA的优先审查。PDUFA的日期定为8月19日。如果获得批准，ACP预计将成为Astellas重要的收入来源，以取代Astellas和辉瑞的前列腺癌药物Xtandi。Xtandi将于2026年在欧洲和日本失去专利保护，2027年在美国失去专利保护。04诺华收购Chinook Therapeutics，扩展肾病疗法时间：2023年6月12日交易价格：35亿美元为了扩大肾脏药物组合，诺华以35亿美元的价格收购了Chinook Therapeutics。收购将在2023年下半年完成，之后Chinook将与新成立的诺华子公司合并。此次收购将使诺华能够获得Chinook正在开发的两项后期项目，用于免疫球蛋白A肾病（IgAN）。这是一种罕见的自身免疫性和进行性肾脏疾病，其特征是免疫复合物在肾脏中积累，导致器官炎症和损伤，进而表现为尿液中的蛋白质或血液。Chinook最成熟的IgAN资产是atrasentan，它是内皮素A受体的选择性拮抗剂，可发挥抗炎和抗纤维化作用，以减少蛋白尿并保留肾功能。Chinook的第二个IgAN资产是zigakibart，也称为BION-1301，目前正在进行I/II期研究。这是一种旨在靶向细胞外蛋白APRIL的抗体，该蛋白在IgAN中升高并与预后不良相关。Zigakibart可以减少蛋白尿。05赛诺菲收购Provention，扩展糖尿病产品时间：2023年3月13日交易价格：29亿美元赛诺菲以每股25美元的价格收购了总部位于新泽西州的糖尿病公司Provention Bio，总交易价值为29亿美元。此次收购授予赛诺菲对Tzield（teplizumab-mzwv）的独家权利，Tzield是一种用于延缓3期1型糖尿病发作的药物。Tzield于2022年11月获得FDA的批准，使其成为有史以来第一个能够减缓这种疾病进展的改善疗法。06礼来收购DICE Therapeutics及其药物开发平台时间：2023年6月20日交易价格：24亿美元为了扩大自身免疫性疾病的治疗范围，礼来收购了位于旧金山的生物制药公司DICE Therapeutics。该交易每股48美元，总价值高达24亿美元。这笔收购将使礼来有机会使用DICE的药物开发平台DELSCAPE。该平台旨在优化小分子药物的创建，从而有效干扰蛋白质-蛋白质相互作用（PPI）。07葛兰素史克收购Bellus Health，囊获潜在重磅炸弹时间：2023年4月18日交易价格：20亿美元葛兰素史克与Bellus Health签署了一项收购协议，价格为20亿美元，以获得这家加拿大生物技术公司的慢性咳嗽候选药物Camlipixant。Camlipixant是Bellus的主要候选药物，是P2X3受体的高度选择性拮抗剂，具有同类最佳的潜力。虽然咳嗽是对刺激物的自然身体反应，但难治性慢性咳嗽（RCC）与气道中更高密度的感觉神经有关。P2X3受体存在于气道的神经上。当激活时，它们会触发RCC的过度咳嗽特征。使用拮抗分子破坏P2X3通路可以使咳嗽反射和频率正常化。Bellus于2022年底启动了CALM计划，并预计到2024年下半年将获得顶线数据。葛兰素史克预计将在2026年推出Camlipixant。Bellus的收购使葛兰素史克与默沙东直接竞争，后者正在开发其P2X3拮抗剂gefapixant。尽管默沙东的产品可能率先进入市场，但葛兰素史克仍然对Camlipixant充满信心。08阿斯利康收购CinCor Pharma及其高血压管线产品时间：2023年1月9日交易价格：18亿美元阿斯利康以每股26美元（总价18亿美元）的价格收购总部位于俄亥俄州辛辛那提的CinCor制药，以加强其心肾药物管线，这是CinCor制药的擅长领域。阿斯利康将获得CinCor醛固酮合酶抑制剂候选药物baxdrostat。Baxdrostat正在针对难治性高血压患者进行开发。此外，该药物正在作为原发性醛固酮增多症和慢性肾脏疾病的潜在治疗方法进行开发。阿斯利康正在寻求将baxdrostat与其重磅糖尿病药物Farxiga（dapagliflozin）相结合。Farxiga是一种首创的口服SGLT2抑制剂，与baxdrostat一样，具有很强的心肾治疗活性。Farxiga也被批准用于心力衰竭和慢性肾脏疾病。Farxiga是阿斯利康表现最好的资产之一，在2019年达到了重磅炸弹的地位，当时该药物的年销售额首次超过10亿美元。去年，Farxiga的销售额超过30亿美元。09Ironwood Pharmaceuticals收购VectivBio，开发罕见疾病疗法时间：2023年5月23日交易价格：10亿美元Ironwood Pharmaceuticals今年5月完成了收购瑞士生物制药公司VectivBio的最终协议。这笔全现金交易的价值约为10亿美元（每股17美元）。VectivBio专注于研究，开发和商业化各种罕见疾病的治疗方法，包括急性移植物抗宿主病和肠衰竭短肠综合征。VectivBio最先进的产品是apraglutide(一种GLP-2多肽类似物)，正在开发用于短肠综合征伴肠衰竭（SBS-IF），这种疾病影响美国、欧洲和日本的约18000名成年患者。去年10月，VectivBio宣布了apraglutide开放标签II期研究的结果，显示9名受试者的SBS-IF和结肠连续性患者明显改善的数据。III期研究的结果预计将于今年年底公布。Apraglutide也正在进行一项针对急性移植物抗宿主病的II期研究，预计将于2025年8月获得结果。此外，据报道，VectivBio还有至少四种其他项目仍处于发现和临床前阶段，针对尿素循环障碍、脂肪酸氧化障碍、氨基酸病和其他酸血症。VectivBio于2020年1月推出，融资额为3500万美元，是辉瑞于2019年收购的Therachon Holding AG的分拆公司。Ref.Goodwin,K.Pfizer Wins Seagen Sweepstakes with$43B Bid.BioSpace.13.03.2023.Merck Finalizes$10.8B Prometheus Buy.BioSpace.19.06.2023.Goodwin,K.Astellas to Buy Iveric Bio for$5.9B in Age-Related Blindness Play.BioSpace.01.05.2023.Manalac,T.Novartis Boosts Kidney Business with$3.2B Chinook Buy.BioSpace.12.06.2023.Manalac,T.Sanofi Bolsters Diabetes Position with$2.9B Provention Buyout.BioSpace.13.03.2023.Manalac,T.Lilly Aims to Boost Immuno Business with$2.4B DICE Buy.BioSpace.20.06.2023Manalac,T.GSK Makes$2B Play to Challenge Merck in Chronic Cough Market.BioSpace.18.04.2023Manalac,T.AstraZeneca Buys CinCor in a Deal Worth Up to$1.8B.BioSpace.09.01.2023Akst,J.Ironwood to Pay$1B to Acquire VectivBio,Late-Stage Digestive Therapy.BioSpace.23.05.2023Munger,L.9 Top M&As in the First Half of 2023.BioSpace.28.06.2023声明：本内容为作者独立观点，不代表药智网立场。如需转载，请务必注明文章作者和来源。对本文有异议或投诉，请联系maxuelian@yaozh.com。责任编辑 | 八角转载开白 | 马老师 18996384680（同微信）商务合作 |  张武龙 13368443108（同微信） 阅读原文，是昨天最受欢迎的文章哦