Trius Therapeutics, Inc.

许多年前的一笔不起眼的BD＆L，竟是促成将来重大M＆A的关键一环，如赛诺菲以29亿美元收购Provention Bio公司，核心资产来自MacroGenics公司。之前开发的诸多候选药物，要么尘归尘、土归土，要么杳无音讯，要么雷声大、雨点小，一次偶然的BD＆L，竟是促成将来重大M＆A的关键一环，如安进以283亿美元市值收购Horizon公司，核心资产来自River Vision公司。或开发顺位处于较后但未来将成为核心资产的候选药物，竟是促成将来重大M＆A的关键一环，如安进以37亿美元收购ChemoCentryx，核心资产avacopan的历史开发顺位在第4位。没错，当这些偶然的东西走进biotech聚焦视野里的时候，属于它们命运的齿轮开始悄然转动了。1. 被命运之神选中的biotech2. 结语    被命运之神选中的biotech核心/领先资产，该司被收购时新闻稿首先或重点提及的资产。历史开发顺位，被收购公司提名候选药物代号或介绍候选药物的次序。几年增长几倍，该司从IPO年份到被收购时的年份，对比收购时的公司价值和IPO发行市值。命运的齿轮开始转动的年数，该司核心/领先资产首次出现的年份至被收购时的年份。资料来自招股书、年报及收购时的新闻稿。下文有点累赘，建议看几个案例后直接跳到文末底下看总结的图表。2017年Horizon公司从River Vision公司获得了核心资产抗IGF-1R 抑制剂teprotumumab，这款药物在Horizon公司的历史开发顺位里排名14。从那以后，命运的齿轮开始转动，5年后，诞生了2022年全球最大的生物医药收购案，283亿美元的公司价值让Horizon实现了11年增长160倍的神迹（粗略年化为59%）。2013年Loxo公司从Array公司获得了核心资产RET 抑制剂LOXO-292，这款药物在Loxo公司的历史开发顺位里排名第3。从那以后，命运的齿轮开始转动，6年后，诞生了80亿美元的收购案，让Loxo实现了5年增长37.6倍的神迹（粗略年化为108%）。    插多一句，这笔收购案也牵涉到后来全球首个的第三代BTK抑制剂pirtobrutinib。Pirtobrutinib由Redx公司发现，2016年10月提名为RXC005，当时正处于债务危机的Redx公司急需现金，在2017年7月份不得不以4000万美元将RXC005一次性出售给Loxo公司，后面不会涉及里程碑付款和未来的销售分成。事后回想起来，不知道Redx公司有没有后悔的，把大腿拍断了。2018年Provention Bio公司从MacroGenics公司获得了核心资产抗CD3抗体teplizumab，这款药物在Provention Bio公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，5年后，诞生了29亿美元的收购案，让Provention Bio实现了5年增长20.4倍的神迹（粗略年化为85%）。2016年Biohaven公司从BMS公司获得了核心资产CGRP受体拮抗剂rimegepant，这款药物在Biohaven公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，6年后，诞生了2022年全球生物医药最大的小分子药收购案，116亿美元的公司价值让Biohaven实现了5年增长18.9倍的神迹（粗略年化为82%）。2012年TESARO公司从默沙东获得了核心资产PARP抑制剂niraparib，这款药物在TESARO公司的历史开发顺位里排名第2。从那以后，命运的齿轮开始转动，6年后，诞生了51亿美元的收购案，让TESARO实现了6年增长13.2倍的神迹（粗略年化为56%）。    2014年Zogenix公司从Brabant公司获得了核心资产低剂量芬氟拉明制剂，这款药物在Zogenix公司的历史开发顺位里排名第4。从那以后，命运的齿轮开始转动，8年后，诞生了19亿美元的收购案，让Zogenix实现了12年增长13.2倍的佳绩（粗略年化为25%）。2017年Endocyte公司从ABX公司获得了核心资产PSMA RDC 177Lu-PSMA-617，这款药物在Endocyte公司的历史开发顺位里排名20。从那以后，命运的齿轮开始转动，1年后，诞生了21亿美元的收购案，让曾经濒临溃败的Endocyte实现了7年增长11.6倍的佳绩（粗略年化为44%）。2017年ChemoCentryx公司自主研发的核心资产C5aR拮抗剂avacopan，这款药物在ChemoCentryx公司的历史开发顺位里排名第4。遭受前3款候选药物的开发挫折后，排名老4的avacopan终在2021年获批上市，并在1年后，诞生了37亿美元的收购案，让ChemoCentryx实现了10年增长9.5倍的佳绩（粗略年化为27%）。2013年Ignyta公司从Nerviano Medical Sciences公司获得了核心资产TRK/ROS1抑制剂entrectinib，这款药物在Ignyta公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，4年后，诞生了17亿美元的收购案，让Ignyta实现了3年增长8.7倍的神迹（粗略年化为113%）。2011年FIVE PRIME公司从Galaxy公司获得了核心资产抗FGFR2b抗体bemarituzumab，这款药物在Ignyta公司的历史开发顺位里排名第3。从那以后，命运的齿轮开始转动，10年后，诞生了19亿美元的收购案，让FIVE PRIME实现了8年增长8.1倍的佳绩（粗略年化为32%）。    2011年ZS Pharma公司从UOP公司获得了核心资产钾结合剂硅酸锆复合物ZS-9，这款药物在ZS Pharma公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，4年后，诞生了27亿美元的收购案，让ZS Pharma实现了1年增长6.6倍的神迹（粗略年化不适用）。2007年Hyperion公司从Ucyclyd公司获得了核心资产苯丁酸甘油酯口服液RAVICTI，这款药物在Hyperion公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，8年后，诞生了11亿美元的收购案，让ZS Hyperion实现了3年增长5.9倍的神迹（粗略年化为90%）。2005年CoLucid公司从礼来获得了核心资产5-HT(1F)受体激动剂lasmiditan，这款药物在CoLucid公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，12年后，诞生了9.6亿美元的收购案，让CoLucid实现了2年增长5.3倍的神迹（粗略年化为151%）。2007年Trius公司从Dong-A公司获得了核心资产恶唑烷酮类抗生素tedizolid，这款药物在Trius公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，6年后，诞生了7.07亿美元的收购案，让Trius实现了3年增长5倍的神迹（粗略年化为82%）。2007年Relypsa公司从Ilypsa/安进公司获得了核心资产钾结合剂patiromer，这款药物在Relypsa公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，9年后，诞生了15.3亿美元的收购案，让Relypsa实现了3年增长3.9倍的神迹（粗略年化为70%）。    2009年Durata公司从Vicuron/辉瑞公司获得了核心资产半合成糖肽抗生素dalbavancin，这款药物在Durata公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，5年后，诞生了6.75亿美元的收购案，让Durata实现了2年增长3.4倍的神迹（粗略年化为110%）。2018年Sierra公司从吉利德获得了核心资产JAK1/JAK2抑制剂momelotinib，这款药物在Sierra公司的历史开发顺位里排名第4。从那以后，命运的齿轮开始转动，4年后，诞生了19亿美元的收购案，让曾一度陷于困境的Sierra实现了7年增长2.9倍的佳绩（粗略年化为21%）。2005年Radius公司从Ipsen公司获得了核心资产甲状旁腺激素相关肽abaloparatide，这款药物在Radius公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，17年后，诞生了8.9亿美元的收购案，让Radius实现了8年增长2.8倍的成绩（粗略年化为18%）。2017年Dermira公司从罗氏获得了核心资产IL-13抑制剂lebrikizumab，这款药物在Dermira公司的历史开发顺位里排名第6。从那以后，命运的齿轮开始转动，3年后，诞生了11亿美元的收购案，让Dermira实现了6年增长2.6倍的佳绩（粗略年化为24%）。2011年Kadmon公司从NT Life Sciences公司获得了核心资产ROCK2抑制剂belumosudil，这款药物在Kadmon公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，10年后，诞生了19亿美元的收购案，让Kadmon实现了5年增长2.5倍的佳绩（粗略年化为28%）。    2018年Viela Bio公司从阿斯利康获得了核心资产抗CD19单抗inebilizumab，这款药物在Viela Bio公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，3年后，诞生了30.5亿美元的收购案，让Viela Bio实现了2年增长2.2倍的神迹（粗略年化为79%）。2012年ARMO公司从默沙东获得了核心资产PEG-IL-10 pegilodecakin，这款药物在ARMO公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，6年后，诞生了16亿美元的收购案，让ARMO实现了4个月增长2.2倍的神迹（粗略年化不适用）。2016年Myovant公司从武田获得了核心资产非肽GnRH受体拮抗剂relugolix，这款药物在Myovant公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，6年后，诞生了29亿美元的收购案，让Myovant实现了6年增长2.2倍的佳绩（粗略年化为21%）。2019年CinCor公司从罗氏获得了核心资产醛固酮合成酶抑制剂baxdrostat，这款药物在CinCor公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，4年后，诞生了18亿美元的收购案，让CinCor实现了1年增长2.1倍的佳绩（粗略年化不适用）。2013年Clementia公司从罗氏获得了核心资产RARγ激动剂palovarotene，这款药物在Clementia公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，6年后，诞生了13.1亿美元的收购案，让Clementia实现了5年增长1.9倍的佳绩（粗略年化为24%）。    2016年Dova公司从卫材获得了核心资产TPO受体激动剂avatrombopag，这款药物在Dova公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，3年后，诞生了9.15亿美元的收购案，让Dova实现了2年增长1.2倍的佳绩（粗略年化为48%）。2006年AVEO公司从Kyowa Hakko Kirin公司获得了核心资产泛靶点VEGFR抑制剂tivozanib，这款药物在AVEO公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，16年后，诞生了5.66亿美元的收购案，让AVEO实现了12年增长1.1倍的成绩（粗略年化为6%）。2011年Biotie公司从Synosia/罗氏获得了核心资产A2A受体拮抗剂tozadenant，这款药物在Biotie公司的历史开发顺位里排名第1。从那以后，命运的齿轮开始转动，5年后，诞生了3.63亿美元的收购案，让Biotie实现了7个月增长1倍的成绩（粗略年化不适用）。    图1 发生重大M＆A的biotech（丰硕创投整理）结语医药熊市持续了近3年，悲观情绪渗透在每个角落里。有的企业招不到人，因为应聘者怕公司撑不了多久，倒闭了，附近的外卖还没尝尽就得卷铺盖走人了；有的企业裁好多人，因为公司实在没那么多资源去养这么多员工了；有的职员依旧打着这份工，但薪水福利明显不如以前了。医药投资圈也是如此，公募基金经理不得不辞职，才能平息基民的愤懑。私募基金掀起的注销潮，更像是无声的战争，发生的那么剧烈，但在公众里传播的影响力却又如此的低。    似乎只有逃离整个医药圈，才有可能与这些悲观情绪绝缘。行业的周期更替、热胀冷缩是一种十分合乎常理的行为，奈何道理大家都懂，仍免不了随波逐流，很难去做些违背人体正常生理的事，比如正遭受着疼痛，却叫喊着舒服。但是往往在最悲观，最不受人关注的时候，蕴藏的机会才有可能是最大的。像本文提到的这批企业，资产出让方若知道自己的资产在多年后能值这么多钱，怎么会如此低价地转让出去。哪怕当时有人穿越回去，千叮咛，万嘱咐地劝诫资产出让方不要卖，或抬高价卖，但当时的环境已经决定了待交易资产就值这个价了，不可能啥亮眼数据都不多，就能卖出高价格的。同样的情况也适用于现在悲观的医药圈，当下的我们好比本文提到的这些在当年不怎么起眼的资产，每当我们多坚持一分，多努力一秒，多往前推进一下，说不定未来我们回忆过往的时候，可以掷地有声地说出，原来那时候命运的齿轮开始转动了。声明：以上内容仅供参考，不构成投资建议。

None  Welcome to this week's Chutes & Ladders, our roundup of hirings, firings and retirings throughout the industry. Please send the good word—or the bad—from your shop to Max Bayer or Gabrielle Masson, and we will feature it here at the end of each week.  Frazier departs Merck after 30 years, leaving the executive chairman role for CEO Davis Merck After 30 years at Merck & Co., Ken Frazier is calling it a tenure at the New Jersey Big Pharma. It’s a career that began in 1992, with Frazier elevating himself up the corporate ladder, including positions as general counsel at the company. This culminated in his being named president and CEO in 2011, a position he held for 10 years before handing the baton over to Rob Davis. But since then Frazier has remained executive chairman of the company’s board. Now, that too will be handed over to Davis, effective Dec. 1.  In addition to his position at Merck, Frazier sits or has sat on the board of a number of other companies and organizations including Exxon, the National Constitution Center, General Catalyst and the College of Physicians of Philadelphia. He founded OneTen, an organization aimed at hiring Black employees without college degrees. Earlier this year, he joined the board of Eikon Therapeutics, a biotech startup in the Bay Area that’s poached a lot of top talent from Merck. On Thursday's earnings call, Davis thanked Frazier for his contributions to Merck and its employees. “Speaking personally, I'm deeply grateful for the inspiration, mentorship and support Ken has provided to me,” he said. Release GSK vaccine chief leaves amid reorganization of the medicines team GSK Gone from GSK is Hal Barron, M.D., the company’s longtime R&D chief. Joining him will be the company’s president of vaccines and global health Roger Connor. The company announced this week that Connor would be departing to seek a new role in healthcare outside of biopharma. The move comes as the company is bridging together its “medicines and vaccines manufacturing networks” and their associated commercial operations. The commercial strategy of the vaccines unit will now be headed by Chief Commercial Officer Luke Miels.  In recent years, GSK has worked to distinguish itself in the vaccines world, namely with its winning jab Shingrix to treat shingles as well as its meningococcal program. But the company is also in a neck-and-neck race with Pfizer to bring an RSV shot to market, with GSK recently boasting positive phase 3 results.  Regis Simard, president of the global supply chain, will now oversee the supply of both vaccines and other drugs while ViiV's CEO will take over the global health unit. Fierce Pharma Klein bolts CRISPR after almost 7 years CRISPR Therapeutics CRISPR Therapeutics is in the market for a new development chief with Lawrence Klein, Ph.D., headed elsewhere after nearly seven years at the company. The company says Klein is leaving to pursue external opportunities in the field but will remain on through the end of the year. Klein joined the company after more than five years at consulting behemoth McKinsey & Co., where he was an associate principal. He’s also a member of the board of Jasper Therapeutics and Dyne Therapeutics. As this column is authored by a pair of University of Wisconsin – Madison alums, we’d be remiss if we didn’t note that Klein is as well, with a degree in biochemistry and physics (go Badgers).  Klein’s departure comes at a critical moment for CRISPR Therapeutics, as it's slated to begin the approval application process with the FDA for its lead program, exa-cel, in November. The company expects to complete the filing by the end of the first quarter in 2023. It also has five other clinical-stage programs and others nearing clinical trials. CRISPR says a search is underway to find Klein’s replacement. Release > Acadia Pharmaceuticals President Srdjan (Serge) Stankovic, M.D., will be retiring at the end of the year. Stankovic has been with the company for seven years, leading R&D, and medical and scientific efforts. A search for his successor is ongoing. Release > Arturo Molina, M.D., is stepping down from his role as chief medical officer at Sutro Biopharma, effective Nov. 4. Molina will be pursuing other opportunities, according to Sutro, and CEO Bill Newell will oversee all clinical activities while the biotech searches for a replacement. Release > Jens Würthner, M.D., Ph.D., is changing direction, leaving ADC Therapeutics to take up a post at Scenic Biotech as chief medical officer. Before that, Würthner also led clinical development programs at Novartis, GSK and AstraZeneca. Release > Edward Fang, M.D., will be joining Adaptive Phage Therapeutics as the infectious disease biotech’s chief medical officer. Fang has previously served as chief medical officer at MicuRx Pharmaceuticals and Adenium Biotech, and before that held roles at Trius Therapeutics and Cerexa. Release > Enveda Biosciences has selected Mark Deeg, M.D., Ph.D., to serve as its chief medical officer. Deeg joins the biotech from Cullgen, where he was EVP and head of global clinical development. He also spent more than a decade with Big Pharma Eli Lilly. Release > Nathalie Franchimont, M.D., Ph.D., is leaving Biogen to serve as Nimbus Therapeutics’ chief medical officer. At the Big Pharma, Franchimont most recently served as SVP and head of the multiple sclerosis and immunology development unit. Before Biogen, she held roles at Amgen. Release > New biotech Normunity has emerged with $65 million and Rachel Humphrey, M.D., at the helm. Humphrey is the company’s founding CEO, with more than 25 years of experience, including leading the development of Bristol Myers Squibb’s Yervoy, AstraZeneca’s Imfinzi and Bayer’s Nexavar. Her biotech leadership roles include chief medical officer at Black Diamond Therapeutics, CytomX and Mirati. Fierce Biotech > Clinical-stage biotech Anokion is shaking up its team with several new executive appointments. Alison Long, M.D., Ph.D., who most recently served as Kaleido BioSciences’ chief medical officer, will fill the same role at Anokion. Stephanie Ann Haller has been appointed SVP of clinical operations after departing from her role as senior director of clinical operations and therapeutic area lead of nephrology at AstraZeneca’s Alexion. Glenn Booma, who has spent nearly 10 years serving as a consultant for life sciences companies, has been appointed chief strategy officer, while Kristie Grebe, Ph.D., has been promoted to SVP of immunology and translational medicine from her former role as VP of clinical and translational development. Release > Health tech company Element Science has tapped Trish Howell to fill the company’s newly created chief operating officer spot. Howell joins from Avail Medsystems, where she served as VP of operations. Release > Cassava Sciences is expanding its leadership team, adding Christopher Cook to its team in the newly created role of SVP and general counsel. Cook joins the neurodegenerative disease biotech from eye care company Alcon. Release > Triumvira Immunologics has appointed Robert Williamson to be president and chief business officer. Most recently, Williamson served as president and CEO of BioTheryx, and has also held leadership roles at PharmAkea, ATXCo, Arriva Pharmaceuticals, Eos Biotechnology and DoubleTwist. Release > George Kemble, Ph.D., will be stepping down from his CEO position at Sagimet Biosciences, transitioning to executive chair of the board as David Happel takes the head role. Happel joins from AI-tech company Cognoa, where he led as president and CEO  Release > PaxMedica has tapped Stefan Schwabe, M.D., Ph.D., as chief medical officer to oversee its development of antipurinergic drug therapies. Schwabe joins from Supernus Pharmaceuticals, where he was also chief medical officer, along with EVP of R&D. Release

GAITHERSBURG, Md.--(BUSINESS WIRE)-- Adaptive Phage Therapeutics, Inc. (“APT”), a clinical-stage biotechnology company advancing a phage bank, the world’s largest therapeutic phage initiative for treatment of bacterial infectious diseases, today announced the appointment of Edward Fang, M.D. as Chief Medical Officer. Dr. Fang’s responsibilities include overseeing clinical development for APT's phage bank treatment candidates through commercialization. “I am excited to welcome Dr. Fang, who brings broad expertise in therapeutic approaches to bacterial infectious disease and clinical trial execution to APT,” stated Greg Merril, CEO and Co-Founder of Adaptive Phage Therapeutics. “With Dr. Fang’s addition to APT’s leadership, I am confident that APT will achieve its short-term objective of rapidly progressing ongoing clinical trials, and longer-term objectives of leveraging expanding phage banks to deliver the first antimicrobials that adapt to the emergence of resistance. This approach does not decrease in coverage over time and will not require, or benefit from, market-suppressing stewardship.” “I am thrilled to join Adaptive Phage Therapeutics in their battle to solve one of the greatest health challenges of our time – multidrug-resistant bacterial infections – a challenge that has only grown in difficulty with the consistent decline in antibiotic effectiveness and paucity in new product development,” commented Edward Fang, M.D., Chief Medical Officer. “I am excited to join the APT leadership group working tirelessly to build out APT’s phage bank through clinical development to commercialization.” Prior to joining APT, Dr. Fang served as a Chief Medical Officer of MicuRx Pharmaceuticals, a biotech focused on treating antimicrobial resistance for infectious diseases, and as Chief Medical Officer of Adenium Biotech, a Danish spinoff from Novozymes focused on discovery and development of novel antibiotics for treatment of multidrug-resistant bacterial infections. Dr. Fang previously served in clinical development management roles at Trius Therapeutics and Cerexa and was a practicing physician at One Medical Group and Kaiser Permanente Medical Group. Dr. Fang earned his M.D. from the University of California, Los Angeles School of Medicine before completing his residency at the same institution. He received a B.A. from Stanford University. About Adaptive Phage Therapeutics, Inc. Adaptive Phage Therapeutics (APT) is a clinical-stage company advancing therapies to treat multidrug-resistant infections based on a phage bank concept originally initiated at the National Institutes of Health (NIH) by APT co-founder Carl R. Merril, MD, CAPT USPHS (ret). APT phage bank, the largest in the world, is being steadily expanded with new phage discoveries and collections from a variety of sources, including the biodefense labs of US Department of Defense, internal phage discovery initiatives at APT, and academic phage research labs collaborators around the world. APT is the sponsor to ongoing clinical trials in Prosthetic Joint Infection (PJI) and Diabetic Foot Osteomyelitis (DFO), addressing notable unmet patient need in those bacterial infection indications. APT’s phage bank has also been used in over 50 compassionate cases under FDA emergency Investigational New Drug allowance in which standard-of-care antibiotics had failed. APT phage bank is paired with a phage susceptibility test (PST) that matches each patient bacterial isolate to specific lytic phage within APT’s collection – analogous to an antibiotic susceptibility test for matching antibiotics. The APT PST will be commercialized worldwide in collaboration with Mayo Clinic Laboratories. APT’s clinical development program has attracted substantial financial support from The Defense Health Agency (DHA), NIAID/NIH, The Mayo Clinic, the AMR Action Fund, Deerfield Management, and other VC funds and healthcare systems. For more information, visit .