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AstraZeneca and GSK Warn Europe's Drug Industry Is 'At Risk'
AstraZeneca and GSK have joined European rivals Novo Nordisk, Sanofi, Roche and Novartis in an open letter warning that Europe's pharmaceutical industry is "losing ground to global competition" and faces a "slow agony" of decline without urgent action. The executives, including AstraZeneca chairman Michel Demaré and GSK chairman Sir Jonathan Symonds, said Europe's share of global pharmaceutical research and development has fallen from 43pc in 1990 to 31pc today, while China has overtaken Europe in clinical trials, pharmaceutical patents and new medicine development. The letter warned that up to 40pc of newly approved therapies never reach European patients, and that patients wait nearly 600 days for drugs that do arrive, putting Europe's €220bn trade surplus in drugs at risk. Closing the gap in clinical trials would unlock up to €53bn alone and create 82,000 jobs, the letter added. The intervention comes amid a broader dispute over European incentives for life-sciences investment, after US President Donald Trump accused Europe of "freeloading" on the American drug industry and threatened tariffs, prompting cuts to NHS rebate rates that added billions of pounds in costs to the taxpayer; AstraZeneca has separately announced plans to invest $50bn in the US and completed a direct listing there earlier this year.
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PureTech Health Ends H1 2026 With $220 Million, Runway to 2028
PureTech Health PLC reported H1 2026 cash and short-term investments of $220 million, down from $277.1 million at year-end 2025, providing operational runway at least through the end of 2028. Seaport Therapeutics completed a successful IPO on NASDAQ, raising $260 million, while Gallup Oncology received FDA Fast Track designation for LYT200 in relapsed/refractory high-risk MDS and completed a successful End of Phase 1 meeting. Estimated future proceeds from Cobenfy royalties and milestones were materially downgraded to approximately $50 million based on analyst consensus. PureTech reserved $70 million for future investment in Celia Therapeutics, which will require additional financing to complete its Phase 3 trial, and expects go-forward cash burn of $30 million to $40 million a year, down from roughly $90 million when later-stage clinical programs were run internally. Gallup Oncology's Phase 2 STRIDE MDS trial is not expected to be pivotal and will take approximately 30 to 33 months, with initiation contingent on external financing targeted for completion by the first half of next year.
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FDA Tells Compass Therapeutics to Run Survival Trial Before Tovecimig BLA
Compass Therapeutics said the FDA recommended it run a trial demonstrating a survival benefit before submitting a BLA for tovecimig in biliary tract cancer, while the company stated it does not believe a new trial is warranted prior to submitting a BLA. In the Phase 2/3 COMPANION-002 study, tovecimig plus paclitaxel showed a statistically significant improvement in objective response rate of 18.0% versus 5.3% with paclitaxel alone, and median progression-free survival of 4.7 versus 2.6 months with a hazard ratio of 0.44, a 56% reduction in the risk of disease progression. Overall survival analyses were confounded by high crossover and prolonged survival in crossover patients randomized to the control arm and then treated with tovecimig, and therefore did not meet statistical significance. Compass Therapeutics shares were down 29.40% at $1.28 at the time of publication, trading at a new 52-week low.