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Today, a brief rundown of news involving BioAge Labs and Roche, as well as updates from Akero Therapeutics, Allakos and Vanda Pharmaceuticals that you may have missed.
BioAge Labs said Tuesday it has stopped developing azelaprag, the obesity drug at the center of its $198 million initial public offering last year. BioAge licensed azelaprag from Amgen and positioned it as a way to preserve muscle mass in people taking weight loss drugs like Zepbound and Wegovy. But safety concerns led the company to stop Phase 2 testing in December and shift strategy. BioAge is now working on newer, “structurally distinct” drugs aimed at azelaprag’s target and plans to nominate one for development next year. It also expects to start human testing this year of a drug designed to treat diseases associated with neuroinflammation. — Gwendolyn Wu
Akero Therapeutics and 89bio raised a combined $600 million in two stock offerings following study results from Akero that lifted shares of both companies. Akero on Monday showed that its drug reversed liver damage in a Phase 2 trial of people with metabolic dysfunction-associated steatohepatitis, or MASH. While Akero's shares doubled, 89bio — which is developing a similar type of drug — also saw its stock price climb nearly 40%. They priced equity offerings the next day, with Akero raising $350 million and 89bio securing $250 million. — Ben Fidler
Roche said Tuesday that its breast cancer drug Itovebi, when used alongside hormone therapy and Pfizer's Ibrance, extended survival compared to the latter two drugs alone in a Phase 3 trial. Itovebi was approved in October to treat people whose HR-positive, HER2-negative breast tumors have a mutation called PIK3CA. That approval, though, was based on the drug’s ability to delay disease progression — a survival benefit wasn’t yet clear. According to Roche, updated study results have revealed a “statistically significant and clinically meaningful” impact on overall survival. It didn’t reveal details. They’ll be presented at a future medical meeting. — Delilah Alvarado
Allakos will lay off three-quarters of its workforce after its top experimental drug, called AK006, failed to show “therapeutic activity” in early testing for chronic form of hives, or urticaria, the company said Monday. It’s the second reset for Allakos in two years, as disappointing results for an earlier urticaria medicine led to a 50% workforce reduction last January. The company said it will retain about 15 employees to explore “strategic alternatives,” a process that typically leads to a sale or merger.— Ben Fidler