Global Briefs: Bausch Health, ADC Therapeutics, Viatris & MoreBy
A roundup of news from Bausch Health, ADC Therapeutics, Viatris, Biocon Biologics, Emergent BioSolutions, Procaps Group, and Grupo Somar. Highlights below.
* Bausch Health Names New CEO; Completes Spin-off of Bausch + Lomb
* ADC Therapeutics NamesFormer Novartis Exec as CEO
* Viatris, Biocon Biologics Launch Oncology Biosimilar
* Emergent To Acquire Rights to Oral Smallpox Antiviral
* Procaps Group To Acquire Grupo Somar
Bausch Health Names New CEO; Completes Spin-off of Bausch + Lomb
Bausch Health has appointed Thomas J. Appio, the former President of Bausch + Lomb/International, the company’s eye-health business, as CEO. Bausch Health spun off Bausch + Lomb, as a separate company and launched an initial public offering (IPO) late last month (April 2022) and closed the IPO earlier this month (May 10, 2022). Upon completing the IPO, Joseph C. Papa, former CEO of Bausch Health, assumed the role of CEO and Chairman of Bausch + Lomb.
Mr. Papa will remain as Chairman of the Board of Directors for Bausch Health until the full separation of Bausch + Lomb from Bausch Health, at which time Robert N. Power, Bausch Health’s Chairman Designate, will succeed him as Chairman of Bausch Health.
The company also provided details of those selected for its Executive Management team at Bausch Health and the Board of Directors of Bausch + Lomb, upon completion of the IPO of Bausch + Lomb. Full details can be found here.
Source: Bausch Health
ADC Therapeutics Names Former Novartis Exec as CEO
ADC Therapeutics, a Lausanne, Switzerland-based bio/pharmaceutical company, has appointed Ameet Mallik, Novartis’ former Executive Vice President and Head of US Oncology, as CEO.
Most recently, Mr. Mallik served as CEO of Rafael Holdings, a bio/pharmaceutical focused on developing oncology and immune therapies and prior to that, served at Novartis for 16 years. Prior to his role as Executive Vice President and Head of US Oncology at Novartis, he held various leadership roles at Novartis Oncology, including Head of Global Marketing, Value and Access, and Head of Latin America and Canada. He also served as Global Head of Biopharmaceuticals and Oncology injectables at Sandoz, a division of Novartis, and as Head of Global Strategic Planning at Novartis Pharmaceuticals. Prior to Novartis, Mr. Mallik was an Associate Principal at McKinsey & Company.
Dr. Chris Martin, ADC Therapeutics’ co-founder and current CEO, has stepped down as CEO. He will serve as a non-executive member of the company’s Board of Directors and Chair of the Science and Technology Committee. He will also serve as an advisor to the company for the next three months (as reported on May 9, 2022).
Source: ADC Therapeutics
Viatris, Biocon Biologics Launch Oncology Biosimilar
Viatris and Biocon Biologics, a Bangalore, India-based bio/pharmaceutical company, have launched Abevmy (bevacizumab), a biosimilar of Roche’s Avastin, to treat multiple oncology indications.
Abevmy is authorized for use in the following indications: (1) metastatic colorectal cancer; (2) locally advanced, metastatic or recurrent non-small cell lung cancer; (3) platinum-resistant recurrent epithelial ovarian, fallopian tube and primary peritoneal cancer; and malignant glioma (WHO Grade IV) – glioblastoma.
Roche’s Avastin had 2021 sales of CHF 3.0 billion ($3.1 billion).
Emergent To Acquire Rights to Oral Smallpox Drug in $337.5-M Deal
Emergent BioSolutions, a Gaithersburg, Maryland-based specialty biopharmaceutical company and contract manufacturer, has agreed to acquire exclusive global rights to Tembexa (brincidofovir), an antiviral treatment for smallpox, from Chimerix, a Durham, North Carolina-based bio/pharmaceutical, in a deal worth up to $337.5 million ($225 million upfront and up to $112.5 million in milestone payments).
Tembexa is a medical countermeasure for smallpox approved by the US Food and Drug Administration in June 2021. Emergent anticipates a procurement contract for Tembexa with the US government’s Biomedical Advanced Research and Development Authority (BARDA). Chimerix is currently in negotiations with BARDA for a procurement contract relating to Tembexa and will continue to lead the process through its conclusion. In December 2021, BARDA issued a sole source proposal request to procure up to 1.7 million treatment courses of Tembexa. Chimerix expects a BARDA procurement contract award as early as the second quarter of 2022.
Under the agreement with Emergent, Chimerix will receive $225 million upon closing of the transaction plus up to $100 million in up to four $25 million milestone payments. Each milestone payment is contingent upon the exercise of future BARDA procurement options of Tembexa following the base period. The closing payment and the milestone payments may be adjusted based on actual procurement value. Chimerix is also eligible to receive up to $12.5 million in regulatory milestones associated with a brincidofovir partnership with SymBio Pharmaceuticals, a Minato City, Tokyo, Japan-based bio/pharmaceutical company, to be assumed by Emergent.
Subject to the satisfaction or waiver of the closing conditions, the companies expect the transaction to close as early as the end of the second quarter of 2022. Additional closing conditions include the execution of the anticipated procurement contract between BARDA and Chimerix as well as receipt of any required consent from BARDA to a pre-novation agreement to be entered into with Emergent.
Procaps Group To Acquire Grupo Somar
Procaps Group, a Barranquilla, Columbia-based healthcare and pharmaceutical conglomerate, has agreed to acquire Grupo Somar, a pharmaceutical company developing, manufacturing, and marketing branded generic, private label, and over-the-counter products and offering CDMO services in Mexico, from Advent International, a private equity investor.
Grupo Somar has R&D and manufacturing capabilities in six production facilities (two of which manufacture softgel capsules) in Mexico. The acquisition of Grupo Somar includes: Grupo Farmacéutico Somar, Química y Farmacia, Gelcaps, and other related entities.
The transaction is expected to close in the fourth quarter of 2022, subject to the satisfaction of customary closing conditions, including the approval of the Federal Economic Competition Commission in Mexico.
Source: Procaps Group