Connect Biopharma Shifts Focus to Rademikibart, Ends Pfizer Deal
Connect Biopharma is ending its licensing deal with Pfizer for an oral anti-inflammatory agent in order to prioritize its lead asset, rademikibart, a Phase 3-ready antibody candidate. The company's 2023 financials reflect a 27% decrease in near-term liquidity and long-term investments. Connect aims to engage in regulatory discussions in the U.S. and China regarding rademikibart's registrational programs in asthma and atopic dermatitis. Additionally, terminating the Pfizer deal is expected to extend Connect's cash runway and will result in a pause for their pre-clinical and discovery programs.
Key Takeaways
- Connect Biopharma terminates licensing deal with Pfizer for CBP-174 to prioritize rademikibart.
- Connect's 2023 financials show a 27% YoY drop in liquidity and investments.
- Rademikibart, a Phase 3-ready antibody candidate, is up for regulatory discussions in the U.S. and China.
- Termination of the Pfizer deal will extend Connect's cash runway, allowing it to pause pre-clinical and discovery programs.
- Connect originally acquired rights to CBP-174 from Arena Pharmaceuticals before Pfizer's acquisition.
Analysis
Connect Biopharma's decision to end its licensing deal with Pfizer to prioritize its lead asset, rademikibart, is expected to have both short and long-term implications. In the short term, the company's 2023 financials reflect a 27% decrease in liquidity and long-term investments, impacting its operational capabilities. However, terminating the deal is predicted to extend Connect's cash runway, providing the flexibility to engage in regulatory discussions for rademikibart's registrational programs in asthma and atopic dermatitis. This move may affect Pfizer's strategic alliances, while also influencing investors' confidence in Connect Biopharma's future developments and its impact on the biopharmaceutical industry.
Did You Know?
- Rademikibart, a Phase 3-ready antibody candidate, is up for regulatory discussions in the U.S. and China.
- Connect's 2023 financials show a 27% YoY drop in liquidity and investments.
- Termination of the Pfizer deal will extend Connect's cash runway, allowing it to pause pre-clinical and discovery programs.