PPD, Schrödinger, Beam set terms for IPO; FDA expands use of Merck's Dificid
Summary
→ More than 8 years ago in a $3.9 billion deal, PPD was taken private, but now the company has launched its IPO by offering 60 million shares of its common stock. → Following a four-month wait, the gene editing experts at Beam Therapeutics finally have the terms for their $100 million IPO: 6.3 million shares at a price range of $15 to $17. Initially rejected by the US agency for use in rheumatoid arthritis due to data that showed a clear correlation with thrombotic events or platelet increases — the drug was eventually given the green light for the lower dose. “Olumiant has limited potential in moderate-to-severe atopic dermatitis, given the success of Regeneron/ Sanofi’s Dupixent (which we view as much safer), and the potential for other novel selective JAK inhibitors (e.g., Pfizer’s abrocitinib) which may have a better risk/ benefit profile,” Credit Suisse analysts wrote in a note. → Nearly a decade after scoring approval for Dificid to treat C. diff-associated diarrhea in adult patients — Merck, one of the few remaining big pharma players to linger in the beleaguered field of antibiotics, has convinced the FDA to expand the use of the drug in children aged six months and older.
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