Coherus BioSciences to Report Second Quarter 2021 Financial Results on August 5th

On July 26, 2021 Coherus BioSciences, Inc. ("Coherus", Nasdaq: CHRS), reported that its second quarter 2021 financial results will be released after market close on Thursday, August 5, 2021 (Press release, Coherus Biosciences, JUL 26, 2021, View Source [SID1234585206]). Starting at 5 p.m. ET, Coherus’ management team will host a conference call and webcast to discuss financial results and provide a general business update.

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After releasing second quarter financial results, the Company will post them on the Coherus website at View Source

Conference Call Information

Webcast: View Source

Please dial-in 15 minutes early to ensure a timely connection to the call.

Ad hoc: MorphoSys AG to update financial guidance for 2021 and reduce financial liabilities

On July 26, 2021 MorphoSys AG (FSE: MOR; NASDAQ: MOR) reported an update of its financial guidance for 2021 after preliminary completion of the latest evaluation of MorphoSys’ half year 2021 financial performance (Press release, MorphoSys, JUL 26, 2021, View Source [SID1234585177]).

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Based on the preliminary unaudited consolidated results for the first six months 2021, MorphoSys now expects Group revenues in the range of € 155 to € 180 million (previously: € 150 to € 200 million, provided on March 15, 2021 and reiterated on May 5, 2021). The updated revenue guidance primarily reflects updated Monjuvi product sales expectations.

MorphoSys now expects Group operating expenses, which is comprised of R&D and Selling, as well as General & Administrative expenses, in the range of € 435 to € 465 million (previously: € 355 to € 385 million). R&D expenses now are expected to comprise 52 to 57% of Group operating expenses (previously 45-50%), excluding one-time transaction-related costs. The updated guidance for Group operating expenses mainly reflects the acquisition of Constellation Pharmaceuticals (Constellation), which was completed on July 15, 2021. The revised Group range also includes one-time transaction costs of € 36 million, related to the agreements with Constellation and Royalty Pharma.

As a result of the updated Monjuvi product sales expectations, the balance sheet position "Financial Liabilities from Collaborations, Net of Current Portion" is reduced from € 547.6 million (balance as of March 31, 2021) to € 445.9 million (balance as of June 30, 2021). The balance in "Financial Liabilities from Collaborations, Net of Current Portion", reflects an accounting view of expected profits from the net product sales of Monjuvi in the U.S. in the r/r DLBCL setting owed to our partner Incyte. The reduction in Financial Liabilities from Collaborations has no impact to cash.

Full results will be published as planned on July 28, 2021.

BeiGene Announces Approval in Canada of BRUKINSA® (Zanubrutinib) for the Treatment of Patients with Mantle Cell Lymphoma

On July 26, 2021 BeiGene, Ltd. (NASDAQ: BGNE; HKEX: 06160), a global, science-driven biotechnology company focused on developing innovative and affordable medicines to improve treatment outcomes and access for patients worldwide, reported that BRUKINSA (zanubrutinib) has been approved by Health Canada for the treatment of mantle cell lymphoma (MCL) in adult patients who have received at least one prior therapy (Press release, BeiGene, JUL 26, 2021, View Source [SID1234585191]). This is the second approval for BRUKINSA in Canada, following its initial approval in March 2021 for adult patients with Waldenström’s macroglobulinemia (WM).

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"BRUKINSA was specifically designed by BeiGene scientists to provide deep and durable responses for patients with hematologic malignancies, while also reducing the frequency of certain off-target side effects seen with first-generation BTK inhibitors. Today’s approval in Canada for patients with MCL follows its approval for patients with WM earlier in the year, where Canada was the first country to grant approval for BRUKINSA in patients with WM," said Jane Huang, M.D., Chief Medical Officer, Hematology, BeiGene. "We are excited to continue working with patients and physicians in Canada, as well as in other markets, as part of our broad clinical development program for BRUKINSA investigating eight indications in over 25 clinical trials, with more than 3,100 patients participating."

"For many patients treated with previously approved BTK inhibitors for MCL, adequate responses are not achievable, or they can be forced to discontinue treatment early due to side effects. Today, we have a new option for our adult patients in Canada who have received one prior systemic or targeted therapy and are living with MCL, an aggressive blood cancer that is often diagnosed at a more advanced stage," said John Kuruvilla, M.D., FRCPC, Associate Professor of Medicine at the University of Toronto and Clinical Investigator at the Princess Margaret Cancer Centre in Toronto.

"The approval of BRUKINSA as a second line therapy is positive news for patients undergoing treatment for mantle cell lymphoma," said Antonella Rizza, Chief Executive Officer at Lymphoma Canada. "Expanded treatment options have the potential to transform the patient experience and provide hope to people living with a mantle cell diagnosis."

The Health Canada approval for BRUKINSA in MCL is based on efficacy results from two single-arm clinical trials. Across both trials, as assessed by independent review committee (IRC) per 2014 Lugano Classification BRUKINSA achieved an overall response rate (ORR) of 84%, defined as the combined rate of complete responses (CRs) and partial responses (PRs).

In the multicenter Phase 2 trial of zanubrutinib in patients with relapsed or refractory (R/R) MCL BGB-3111-206 (NCT03206970), with a median follow-up time of 18.5 months, the ORR was 84% (95% CI: 74, 91), including 69% CRs (FDG-PET scan required) and 15% PRs; the median duration of response (DoR) was 19.5 months (95% CI: 16.6, NE). In the global Phase 1/2 trial BGB-3111-AU-003 (NCT02343120), with a media follow-up time of 18.8 months, the ORR was 84% (95% CI: 67, 95), including 25% CRs (FDG-PET scan not required) and 59% PRs; the median DoR was 18.5 months (95% CI: 12.6, NE).

Of the 118 patients with MCL who received at least one prior therapy and received BRUKINSA treatment, 13.6% of patients discontinued treatment due to adverse events in the trials, with the most frequent being pneumonia (3.4%). Adverse events leading to dose reduction occurred in 3.4% of patients, including hepatitis B, neutropenia, allergic dermatitis, and peripheral sensory neuropathy (in one patient each).

The overall safety profile of BRUKINSA is based on pooled data from 779 patients with B-cell malignancies treated with BRUKINSA in clinical trials. The most common adverse reactions (≥10%) with BRUKINSA were neutropenia, thrombocytopenia, upper respiratory tract infection, anemia, rash, musculoskeletal pain, diarrhea, cough, contusion, pneumonia (grouped terms), urinary tract infection, hemorrhage (grouped terms), and hematuria. Overall, 18% of patients experienced serious adverse reactions. The most frequent (≥2%) serious adverse reactions were pneumonia (10.0%) and hemorrhage (2.1%).

The recommended dose of BRUKINSA is either 160 mg twice daily or 320 mg once daily, taken orally with or without food. The dose may be adjusted for adverse reactions and reduced for patients with severe hepatic impairment and certain drug interactions.

BRUKINSA is available in Canada for the treatment of MCL and Waldenström’s macroglobulinemia through the myBeiGene patient support program, established to support patients, caregivers, and health care providers.

About Mantle Cell Lymphoma (MCL)
Mantle cell lymphoma is a B-cell non-Hodgkin lymphoma (NHL). It develops in the outer edge of a lymph node called the mantle zone. Mantle cell lymphoma occurs more often in men than in women. It is usually diagnosed in people in their early 60s.i Approximately one out of 200,000 individuals per year are diagnosed with MCL.ii MCL usually has a poor prognosis, with a median survival of three to four years, and is often diagnosed at a later stage of disease.iii

About BRUKINSA (zanubrutinib)
BRUKINSA is a small molecule inhibitor of Bruton’s tyrosine kinase (BTK) discovered by BeiGene scientists that is currently being evaluated globally in a broad clinical program as a monotherapy and in combination with other therapies to treat various B-cell malignancies. Because new BTK is continuously synthesized, BRUKINSA was specifically designed to deliver complete and sustained inhibition of the BTK protein by optimizing bioavailability, half-life, and selectivity. With differentiated pharmacokinetics compared to other approved BTK inhibitors, BRUKINSA has been demonstrated to inhibit the proliferation of malignant B cells within a number of disease relevant tissues.

About myBeiGene Patient Support Program
The myBeiGene patient support program is designed to support patients, caregivers, and healthcare providers with access to BRUKINSA. It goes beyond financial assistance support to provide patients and caregivers with education about their disease and treatment with BRUKINSA, as well provide practical and emotional support by connecting them to third-party resources that can address their individual needs. Oncology Nurse Advocates are available Monday through Friday from 8 a.m. to 5 p.m. Eastern Time at 1-833-234-4366.

BeiGene Oncology
BeiGene is committed to advancing best and first-in-class clinical candidates internally or with like-minded partners to develop impactful and affordable medicines for patients across the globe. We have a growing R&D team of approximately 2,300 colleagues dedicated to advancing more than 90 clinical trials involving more than 13,000 patients and healthy volunteers. Our expansive portfolio is directed by a predominantly internalized clinical development team supporting trials in more than 40 countries. Hematology-oncology and solid tumor targeted therapies and immuno-oncology are key focus areas for the Company, with both mono- and combination therapies prioritized in our research and development. We currently market three medicines discovered and developed in our labs: BTK inhibitor BRUKINSA in the United States, China, Canada, and additional international markets; and non-FC-gamma receptor binding anti-PD-1 antibody tislelizumab and PARP inhibitor pamiparib in China.

BeiGene also partners with innovative companies who share our goal of developing therapies to address global health needs. We commercialize a range of oncology medicines in China licensed from Amgen and Bristol Myers Squibb. We also plan to address greater areas of unmet need globally through our collaborations including with Amgen, Bio-Thera, EUSA Pharma, Mirati Therapeutics, Seagen, and Zymeworks. BeiGene has also entered into a collaboration with Novartis granting Novartis rights to develop, manufacture, and commercialize tislelizumab in North America, Europe, and Japan.

PerkinElmer to Acquire Antibody, Reagent Maker BioLegend for $5.25B

On July 26, 2021 PerkinElmer reported it agreed to acquire BioLegend, a provider of life science antibodies and reagents, for approximately $5.25 billion in cash and stock—the largest acquisition in the buyer’s history—in a deal designed to position PerkinElmer as a leading precision medicine company by accelerating its life science growth within clinical diagnostics (Press release, PerkinElmer, JUL 26, 2021, View Source [SID1234585178]).

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Based in San Diego, BioLegend provides antibodies and reagents in areas that include cytometry, proteogenomics, multiplex assays, recombinant proteins, magnetic cell separation, and bioprocessing, for both academic and biopharmaceutical customers. In addition to its development of antibodies and reagents, the company has developed a complementary portfolio focused on tapping emerging, high-growth areas such as biologics, cell and gene therapy, proteogenomics, and recombinant proteins.

"We are thrilled to have the opportunity to bring our technologies and innovative cultures together to create seamless solutions to push science and discovery forward," Prahlad Singh, PerkinElmer’s president and CEO, said in a statement. "We believe joining our teams presents an incredible opportunity to accelerate discoveries that help life science researchers leverage ever-developing technologies and novel approaches to better understand and fight disease."

Investors responded to the announcement of the BioLegend acquisition by sending PerkinElmer shares up $3.66 (2.23%) to $168 a share as of 11:51 a.m. ET.

Privately-held BioLegend has more than 700 employees based largely in the United States, with revenues that are estimated to reach $380 million in 2022, with revenue growth expected to reach the mid-teens, excluding synergies. PerkinElmer employs about 14,000 people, serves customers in 190 countries, and finished last year with revenues of approximately $3.8 billion.

PerkinElmer and BioLegend have identified immediate revenue synergies that are expected to reach $100 million annually by the fifth year following the close of the deal, but added that no "significant" cost synergies are planned.

Adding to revenue, margin

According to PerkinElmer, the combination of the companies is estimated to enhance its revenue growth and margin by adding $0.30 of adjusted earnings per share in the first full year following the close of the transaction, and more than $0.50 per share in the second year following the close.

In a separate announcement today, PerkinElmer reported finishing the second quarter with net income of $245.93 million, up 79% from $137.162 million in Q2 2020, on GAAP revenue that jumped 51% to $1.229 billion from $811.718 million in the second quarter of last year.

The transaction is expected to close by the end of 2021, subject to regulatory approvals and other customary closing conditions.

Upon closing of the deal, BioLegend’s San Diego campus will become PerkinElmer’s global Center of Excellence (CoE) for research reagent content development for the combined company. Also, PerkinElmer will add new segments to its existing life science franchise.

PerkinElmer now has a life sciences market within its Discovery & Analytical Solutions Segment that combines its life sciences research and laboratory services markets. In the life sciences research market, PerkinElmer includes solutions such as its reagents, informatics, and detection and imaging technologies for biopharma companies, contract research organizations, and academic institutions.

The company also provides services designed to help customers in the laboratory services market increase efficiencies and production time while reducing laboratory maintenance costs, such as its OneSource laboratory service business.

PerkinElmer said it had secured a full commitment to bridge financing from Goldman Sachs Bank for the cash portion of the purchase price.

Back in 2009, BioLegend agreed to offer immunoassay development and bioanalytical testing based on PerkinElmer’s AlphaLISA assay technology, through a collaboration of undisclosed value.

"We are very excited to join the PerkinElmer family. The combination will afford us the opportunity to continue to build on our two-decade foundation of innovative science and scale in new and highly attractive PerkinElmer areas such as clinical diagnostics and food safety testing," added Gene Lay, BioLegend’s founder, president, and CEO. "The BioLegend team is eager to enter this new chapter with PerkinElmer, furthering our mission of enabling legendary discovery from research to cure."

Leap Therapeutics to Present at the ESMO 2021 Virtual Congress

On July 26, 2021 Leap Therapeutics, Inc. (Nasdaq:LPTX), a biotechnology company focused on developing targeted and immuno-oncology therapeutics, reported the Company will be presenting initial data from the DisTinGuish study, a Phase 2a clinical trial evaluating Leap’s anti-Dickkopf-1 (DKK1) antibody, DKN-01, in combination with tislelizumab, BeiGene’s Ltd.’s anti-PD-1 antibody, with or without chemotherapy, in patients with gastric or gastroesophageal junction cancer (G/GEJ), at the European Society for Medical Oncology (ESMO) (Free ESMO Whitepaper) Congress, being held virtually on September 16-21, 2021 (Press release, Leap Therapeutics, JUL 26, 2021, View Source [SID1234585192]). The Company plans to host a conference call on Thursday, September 16, 2021 to further discuss the data.

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"We are pleased to have the opportunity to share initial data from the DisTinGuish study at ESMO (Free ESMO Whitepaper) in September," said Douglas E. Onsi, President and Chief Executive Officer of Leap. "We are encouraged by the potential DKN-01 has to improve response rates as part of first-line therapy for gastric and gastroesophageal junction cancer patients, particularly those patients whose tumors express high levels of DKK1, and look forward to providing additional details at this year’s congress."

Leap Presentation Details:

Title: DKN-01 in combination with tislelizumab and chemotherapy as a first-line therapy in unselected patients with advanced gastroesophageal adenocarcinoma (GEA): DisTinGuish Trial
Abstract Number: 2218
Session type: E-Poster Presentation
Presenter: Samuel J. Klempner, Harvard Medical School
Date and time: Thursday, September 16, 2021; 2:30 a.m. ET

About the DisTinGuish Study

The DisTinGuish study (NCT04363801) is a Phase 2a, non-randomized, open-label, multicenter study of DKN-01 in combination with tislelizumab, BeiGene Ltd.’s anti-PD-1 antibody, with or without chemotherapy as first-line or second-line therapy in adult patients with inoperable, locally advanced gastric or gastroesophageal junction cancer G/GEJ) adenocarcinoma. The study, which is being conducted in two parts in the United States and the Republic of Korea, completed enrollment of 25 patients with first-line G/GEJ cancer in April 2021 and will enroll up to 48 patients with second-line G/GEJ cancer whose tumors express high levels of DKK1. Leap is conducting this combination study as part of an exclusive option and license agreement with BeiGene for the development of DKN-01 in Asia (excluding Japan), Australia, and New Zealand.