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Bausch Health Announces Launch Of Private Offering Of Senior Notes And Conditional Redemption Of Existing Senior Notes

On November 18, 2020 Bausch Health Companies Inc. (NYSE/TSX: BHC) ("Bausch Health" or the "Company") reported that it has launched an offering of a combined $1.75 billion aggregate principal amount of new senior notes due 2029 (the "2029 Notes") and new senior notes due 2031 (the "2031 Notes" and, together with the 2029 Notes, the "Notes") (Press release, Bausch Health, NOV 18, 2020, View Source [SID1234571380]). Bausch Health intends to use the proceeds from the offering of the Notes, along with cash on hand, to fund the conditional redemption (the "Redemption") in full of its outstanding €1.5 billion aggregate principal amount of 4.50% Senior Notes due 2023 (the "Existing Notes") and to pay related fees and expenses.

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The Notes will be guaranteed by each of the Company’s subsidiaries that are guarantors under the Company’s credit agreement and existing senior notes.

The Notes will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws. The Notes will be offered in the United States only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. The Notes have not been and will not be qualified for sale to the public by prospectus under applicable Canadian securities laws and, accordingly, any offer and sale of the Notes in Canada will be made on a basis, which is exempt from the prospectus requirements of such securities laws.

The Company also announced that it intends to issue a conditional notice of redemption today to redeem the full aggregate principal amount of outstanding Existing Notes. The Redemption will be conditioned upon the completion by the Company or its subsidiaries of one or more debt financings in an aggregate principal amount of at least $1.75 billion (the "Condition").

A copy of the conditional notice of redemption with respect to the Existing Notes will be issued to the record holders of the Existing Notes. Payment of the redemption price and surrender of the Existing Notes for redemption will be made through the facilities of the Depository Trust Company in accordance with the applicable procedures of the Depository Trust Company on Dec. 18, 2020, unless the Condition is not satisfied, in which case the redemption date will be delayed until the Condition is satisfied. The name and address of the paying agent are as follows: The Bank of New York Mellon Trust Company, N.A., c/o The Bank of New York Mellon; 111 Sanders Creek Parkway, East Syracuse, N.Y. 13057; Attn: Redemption Unit; Tel: (800) 254- 2826.

The foregoing transactions are subject to market and other conditions and are anticipated to close in the fourth quarter of 2020. However, there can be no assurance that the Company will be able to successfully complete the transactions, on the terms described above, or at all.

This news release is being issued pursuant to Rule 135c under the Securities Act and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

QBiotics’ STELFONTA® Receives FDA Approval for Canine Mast cell Tumours

On November 18, 2020 QBiotics Group Limited (QBiotics), a life sciences company developing novel anticancer and wound healing pharmaceuticals, reported that the U.S. Food and Drug Administration’s (U.S. FDA) Center for Veterinary Medicine (CVM) has approved its lead veterinary anticancer product, STELFONTA, making it the first FDA approved treatment for all grades of canine non-metastatic mast cell tumours (Press release, QBiotics, NOV 18, 2020, View Source [SID1234571378]). The news follows approvals for STELFONTA in early 2020 by the European Medicines Agency (EMA), the United Kingdoms’s Veterinary Medicines Directorate (VMD), and Swissmedic, with subsequent sales in all major European markets.

In the United States, STELFONTA (tigilanol tiglate injection) is indicated for the treatment of all non-metastatic cutaneous MCT and non-metastatic subcutaneous MCT, located at or distal to the elbow or the hock in dogs. MCTs are the most frequently diagnosed cancer in dogs, accounting for up to 21% of skin cancer cases[3].

Dr Chad Johannes, Assistant Professor of Oncology at Iowa State University, and consultant to QBiotics commented, "STELFONTA brings a novel therapeutic mechanism and intratumoural delivery route to veterinary medicine. The efficacy and durability of response data in dogs with mast cell tumours are very promising. While surgery will remain the mainstay, I do think STELFONTA will reshape how we approach local mast cell tumour control in many ways."

Dr Victoria Gordon, CEO and Managing Director of QBiotics, said, "FDA approval is a pivotal achievement for both STELFONTA and QBiotics. STELFONTA has the potential to be a category igniter – given it is easy to administer, provides 75% complete tumour resolution after just one injection, and dogs quickly regain pre-treatment quality of life. European sales of STELFONTA have been impressive, and we are excited to be working with Virbac to bring the drug to the US market to help treat the 3 million dogs there that each year are diagnosed with cancer."

Dr Gordon continued, "this approval also provides strong validation of our highly efficient business model, where veterinary product sales provide repeatable revenue for the company, and the strong veterinary data underpins our human drug development programme. Clinical efficacy and safety responses reported in canine patients are also being mirrored in our human patients. In a Phase I/IIa human safety trial, tigilanol tiglate, the active ingredient in STELFONTA, demonstrated antitumour responses in a range of solid tumours. This included complete responses (where the tumour is completely destroyed) in head and neck squamous cell carcinoma and melanoma. Notably, a maximum tolerated dose was not declared for this study. We are currently investigating the drug’s potential as both a monotherapy and an immune checkpoint inhibitor combination therapy through a series of Phase II clinical trials."

Tigilanol tiglate is a small molecule that largely acts through specific protein kinase C (PKC) activation[4], leading to rapid destruction of the tumour mass and the tumour’s blood supply, as well as stimulation of the immune system. Tumour destruction is followed by rapid healing of the site with minimal scarring.

QBiotics and its partner, Virbac, a global animal health company, will first launch STELFONTA to specialist U.S. veterinary oncologists over the coming months, followed by the launch to primary care veterinarians in early 2021.

PTC Therapeutics Announces Key Regulatory Designations for PTC596 to Advance Treatment of Two Rare Oncology Indications

On November 18, 2020 PTC Therapeutics, Inc. (NASDAQ: PTCT), reported that the United States (U.S.) Food and Drug Administration (FDA) has granted PTC596 both Orphan Drug Designation and Fast Track designation for the potential treatment of leiomyosarcoma (LMS), a rare type of cancer that affects smooth muscle tissue (Press release, PTC Therapeutics, NOV 18, 2020, ry-designations-for-ptc596-to-advance-treatment-of-two-rare-oncology-indications-301175743.html [SID1234571377]). Furthermore, the FDA has also granted PTC596 a Rare Pediatric Disease designation and Orphan Drug Designation for the potential treatment of Diffuse Intrinsic Pontine Glioma (DIPG), an ultra-rare childhood glioma. PTC596 is currently being studied in clinical trials in LMS and DIPG.

"We are very pleased with the FDA’s decisions to grant PTC596 these designations," said Stuart W. Peltz, Ph.D., Chief Executive Officer, PTC Therapeutics. "This brings us one step closer to providing truly novel therapeutic approaches to patients with devastating rare cancers seen in children and adults that do not have good treatment options."

PTC596 is an orally bioavailable small molecule tubulin binding agent that arrests tumor cells in G2/M phase, including cancer stem cells, through the action of inhibiting tubulin polymerization. It is currently in a Phase 1b study for LMS, which accounts for approximately 10 to 28% of all soft tissue sarcomas.1 Approximately 4000 patients are diagnosed with LMS annually in the US, the risk of developing metastases is approximately 40%, and the 5-year survival rate is estimated to be 13.6% for metastatic LMS.2 PTC596 is also currently in a clinical study for DIPG, an ultra-rare glioma arising in the brainstem that makes up 10 to 15% of all brain tumors in children.3 Approximately 300 patients are diagnosed with DIPG annually in the US, and the median overall survival with the current standard of care of radiation therapy, is approximately 9 months with a two-year overall survival rate of less than 10%.4

PIONYR Immunotherapeutics Initiates Phase 1 Clinical Study Of PY314

On November 18, 2020 Pionyr Immunotherapeutics, Inc., a company developing first-in-class antibody therapeutics that increase the body’s antitumor immunity by altering the composition and function of immune cells within the tumor microenvironment, reported the initiation of a Phase 1 clinical study investigating PY314 in patients with solid tumors (Press release, Pionyr Immunotherapeutics, NOV 18, 2020, View Source [SID1234571376]).

PY314 targets TREM2, a protein found on the surface of a subpopulation of immunosuppressive, pro-tumor myeloid cells. PY314 works by depleting TREM2-expressing immune suppressive tumor associated macrophages (TAMs), which leads to activation of productive anti-tumor immunity. In preclinical studies, PY314 treatment not only depleted TAMs, but also promoted infiltration of activated anti-tumor cytotoxic T lymphocytes into the tumor microenvironment.

"Pionyr moving PY314 into clinical development is a major milestone for our company and our scientific platform," said Steven P. James, President and Chief Executive Officer, Pionyr. "This study initiation also comes shortly after receiving the FDA clearance of our Investigational New Drug (IND) Application for our second antibody program, PY159, which ‘turbocharges’ anti-tumor activity by targeting TREM1-expressing myeloid cells in the tumor microenvironment. With the acceptance of two INDs in two months, the start of the PY314 Phase 1 trial and the anticipated initiation of the PY159 trial by year end, we are rapidly advancing our mission of creating the new frontier of immuno-oncology therapies."

The Phase 1 study will enroll patients at multiple academic centers in the US and will evaluate PY314 as both a single agent and in combination with an approved checkpoint inhibitor. Once safety is determined, additional patients will be recruited in predefined tumor types where TREM2 expression is most likely implicated as a driver of resistant metastatic disease.

"PY314 represents a potentially foundational therapeutic opportunity to expand immunotherapy options for patients with advanced solid tumors," said Leonard Reyno, M.D., Senior Vice President and Chief Medical Officer, Pionyr. "We are excited to make this transition into a clinical-stage company and work with the leading clinical sites and investigators who have enthusiastically joined in this effort alongside us."

CASI Pharmaceuticals Announces Partner Juventas Completes $65 Million Financing And Initiates Registration Study For CNCT19 (CD19 CAR-T)

On November 18, 2020 CASI Pharmaceuticals, Inc. (Nasdaq: CASI), a U.S. biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products, reported partner Juventas has completed the equivalent of $65 million financing and has initiated and enrolled the first patient in a Phase II registration study for CNCT19 (CD19 CAR-T) in China in patients with relapsed or refractory B-cell non-Hodgkin lymphoma (B-NHL) (Press release, CASI Pharmaceuticals, NOV 18, 2020, View Source [SID1234571375]).

Dr. Wei-Wu He, CASI’s Chairman, and CEO commented, "Initiating the Phase II B-NHL registration study and enrolling the first patient is an exciting milestone for the development of CNCT19. Our partner Juventas is also making good progress in the Phase I clinical trial for the treatment of relapsed or refractory acute lymphoblastic leukemia (B-ALL) and is expecting to start the Phase II study by the end of 2020. Its financing provides Juventas with resources to continue moving CNCT19 through registration and we remain excited about its potential as a first-line treatment for B-NHL. In addition, as a large (16%) shareholder of Juventas, we are pleased to see Juventas’ progress in their overall pipeline and expect its financing to help accelerate its development. Juventas is an example of CASI’s entrepreneurial partnership model that is built on two components, co-development and equity investment. We believe investment in our partners deepens our collaboration and provides additional potential return to our shareholders. With this approach, we will continue to grow CASI’s pipeline, one asset at a time."

About CNCT19

CNCT19 targets CD19, a B-cell surface protein widely expressed during all phases of B-cell development and a validated target for B-cell driven hematological malignancies. CD19- targeted CAR constructs from several different institutions have demonstrated consistently high antitumor efficacy in children and adults with relapsed B-cell acute lymphoblastic leukemia (B-ALL), chronic lymphocytic leukemia (CLL), and B-cell non-Hodgkin lymphoma (B-NHL). CD19 antigen is the most frequently used target in the CAR-T cell therapy clinical trials for hematological malignancies such as leukemia and lymphoma. Juventas is responsible for the development of CNCT19. CASI and Juventas will co-commercialize CNCT19 under the direction of the program’s joint steering committee.