Summary:
Aktis Oncology raises $175 million for targeted cancer treatments in the radiopharmaceuticals field.
Prime Medicine narrows focus from 18 to 3 diseases amid financial constraints.
Healthcare CEOs collectively earned over $3.4 billion despite economic downturn.
DCVC Bio launches a $400 million fund focusing on critical health areas.
Arbor Biotechnologies faces layoffs, reflecting a trend in the biotech sector.
The Biotech Buzz: Latest Updates
Hello! Today, we delve into the latest happenings in the biotech world, including a significant investment in a radiopharmaceuticals startup, the latest CEO compensation trends, and more.
Radiopharmaceuticals Startup Aktis Oncology Raises $175 Million
The emerging field of radiopharmaceuticals is gaining traction as RA Capital, RTW Investments, and Janus Henderson Investors invest $175 million into Aktis Oncology. This Boston-based biotech company focuses on developing targeted cancer treatments that deliver radiation directly to affected tissues, targeting breast, lung, colorectal, bladder, and liver cancers. The interest in this area has surged since Novartis launched its prostate cancer treatment, Pluvicto, in 2022.
Prime Medicine Adjusts Focus Amid Financial Challenges
Prime Medicine, a prominent CRISPR editing company, is scaling back its ambitious plans due to financial constraints. Originally targeting 18 diseases, it will now focus on just three: chronic granulomatous disease, Wilson’s disease, and cystic fibrosis. The company has partnered with Bristol Myers Squibb, securing $110 million upfront and potential milestone payments totaling $2.1 billion.
Health Care CEOs Continue to Earn Big
Despite a challenging year for the healthcare industry, CEO compensation remains high, with top executives collectively earning over $3.4 billion. The average CEO's pay stands at $11 million, with stock options making up 76% of total compensation. Notably, Stéphane Bancel of Moderna topped the list with an astounding $305 million.
DCVC Bio Launches New $400 Million Fund
DCVC Bio has successfully raised $400 million for its new venture fund, surpassing its initial goal of $350 million. This fund will focus on investment opportunities in areas such as pain, cardiometabolic, immune, and inflammatory conditions, while maintaining a critical stance on superficial AI applications in biotech.
Arbor Biotechnologies Faces Layoffs
In the wake of downsizing, Arbor Biotechnologies co-founder Winston Yan expressed his commitment to help affected employees find new roles. This reflects a broader trend of layoffs within the biotech sector, with other companies like Bluebird Bio and Atria Pharmaceuticals also reducing their workforce significantly.
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Correction: An earlier version of this newsletter incorrectly described Winston Yan as the CEO of Arbor Biotechnologies.
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