“We tried to change the system; maybe that was a stretch,” founder and EQRx executive chair Alexis Borisy told Endpoints News in an interview. “It was certainly a bold thing to try to go do, and it wasn’t to be.”
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Baxter sold CDMO BioPharma Solutions, a contract development and manufacturing organization known for making sterile injectables, to two private equity firms for $4.25 billion in cash.
Advent International and Warburg Pincus, based in Boston and New York City, respectively, plan to operate the CDMO as a standalone company. The deal is expected to close later this year.
BioPharma Solutions, which has about 1,700 employees in Bloomington, Ind., and Halle, Germany, brought in $644 million in sales in 2022, a 4% drop from $669 million in sales reported the previous year. It’s expected to generate $600 million in revenue this year.
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Catalent said it is delaying its financial results for the quarter, and it now expects to cut $400 million in net revenue guidance for the year due to manufacturing issues at three plants.
The contract manufacturer announced Monday in a press release that it will delay its third-quarter results for fiscal 2023 and the investor call, which was on the books for Tuesday. The company said it plans to file its quarterly report by May 15. No date was provided for the rescheduled investor call.
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After immersing in the risky startup world for a decade, Pablo Cagnoni is taking a top role at a big cap player.
Incyte has tapped Cagnoni, a three-time biotech CEO, to fill the newly created role of president and head of R&D, putting him in charge of leading and speeding up programs across oncology, hematology, inflammatory and autoimmunity, including dermatology.
Cagnoni may be best known for leading Rubius Therapeutics, a flashy cell therapy startup out of Flagship, from its meteoric rise through ultimate collapse. But since November, he’s been CEO at a different Flagship biotech, Laronde. His departure sets off a leadership shuffle at the company, which is focused on what it calls “endless RNA,” with chairman John Mendlein becoming interim CEO and Sutro Biopharma vet Trevor Hallam joining as CSO. Avak Kahvejian, co-founder and interim CSO, will now become an advisor.
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