Pfizer nabs equity stake in Swiss biotech working on celiac therapy; Verona gets more cash after COPD win

2022-10-18

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Pfizer is investing in new treatments for celiac disease. The Big Pharma shelled out $35 million in equity for Anokion, a Swiss biotech shooting for a celiac therapy. Anokion intends to use the money to fund Phase II studies for the candidate, known as KAN-101 and acquired in a 2019 buyout of Astellas-backed Kanyos Bio. Pfizer also gets a seat each on Anokion’s board of directors and scientific advisory board. “We believe Anokion has a unique opportunity to develop potential durable and disease-modifying treatment options for people with celiac disease and other immune-mediated disorders, and we look forward to supporting them in the continued development of KAN-101,” Michael Vincent, Pfizer’s immunology and inflammation chief, said in a statement. Kanyos Bio originally formed in 2015 out of a partnership between Anokion and Astellas, after which Anokion swallowed the biotech. There are no treatments for celiac disease, and though certain diets can prove effective, trace amounts of gluten can still affect the intestines and cause long-term health consequences. In addition to celiac disease, Anokion is also developing treatments for multiple sclerosis and Type 1 diabetes. The biotech started a Phase I trial for its MS program in January. Verona is continuing to bring in the cash after a positive Phase III trial in August. The biotech announced Monday that it had clinched $150 million in debt financing from Oxford Finance to help provide three years of runway into 2025. Verona took out $10 million immediately and can withdraw another $10 million at its discretion. Another $80 million can be accessed in two parts upon certain milestones, and the final $50 million is subject to Oxford’s approval. The new money comes as Verona plans to submit an NDA for its COPD drug ensifentrine, which passed a Phase III test in August, in the first half of next year. Money from the debt financing can be used toward preparing the NDA and a potential commercial launch, anticipated in 2024 if it’s approved. In Verona’s Phase III ENHANCE-2 study, roughly 800 patients with moderate to severe COPD received ensifentrine or placebo through a nebulizer twice a day for 24 weeks. The study met both its primary and secondary endpoints — different measurements of the FEV1 scale, or how much air patients can exhale in one second.

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