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Hello, everyone. Damian here with an introduction to an emerging VC with a famous name, an escalation from the FTC, and the latest biotech megaround.
The need-to-know this morning
- Pfizer will close its $43 billion acquisition of cancer drug maker Seagen on Dec. 14, following the receipt of all required regulatory approvals. The cancer commercial and R&D functions of both companies will be merged into a new Pfizer Oncology Division led by current Pfizer executive Chris Boshoff. Pfizer is also splitting its non-cancer commercial business operations into two divisions. Current Pfizer Chief Commercial Officer Angela Hwang is leaving the company.
- Bicara Therapeutics, a privately held developer of cancer drugs, raised $165 million in a Series C round financing.
- AstraZeneca said it will acquire vaccine maker Icosavax for $15 per share, or $800 million. Icosavax shareholders will also be eligible to receive an additional payment of $5 per share, or $300 million, contingent on the achievement of certain milestones.
Reed Jobs, biotech VC
Reed Jobs spent about eight years on the path to becoming a cancer researcher, inspired by his father’s experience with pancreatic cancer to find new treatments for incurable malignancies. But when his father, Apple co-founder and CEO Steve Jobs, died in 2011, what was once academic became far too real, leading him to pivot away from oncology.
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