Kevin Grogan

As it posts third-quarter numbers that again reveal the decline of revenues from its multiple sclerosis portfolio, the US biotech major is entering into the hot area of targeted protein degradation to boost its immunology and neurology pipeline.

The company, now the most advanced clinically in the psychedelic space after the rejection of Lykos's MDMA-based post-traumatic stress disorder drug, is cutting its workforce by a third and narrowing its research focus after shifting the timeline for its late-stage depression candidate.

The Denmark-based major intends to build on its heritage in diabetes and is keen to hear from innovators in a space where prevalence is on the rise but is not being served by improved new products.

Medixci's Nick Williams told attendees at BIO-Europe that it was a shame that promising biotechs head to the NASDAQ as soon as possible. He and called for a change in culture from investors and for them to back the continent's start-ups with proper funding.

The German major's CEO Bill Anderson will not be tempted to go out and make a big bid on a late-stage asset to fill the revenue gap caused by Xarelto's patent expiries, telling Scrip that " in the pharma business, that's pretty much worse than going to the casino.”

While Europe and the US had similar levels of R&D expenditure until 2014, the gap is widening and China is coming up on the rails, according to a new report from EFPIA, which warns that a coherent life sciences strategy for Europe would help stop the decline.

After completing due diligence, private equity firm Brookfield is reportedly close to launching an offer of €10.50 euros per share to acquire the Spanish major. Given that at least one investor believes Grifols is worth at least €20 a share, sparks could fly.

The US healthcare giant says that icotrokinra could provide an “industry-leading combination of significant skin clearance with demonstrated tolerability in a once-daily pill" after succeeding in late-stage trials.

Next year will see plenty of deals in the biopharma space and a growing number of them will come from China, attendees at the Jefferies London Healthcare Conference heard.

CEO Vas Narasimhan has highlighted the strong momentum from six new products plus the old favorites Entresto and Cosentyx, saying that there are over 30 high-value medicines in the pipeline that will drive continued mid-single digit sales growth beyond 2029.