Roche-Hansoh ADC deal. Roche is paying Hansoh Pharmaceutical Group $400 million upfront in a partnership that could reach $15 billion, covering multiple antibody-drug conjugates. Hansoh will contribute two preclinical ADCs and develop additional candidates against targets Roche proposes. The companies did not disclose specific drugs or diseases. This is Roche's sixth China-focused licensing deal since late August, a pace that puts it ahead of its pharmaceutical peers this year.
Veradermics' baldness candidate. Veradermics said its extended-release oral minoxidil, VDPHL01, succeeded in a second Phase 3 study in male pattern baldness. The results were "consistent" with the first Phase 3 trial and "directionally better," according to Cantor Fitzgerald analyst Prakhar Agrawal. Some investors question the drug's commercial potential given cheap generic minoxidil, but Agrawal argues an FDA-approved product with a differentiated efficacy and safety profile could see rapid adoption given high willingness to pay for hair-loss treatments.
Other updates. European regulators recommended approval of Revolution Medicines' pancreatic cancer drug Rasonque, though with tighter restrictions than the FDA's approval. Nouscom raised $135 million in Series D funding for its Lynch syndrome cancer immunotherapy. OrbiMed collected nearly $3 billion across two funds, including a $1 billion Asia-focused vehicle. Ultragenyx sold a priority review voucher for $203 million, its second such sale in less than two weeks.