Pitt Romps Rutgers, 41-21

Pitt scored two straight touchdowns to pass Rutgers 14-7 in the first half, but the Scarlet Knights blocked a punt and converted just before halftime to tie the game at 14.

After Pitt recovered a Rutgers fumble to start the second half, quarterback Tino Sunseri found tight end Mike Cruz in the corner of the end zone and the Panthers went up 21-14. From there, Pitt dominated the game. While Rutgers’ offense managed 7 points at the end of the game, Pitt added 3 touchdowns and 2 field goals in the second half to win it 41-21.

Sunseri went 21 of 27 for 307 yards and three touchdowns.

The Panthers are now 2-0 in conference play and 4-3 overall. Pitt plays Big East rival Louisville at Heinz Field next Saturday.

Financings of the Fortnight Ponders Haircuts and Waves Its Freak Flag High

There was an unexpected twist last weekend in the health care reform implementation: Docs based in the Delaware Valley got hit harder than expected. It was a rather freaky turn of events, and as of this writing, the boys from our nation's medicine chest (hey, how about working on a better anti-emetic?) are clinging to faint hopes that they can repel the upstarts from the world's biggest biotech hub, also home of some of the world's leading research on cannabinoid receptor agonists.

In its younger, rasher days, Financings of the Fortnight might have begun to gloat, but there's still more baseball to play. Our foam FOTFingers are crossed. Yes. We. Cain.

Away from the diamond, Aegerion Therapeutics has its fingers crossed, too. Its IPO is scheduled for this week, but as of noon Thursday, no word. If it can't get out, it'll be the firm's third IPO swing and miss. It withdrew efforts in 2007 and 2008, and now it's gunning for a $70 million debut. Its latest terms were 4.67 million shares for sale between $14 and $16 a pop. If it gets out, don't be surprised if executives doff their caps to reveal drastic haircuts.

Seven pure-play biotechs have gone public in the US this year with debuts that have averaged 28% below their original target. Add more discounts post-IPO, as six of the seven are below their debut price. It's not that investors are generally IPO-shy. Overall IPO returns are above 15% so far this year, with average first-day "pops" of 7%, according to Renaissance Capital. Yet there's still no clear path forward for biotech issues.

One biopharma-related firm managed to squeeze through the door this week: ShangPharma, a Chinese CRO whose contracts with GlaxoSmithKline and Eli Lilly account for 37% of its revenues, raised $87 million by selling 5.8 million depository shares and is now listed on the New York Stock Exchange. It priced at $15 a share, within its target range of $14.50 to $16.50.

Our advice to Aegerion as it steps up to the plate: Don't worry about the haircut, or even eine kleine chin musik. But fear the beard. Go Giants! It's another installment of...

Celgene: Celgene's $1.25 billion debt issue closed Oct. 7, and it tells us at least two things. First, the financing, its first big debt raise, cements Celgene as a drug company that can raise a ton of cash in an uncertain economy, something bigger brethren Amgen, Pfizer, Merck and Novartis have done during the financial crisis. If there were any doubts about Celgene in the industry's inner circle, dispel them. (Celgene is also under investigation for improperly fighting generic competition. We told you they're all grown up.) Second, and more interesting to this blog, is the debt issue as a tacit stamp of approval of Celgene's run of growth by acquisition. For many years Celgene shunned dealmaking; not so anymore, as our DOTW colleagues are more than happy to discuss. Celgene's long-term R&D partnership with Agios is certainly going to get some votes for "Deal of the Year." And Celgene seems to get more creative as it goes along; no doubt some of the $1.25 billion raised will go toward transactions. (It just sealed its acquisition of Abraxis BioScience that included cash, stock and -- speaking of creative dealmaking -- a tradable contingent value right coupon.) The Celgene debt is in three tranches: $500 million at 2.45% interest will mature in October 2015 and are priced to yield 2.481% ; $500 million at 3.95% will mature in October with 3.981% yield; and $250 million at 5.7% interest will mature in October 2040 with 5.713% yield. Citigroup, JP Morgan and Morgan Stanley are the underwriters. -- Alex "UUUU-RIBE" Lash

Pearl Therapeutics: South San Francisco-based Pearl Therapeutics, which spun out of Nektar in 2006, announced a monster $69 million Series C on October 19. According to Elsevier’s Strategic Transactions, the financing is the 5^th largest private placement this year, outclassed only by by Pacific Biosciences, Archimedes, AiCuris, and Immatics. The money, which comes from Pearl’s existing venture syndicate of Clarus, New Leaf, and 5AM Ventures and includes new investor Vatera Healthcare, will be used to support ongoing clinical trials of the biotech’s PT003, currently in Phase IIb trials for patients with chronic pulmonary obstruction disorder. PT003 is a combination of glycopyrrolate, a long-acting muscarinic antagonist (LAMA), and formoterol, a well-known long-acting β2-agonist (LABA), delivered via a metered dose inhaler (MDI). The drug is being positioned as superior to Boehringer Ingelheim’s Spiriva, the only once daily COPD medicine currently approved in the U.S. which generated over €1 billion in 2009 sales. PT003 will be administered twice daily, but Pearl’s interim CEO Howard Rosen doesn’t think that will curb uptake, especially if the data from ongoing head-to-head trials with Spiriva show superiority. Data will be available by year’s end. Of the backers, Vetara is a relative newbie in the staid, clubby world of venture, founded and funded in 2007 by Michael Jaharis, former co-founder of Kos Pharmaceuticals. Jaharis and his team should provide Pearl valuable commercial advice as the biotech moves PT003 along, having already successfully shephered combo products to market. -- Ellen Foster "Buster" Licking

Synosia Therapeutics: The Swiss biotech's latest round of equity funding coincided with a licensing deal, as Belgian biopharma UCB contributed $20 million of Synosia’s new $30 million Series C round while licensing a pair of Parkinson’s Disease drugs from the startup. Existing investors Versant Ventures, 5AM Ventures, Novo A/S, Aravis Venture, Investor Growth Capital and Swiss Helvetia Fund also participated in the round, which brings Synosia’s total funding to about $90 million. The UCB arrangement also included a non-dilutive upfront payment of undisclosed size, and milestone payments built into the deal could yield up to $725 million. The partnership covers adenosine A2a antagonist SYN-115 and 4-hydroxyphenyl-pyruvate dioxygenase inhibitor SYN-118 for Parkinson’s. Synosia will complete Phase II work on the two drugs on its own before handing them over to UCB for Phase III development and commercialization. The agreement also includes provisions for collaboration on additional drugs originating from either company, at terms to be negotiated in the future. Synosia, which typically obtains compounds abandoned by other pharmas including Roche, also has drugs in its pipeline targeting Alzheimer’s, cocaine dependence and bipolar depression. Aravis and IGC led Synosia’s CHF 32 million ($29 million) Series B round in January 2009. -- Paul "Babe Ross" Bonanos and John "The Count" Davis

Regeneron Pharmaceuticals: The antibody company tapped the public markets for $175 million in an oversubscribed public offering of 5.5 million shares plus 825,000 more for the underwriter, Citi. It's the first follow-on offering for Regeneron since 2006, when it also scooped up $175 million. Meanwhile, the firm secured a steady source of cash by partnering long-term with Sanofi-Aventis, a deal that turns Rengeneron into Sanofi's main source of antibody R&D; the big pharma has options on all molecules from the . The December 2009 extension of their relationship promises Regeneron $160 million a year through 2017, though Sanofi can dial it back to $130 million after 2013. The full skinny on the deal is here. So why the huge injection of dilutive follow-on cash? One answer lies in Regeneron's ambitions. It has programs outside its collaboration with Sanofi, the most advanced being Arcalyst (rilonacept), on the market for the ultra-orphan cryopyrin-associated periodic syndrome (CAPS) and in Phase III for gout. Officials make no bones about their goal of becoming a FIPCO; pushing Arcalyst to market in gout would get them a lot closer. -- A.L.

Fiftieth Anniversary of Iconic World Series Win Celebrated

Several thousand people gathered in Oakland Wednesday at the spot where Pittsburgh Pirate Bill Mazeroski hit the home run that beat the Yankees in the final inning of the last game of the 1960 World Series.

Among those gathered were Mazeroski and 1960 teammates Dick Groat, Bill Virdon, Bob Friend, Vernon Law, Hal Smith, Joe Christopher, George Witt, Joe Gibbon, Bob Oldis and ElRoy Face were there. Vera Clemente, widow of Roberto, and their son Luis also attended.

A sidewalk plaque commemorating the 50th anniversary of the World Series -clinching home run was dedicated near where the Forbes Field Wall used to be. It shows an image of Mazeroski hitting third base and going for home.

Every year, hundreds of fans gather at the spot at the same time of the game to listen to a recording of the game in real-time.

Historical Commission Wants More Info on Arena Plans

The Pennsylvania Historical and Museum Commission has sent a letter to the City-County Sports and Exhibition Authority questioning the speed of the razing of the Mellon Arena. The facility officially goes dark in August when the Penguins move their offices into the Consol Energy Center. At that time, using tax dollars, the SEA would be responsible for utilities, maintenance and insurance costs. A consultant told the SEA board that would be about $78,000 to $100,000 a month depending on whether the plan is to demolish the arena or keep it ready for possible re-use.
In her letter to the SEA, Historical Commission Director Jean Cutler said they want to make sure they've received all crucial information to fully understand the process and the effects on historic resources (the arena). The SEA sent a study it commissioned that supports the Penguins plans to demolish the arena and develop the 28 acre site. Two preservation groups have commissioned their own study on keeping the arena.

Penguins Rally Pumps Up Fans

Pittsburgh Mayor Luke Ravenstahl and Allegheny County Executive Dan Onorato hosted a Pittsburgh Penguins rally today at Market Square, in addition to deeming this Tuesday “Black and Gold Day” for the city of Pittsburgh. The event was in support of the Penguins’ first home game of the National Hockey League's Stanley Cup Final. The Penguins’ mascot, Iceburgh, joined Gateway High School Cheerleaders and the mayor in leading a hearty “Let’s go, Pens!” chant. Also at the event were the band Kardaz and the Jimmy Adler Band, who played classic swing tunes with a Penguins lyrical twist. The Greater Pittsburgh Community Food Bank was on the scene collecting food and monetary donations as well. Penguins fan Robin Douglas says she’s not worried about being down 2-0 in the Stanley Cup Final series. “I believe the Pens can come back... They have the spirit, they have the guts, they have the game plan, and their strategies are intact. I think if they remain confident they can pull it out tonight,” says Douglas.

Athletic Disclosure Bill Introduced to Enforce Equality in Schools

Sen. Mary Jo White introduced The Pennsylvania Equity in Interscholastic Athletics Disclosure Act which would force schools to publicly report the gender, race and ethnicity of all 7th to 12th grade players and the amounts athletic directors spend for uniforms, equipment and coaching.

Its designed to make sure schools are complying with Title 9.

They are modeled after federal requirements for the NCAA.

"We spend a lot of money in our schools on sports and a lot of time. And if we think its important then it should be important for girls as well as boys,'' she said.

Video Service Brings New Views to Sports Fans

A Carnegie Mellon University research team led by Dr. Priya Narasihman and Dr. Rajeev Gandhi has created a new service that streams replays of key sports plays to fan's cell phones from multiple viewpoints. Users can adjust the length, speed, and angle of the replay from their phone, as well as receive statistics and player biographies instantly. The only requirement is a cell phone or other device with wi-fi capabilities. Narasihman says the research phase of the project, done in collaboration with the Pittsburgh Penguins, is complete; now, the researchers are attempting to launch their own business to market the service. With this will come an expansion to other Pittsburgh sports teams and eventually teams in other cities. Unfortunately, only fans at the sporting event itself will be able to use the service. Due to copyright issues, the replays cannot be saved or leaked.

While You Were Throwing Snowballs

At least on the East Coast, March has apparently lived up to its reputation and come in like a large cat. Here at IVB we're not so much concerned with the way it begins and ends, but instead would rather focus on the Madness in between.

Speaking of madness: while you were making snowmen ...

• That Sebelius/HHS announcement that made so much news this weekend? Ramsey Baghdadi had the scoop for the IN VIVO Blog.
  
• Art imitates life imitating comedy imitating sad state of the world: Pharma Giles at PharmaGossip.
  
• Wyeth's Prevenar approved in Russia.
• Roche scheme to enhance Pulmozyme compliance probably needed a little more thought, don'cha think? The company has now been censured in the UK for giving out Toys R Us gift certificates to children on the drug, reports the FT.
  
• Actelion's application to expand Tracleer's use into PAH patients with less severe disease greeted with a complete response letter from FDA. FDA says Actelion's REMS first needs to be finalized and approved before it can finish its review of the sNDA.
• Have higher regulatory hurdles affected investment in early-stage Type-2 diabetes companies? VCs weigh in at The Pink Sheet.
  
• Offenses across the NFC East are breathing easier. Sadly, Brian Dawkins, no longer an Eagle, signs 5-year deal with Denver Broncos.
  

Penguins Break Ground on New Arena

A groundbreaking ceremony for Pittsburgh's new arena drew politicians and Penguins fans. Shovels at the ceremony had hockey sticks for handles. Team owner Mario Lemieux stayed behind to sign autographs for fans. The $290 million arena is expected to open in time for the 2010-2011 season. The development took a lot of twists and turns to get to this point. At one time, the Penguins threatened to leave Pittsburgh. It was entertaining offers from Kansas City and Las Vegas, although Lemieux says the team never seriously considered leaving. As part of the arena project, the Penguins have agreed to help support development in the lower Hill District.

County Courthouse Plays Host to Olympic Gold Medalist

An Olympic Food Festival was held today in the courtyard of the Allegheny County Courthouse. Visitors were treated to samples of various ethnic dishes including Chinese chop suey, Italian meatballs, and Greek stuffed grape leaves. Also at the event was 2-time Olympic gold medalist Roger Kingdom. Kingdom took home the gold in the 110 meter high-hurdles in both 1984 and 1988. He says the Olympics are about more than sports, they are about peace. He also says that they United States has a good chance at being one of the top three medal-winning countries even though many U.S. Olympic athletes are young. The Olympic games kickoff today with the opening ceremonies tonight at 7:30 EST.

One Hill Calls Off Protest Action

The One Hill Coalition has called off plans to try to stop construction at the arena site tomorrow. One Hill Chairman Carl Redwood says group members have been frustrated by a delay in signing a community benefits agreement for their neighborhood.

One Hill, which represents residents in the Hill District, agreed to sign the CBA on May 10th. Since then, Redwood says the other parties involved have been dragging their feet. Both Mayor Luke Ravenstahl and Allegheny County Chief Executive Dan Onorato say they intend to sign the agreement but there may have been some delays due to conflicting summer schedules.

The agreement includes a master plan for development in the Hill, a career center, and funding for a grocery store and community center.

While You Were Making History*

755*

IN VIVO Blog picked up on a few news items you may have missed over this fine summer weekend.

• The irony. Foot and mouth disease is back in Britain--though so far confined to a small area near the twin Pirbright laboratories of the UK's Institute for Animal Health and Merial Animal Health (a veterinary JV between Merck & Co. and Sanofi-Aventis).


• The agony. Mannkind is having trouble licensing its inhaled insulin product, the company's CEO said on Friday. The company's shares fell like they were whacked over the head with an Exubera bong. Wait, they were?


• The ecstacy! OK maybe not ecstacy, because we couldn't find anything resembling such excitement. But spending $16 billion (or selling out for $16 billion) must feel pretty good. The WSJ is reporting this morning ($ sub. reqd.) that Akzo Nobel is spending its Organon cash as ICI will accept a sweetened takeover offer.
  

(AP Photo/Chris Carlson)

While You Were Running with the Bulls

That's gonna leave a mark

A few notes from the weekend that was ...

• Satisfaction Gauranteed! Can pharmaceutical firms profit with variations on the no-cure-no-pay strategy? The New York Times takes a look. Incidentally, if that sounds familiar you may have read another take on that issue on the IN VIVO Blog about six weeks ago ... and there'll be more in the next issue of IN VIVO.
  
• Accept No Substitutes! The San Francisco Chronicle reviews the pros and cons of generic biologics. Biosimilars? Biogenerics? Whatever you're calling them these days.
  
• For Refined Tastes! Tom Wolfe won't be reading this. And IN VIVO Blog thinks white suits look pretty damn silly, so we're even.


• Breaking Hearts Since 1883! The Philadelphia Phillies, favorite baseball team of a few of us at the IN VIVO Blog, lost their record 10,000th game last night, falling to the Cardinals 10-2. That ignominious milestone got us thinking ... is there a parallel in the pharmaceutical world, a company with a particularly striking blend of poor luck and staying power (and bad pitching)?

(AP Photo/ Inaki Porto)

While You Were Dominating the Competition

If you were too busy playing in the Wimbledon semis and finals this weekend (or maybe just watching) to keep up with the news, IN VIVO Blog is here to help.

• Inhibition! Some news out of the International Society on Thrombosis and Haemostasis in Geneva this weekend. First up, Bayer's rivaroxaban was significantly more effective than Sanofi-aventis' Lovenox in preventing blood clots after knee surgery, Reuters reports. Rivaroxaban, a Factor Xa inhibitor, is being developed with Johnson & Johnson. Another Factor Xa inibhitor, Pfizer and BMS' apixiban (which is approximately a year behind rivaroxaban in development), also posted solid results, in a mid-stage trial. Reuters has the story.
  
• Indecision! UK's National Institute for Clinical Excellence (NICE) has changed its mind, and now considers Eli Lilly's Alimta cost-effective in treating mesothelioma in certain patients.


• Interference!! Roche and Alnylam announced this morning a broad alliance in RNAi therapeutics, worth up to $1 billion. Alnylam gets $331 million up-front in cash and equity payments. We hope you're not all RNAi'd out cause there'll be more on this later ...