May 16 Quick Takes: Agios again narrows focus

Eighteen months after selling its oncology business to Servier, Agios Pharmaceuticals Inc. (NASDAQ:AGIO) unveiled a restructuring plan late Monday that it says will generate annual average savings of $40-$50 million per year in 2023-26. The company will cut up to 50 roles and shift its focus from exploratory research and drug discovery to existing genetically defined disease programs in late lead optimization. It also said it will prioritize in-licensing and acquiring “well-characterized” compounds. CSO Bruce Car will leave the company in July, with CMO Sarah Gheuens adding the title of head of R&D. Agios had $1.2 billion in cash at March 31.

F2G Ltd. granted Shionogi & Co. Ltd. (Tokyo:4507) Asian and European rights to antifungal program olorofim to treat invasive Aspergillosis. F2G will receive $100 million up front and is eligible for up to $380 million in regulatory and commercial milestones, plus double-digit royalties. F2G’s olorofim has FDA breakthrough therapy designation for multiple indications, with the biotech preparing to start the Phase III OASIS study of the orotomide antifungal to treat infection with Aspergillosis species. F2G’s CMO John Rex has lobbied for stronger commercial incentives for antimicrobial to better combat the growing public health threat of antimicrobial resistance. ...