ARTICLE | Product Development

March 27 Quick Takes: Big gain for Novartis on Kisqali readout

Plus:  SR One closes $600M second fund and updates from Vertex, CRISPR; Merck KGaA, Pfizer and more 

March 28, 2023 1:06 AM UTC

Interim data showing that CDK4/CDK6 inhibitor Kisqali ribociclib significantly improved invasive disease-free survival rates in the Phase III NATALEE study to treat breast cancer lifted shares of Novartis AG (SIX:NOVN; NYSE:NVS) by $6.69 to $90.28 on Monday, adding nearly $15 billion to the pharma’s market cap. The readout, showing reduced risk of disease recurrence among patients with stage II or III early hormone receptor-positive, HER2-negative breast cancer in an adjuvant setting, sets up Kisqali to compete directly with Verzenio from Eli Lilly and Co. (NYSE:LLY), which gained approval for adjuvant patients based on the Phase III monarchE trial

SR One has closed its $600 million Fund II, its second vehicle since separating from GSK plc (LSE:GSK; NYSE:GSK) in 2020. The firm said it drew upon an LP base of new and existing investors including endowments, foundations, biopharmas, pension funds, sovereign wealth funds and family offices. The fund’s size exceeds that of SR One’s first $500 million vehicle as a fully independent firm, from 2020...