Chengdu Keen Biological Technology Co., Ltd.

Plus, news about the Gladstone Institutes, ImmunityBio, Keen Vision Acquisition Corporation and Medera: Basilea Pharmaceutica earns $25M milestone from Pfizer: The payment was triggered after the antifungal Cresemba exceeded a sales threshold as part of a licensing agreement with the drugmaker. The agreement covers Cresemba’s sales in Europe and 16 countries in Asia and China. Cresemba pulled in $489 million in global sales between April 2023 and March 2024, according to Basilea. — Katherine Lewin Connect Biopharma reduces workforce in China: As part of the company’s decision to become more US-centric, Connect cut its China-based workforce by 15% over the past year, and it expects to further reduce its workforce this year. It had 81 full-time employees at the end of last year. It has cash and cash equivalents of $110 million, which gives the company runway into the first half of 2027. — Katherine Lewin Gladstone Institutes announces $350M capital campaign: The organization plans to use the money it raises to add more than 300 scientists and 15 laboratories as part of a goal to “develop the next generation of biotechnologies and advance discoveries to the clinic as rapidly as possible.” The labs will add 100,000 square feet of space. — Katherine Lewin ImmunityBio lays off 20 people in California and Colorado: The cuts were detailed in a WARN report submitted to the Florida Department of Commerce on Aug. 30, with manufacturing and quality control-related teams mostly impacted. The company’s IL-15 agonist Anktiva won FDA approval in April to treat bladder cancer. ImmunityBio did not immediately respond to a request for comment. — Max Bayer Keen Vision Acquisition Corporation, Medera to merge: Medera, a privately-held biotech, focuses on developing gene and cell therapies for difficult-to-treat and currently incurable diseases. Its three most advanced candidates are gene therapy treatments for heart failure indications. Keen is a SPAC that went public in February 2023. The companies expect the merger to close in the fourth quarter. At that time, the company will be known as Medera. Keen will get $149.5 million in cash proceeds from the transaction. — Katherine Lewin