Amgen to invest $100 million in SoftBank-backed Neumora

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FILE PHOTO: An Amgen sign is seen at the company’s office in south San Francisco, California October 21, 2013. Businesshala/Robert Galbraith
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(Businesshala) – US biotech Amgen Inc. has made a $100 million equity investment in Pneumora Therapeutics, the brain disease drug developer said on Thursday, also saying it will invest in developing and selling some of Amgen’s experimental drugs for neurodegenerative diseases. Global rights will also be available.

Pneumora said Amgen’s investment, along with $400 million raised from other investors including the SoftBank Vision Fund, will help bring precision medicines — already used in cancer treatment — to complex brain diseases. .

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“Traditional neuroscience R&D is constrained by a ‘one-size-fits-all’ treatment approach, which often leads to excessive efficacy, high placebo response, and routine clinical trial failures. Patients deserve better, said Christina Burrow, co-founder of Pneumora.

Amgen, which sells the migraine drug Amovig, said in 2019 that it would end programs to develop other neuroscience drugs, and said it believed genetics would eventually drive progress in the field.

“Although Amgen does not currently engage in neuroscience research and early development internally, this approach addresses our commitment to remain engaged in neuroscience through external collaboration,” said David Reese, Amgen’s head of R&D. he said.

Pneumora’s Series A funding round was led by ARCH Venture Partners, and included participation from SoftBank, Alexandria Venture Investments and Altitude Life Science Ventures.

Reporting by Manas Mishra in Bengaluru; Editing by Shailesh Kuber

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