Moderna cuts spending, and Sarepta’s ‘curse’ on Califf

Good morning. If you’re following the European Society for Medical Oncology meeting that starts tomorrow, sign up for our ESMO in 30 Seconds newsletter. My colleague Drew Joseph is on the ground in Barcelona (and I’m very jealous of him).

Onto the biotech news of the day.

The need-to-know this morning

• Summit Therapeutics raised $235 million in a private placement, or PIPE, priced at $22.70 per share, the stock’s closing price on Wednesday. Company insiders, including co-CEO Robert Duggan, bought $79 million of the offering, with the rest purchased by biopharma institutional investors.
• Fulcrum Therapeutics said its experimental treatment for a degenerative muscle disease called FSHD failed to improve outcomes compared to a placebo in a Phase 3 study.

Moderna cuts R&D spending by $1.1 billion

Moderna said it would cut its annual R&D spending by 23%, or $1.1 billion, between 2024 and 2027 in a concession to investors who have viewed the company’s outlays following its pandemic-era windfall as excessive.

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