Daily Brief Health Care: Northwest Biotherapeutics, Zevra Therapeutics , Lee’s Pharmaceutical, Innovent Biologics Inc, Genmab A/S, VolitionRX , IMPACT Therapeutics and more

• Northwest Biotherapeutics is a clinical-stage biotechnology company whose value is almost entirely dependent on the regulatory approval and commercial success of its lead product candidate, DCVax-L, for glioblastoma (GBM), an aggressive form of brain cancer.
• The company has completed a Phase III trial for DCVax-L, which it reported met its primary and secondary endpoints for extending survival in both newly diagnosed and recurrent GBM patients. A Marketing Authorization Application (MAA) was submitted to the UK’s MHRA in December 2023, making the regulatory decision a critical near-term catalyst.
• Financially, the company is in a precarious position, characterized by a history of significant net losses, consistent cash burn, and a reliance on dilutive financing to fund operations. Future capital raises are a near certainty, posing a significant risk to current shareholders.

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• Zevra Therapeutics has recently seen its stock jump following renewed takeover speculation, spotlighting the company’s strategic value in the rare disease therapeutics space.
• The catalyst was a Betaville alert reporting that Collegium Pharmaceuticals had previously explored acquiring Zevra but failed to secure the necessary financing.
• This is not the first time Zevra has attracted M&A interest—Betaville had flagged potential acquisition talks weeks earlier.

• Lee’s Pharmaceutical is an integrated biopharmaceutical company focused on the Chinese market, with a dual strategy of developing proprietary drugs and licensing international products.
• The company demonstrated a significant financial turnaround in the most recent fiscal year, with substantial growth in revenue and net income, reversing a trend of long-term decline.
• Despite a recent recovery, the company faces high uncertainty due to a history of volatile earnings and significant long-term declines in key metrics like net income and market capitalization, balanced against a currently attractive valuation.

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• Innovent Biologics Inc (1801 HK) has announced 1H25 result, with total revenue increasing 51% YoY. The company recorded its maiden net profit of RMB834M on a reported basis.
• Despite an overcrowded PD-1 inhibitor market in China, core oncology product, Tyvyt maintained good growth momentum. Tyvyt is under NDA review for its ninth and tenth indications.
• In June, Innovent received approval for mazdutide, first-in-class chronic weight management drug in China. In 2H25, mazdutide is expected to receive approval for a second indication in type 2 diabetes.

• In a rapidly evolving biotech landscape, Danish cancer therapeutics giant Genmab is reportedly in advanced talks to acquire Merus N.V., a Dutch developer specializing in bispecific antibodies for hard-to-treat cancers like head and neck tumors.
• This potential deal, tipped to be announced imminently, follows a mid-stage clinical win for Merus’s lead asset, petosemtamab, which showed an impressive 63% overall response rate when combined with Merck’s Keytruda.
• With Merus’s market capitalization surging over 60% YTD to $5.2 billion, Genmab appears to be positioning itself for a strategic leap in the immuno-oncology arena.

• Primary operational goal for 2025 is to enter into multiple licensing agreements for human diagnostic applications, e.g. cancer & sepsis.
• In September, two (2) licensing agreements were signed: one with Werfen S.A. for Nu.Q NETs research and the other with Hologic for Nu.Q Discover services.
• Within the Nu.Q NETs pillar, the commercial strategy to utilize the CE Mark has brought on 11 hospital networks in Europe thus far in 2025.

• Impact Therapeutics, a China-based near-commercial-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CICC are the joint sponsors
• In this note, we look at the company’s core products, senaparib/IMP4297, and key products IMP1734 and IMP9064.
• We also look at the company’s pre-IPO investors and management team.