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Saturday, June 25, 2022

'Pop Medicine: So You Want to Be a Gender Surgeon'

 So you want to be a gender surgeon. You love the idea of creating new body parts and want to be one of the first surgeons to break into this up-and-coming field. Let's debunk the public perception myths of what it means to be a gender surgeon and give it to you straight. This is the reality of gender surgery.

What Is Gender Surgery?
Gender surgery is the field of medicine concerned with alleviating gender dysphoria through surgical procedures. Gender dysphoria is defined as the unhappiness that patients in the gender-expansive community feel due to the incongruence between their gender identity and their physical characteristics.

We often think of gender surgery as synonymous with genital surgery; however, the scope of a gender surgeon is much broader. Any surgical procedure that is done to help alleviate gender dysphoria can be considered gender surgery. This includes masculinization and feminization of the face and chest, tracheal shaves, voice modification, body contouring, and even limb lengthening and shortening procedures.

Gender surgeons work with the full spectrum of gender patients, including transgender, non-binary, gender-fluid, and intersex patients.

Transgender patients are individuals whose gender identity differs from their assigned gender at birth. Within the gender surgery community, the appropriate terminology is either "assigned male" or "assigned female" at birth. We use this terminology as opposed to "biologically male" or "biologically female," as the latter terms do not take into account the mental and psychological aspects of biology.

Non-binary individuals do not identify as solely male or solely female but rather view themselves as having features of both. There are also gender-fluid individuals whose gender identity varies depending on the social situation. For example, these individuals may identify as one gender while at work and another while outside of work. This isn't to be confused with cross-dressing, which is typically done for sexual satisfaction as opposed to being an integral part of that person's identity.

Lastly, there are intersex individuals who are born with some variation of both male and female sex organs.

Because gender surgeons work with a wide variety of gender patients, each with their own unique goals and needs, the treatment plan often varies significantly from patient to patient. When it comes to gender surgery, there is no one-size-fits-all solution.

This brings me to an important method of differentiating a gender surgeon's practice: top surgery versus bottom surgery versus other masculinization and feminization surgeries.

Top Versus Bottom Versus Other Masculinization & Feminization Surgeries

The majority of gender surgeons focus primarily on top surgeries. This includes a variety of chest masculinization and feminization procedures, including mastectomies for trans men and breast augmentations for trans women.

This is the most common type of gender surgery, and these procedures are very similar to routine breast augmentation, reduction, and mastectomy procedures. They are also less functional compared with genital surgeries, so there is often less risk of complications. The combination of these two factors means that more surgeons are comfortable performing these types of procedures.

Gender surgeons who perform bottom surgery, which includes vaginoplasty, phalloplasty, and metoidioplasty, are much less common. The reason being is that the surgical creation of a vagina or penis is still quite new and these procedures are constantly evolving. It has only been within the last few years that training to perform these procedures has become more readily available. In the past, physicians interested in performing genital surgery had to do much of the research on their own and seek out mentors who were willing to train them.

That being said, bottom surgery does not always involve the creation of a new sex organ. Sometimes the role of the gender surgeon is to simply remove the incongruent sex organ to combat hormone production or to allow the patient to live more in accordance with their gender identity.

For example, a trans female that has an orchiectomy to remove one or both of the testicles may be able to significantly reduce the number of testosterone-blocking medications that she has to take -- thereby reducing the risks and side effects of the medications.

In addition, a trans male may find having menstrual periods as a male to be very traumatic psychologically. In this scenario, having a hysterectomy to remove the uterus may allow him to live more in accordance with his gender identity.

Lastly, there are other gender surgeons who don't perform top or bottom surgeries and perform other procedures that help alleviate gender dysphoria. This includes plastic surgeons who perform facial masculinization or feminization, body contouring, or fat grafting procedures; ENT surgeons performing tracheal shave or voice modification procedures; and even orthopedic surgeons performing limb-lengthening or -shortening procedures.

Misconceptions About Gender Surgery

Let's clear up some of the misconceptions about gender surgery.

To start, many people believe that you have to be a part of the LGBTQ+ community, or have a family member that is, in order to do gender surgery. This is not true. If you are a kind, empathetic, and down-to-earth individual who truly wants to help gender patients, there will always be a place for you within the gender surgery community.

Gender surgery is a very niche specialty, so it is not necessary for every gender surgeon to fit some sort of perfect ideal. As a society, we need more physicians to go into gender surgery, period. Right now, the gender-expansive community is extremely underrepresented in healthcare, so we can't wait for there to be more representation before we start expanding our ability to offer services to these patients. Doing so would only be a disservice to this already deeply marginalized population.

Many people also believe that gender surgery is purely cosmetic -- it is not. When you look at the data, patients with gender dysphoria are at a significantly higher risk of mental illness and substance abuse than the general population.

According to one study, approximately 82% of transgender youth experience suicidal ideation and approximately 40% have attempted suicide. Many gender surgery patients have long histories of self-harm as a result of the mental strain that being transgender, non-binary, gender-fluid, or intersex has placed on them. Many patients have even taken their own lives because of it.

As such, gender surgery is not cosmetic. It is often life-saving surgery.

It's easy for people outside of the gender-expansive community to say that one's gender identity is a choice and these procedures should be considered cosmetic; however, anyone who works with these patients will tell you it's far from the truth. This isn't a matter of novelty or sex life. Gender surgery is about the patient's identity and safety more than anything.

That being said, another misconception is that every transgender patient wants the full spectrum of surgery. Although many patients go to a gender surgeon specifically because they offer these services, this isn't the case for all people in the gender-expansive community.

What it means for someone to be "fully transitioned" varies from patient to patient. It's not for the surgeon, society, or anyone else to determine, but rather for the patient to decide for themselves. For some, fully transitioning might just mean that they've accepted their gender identity, dress differently, and act more in accordance with their gender identity. For others, their journey may include the full spectrum of surgery and hormones. Most patients, however, fall somewhere in the middle. As a gender surgeon, it's important to remember that surgery is not always a part of the patient's personal journey.

How to Become a Gender Surgeon?

Becoming a gender surgeon is a bit more complicated than most other specialties.

After medical school, there are a few different pathways to becoming a gender surgeon, and which pathway you choose will be dependent on which area of gender surgery you wish to go into.

The most common pathway to becoming a gender surgeon is to complete a plastic surgery residency, followed by either a 1-year gender surgery fellowship or a 1-year microvascular fellowship.

The plastic surgery pathway allows you to perform the widest variety of gender surgeries, including chest masculinization and feminization procedures, vaginoplasty, phalloplasty, and metoidioplasty, as well as facial masculinization and feminization surgery, body contouring, and fat grafting. If you want to be fully trained in all aspects of gender surgery, then plastic surgery is the route you should take.

That being said, plastic surgery is the most competitive pathway to becoming a gender surgeon by far. For the past several years, plastic surgery has been the number one most competitive specialty to match into and requires you to be at the top of your class with great grades, Step scores, and research.

In addition, gender surgery fellowships are incredibly new and only recently came about within the last few years. As such, there are only a handful of gender surgery fellowships available -- most of which only accept one fellow per year despite having many applicants per spot. Getting into one of these fellowship programs is incredibly difficult -- even among plastic surgeons who have already "beaten the odds," so to speak.

That being said, there are other, less competitive, pathways to becoming a gender surgeon as well. Physicians interested in performing bottom surgery may also enter the field by completing a residency in either urology or ob/gyn and then seeking additional training afterward. Physicians who are interested in performing procedures such as tracheal shaves or voice modification surgery are able to do so by completing an ENT residency.

Although ENT, urology, and ob/gyn are competitive to match into in their own right, they are still easier to match into than plastic surgery. In terms of competitiveness, ENT and urology are considered tier 2 or highly competitive, and ob/gyn is considered tier 4 or less competitive.

Given the sheer competitiveness of gender surgery and the length of training relative to other medical specialties, students best-suited for this specialty tend to be highly motivated and are often at the top of their class. Given the stigma associated with working with the gender-expansive community, these students also tend to be very open-minded and down-to-earth as well.

What You'll Love About Gender Surgery

There's a lot to love about gender surgery.

A big draw for many gender surgeons is that you have the opportunity to work with one of the most marginalized communities in the world and truly change your patients' lives forever.

Many patients seek out gender surgery because they feel like they've lived their entire lives in someone else's body. As a gender surgeon, you have the privilege of helping them fix that. And unlike hormone treatments and medications, which can take months, if not years, to show significant changes, gender surgery provides you with near-instant gratification.

Within hours, you can remove a body part that someone has lived their entire life being too ashamed to look at and replace it with a new body part that finally makes them feel whole. There are few specialties where you can have such profound, yet instant, gratification as gender surgery.

The patients that you get to work with as a gender surgeon are also some of the most interesting and down-to-earth people you'll ever meet. Society has judged them their entire lives. Many have lost friends and family members or been verbally and physically abused just for being true to themselves. And yet, through all of that, these patients still get out of bed each day and tell the world, "I am who I am and I don't care what you think of me."

Because you're working with such a unique population as a gender surgeon, no 2 days are ever the same either. Each patient has their own unique goals and needs, so you constantly have to adapt your treatment plan accordingly.

In addition, being such a new specialty, you are always on the cutting edge of medicine as a gender surgeon. Although some may see this as a negative, you have the opportunity to constantly learn and grow as a surgeon.

As procedures such as vaginoplasty and phalloplasty become more common, the techniques and surgeries will evolve as well. As a gender surgeon, you have the unique opportunity to be a part of something new, help advance the field of medicine, and offer services to people that thought they'd never have access to. You'll learn something new almost every day and will constantly be stimulated intellectually. If you enjoy a challenge, gender surgery will not disappoint.

What You Won't Love About Gender Surgery

While gender surgery is an awesome specialty, it's not for everyone.

To start, the training to become a gender surgeon is longer, more competitive, and less standardized than most other specialties. Although there will undoubtedly be more gender surgery fellowships opening in the future, we are still at least 10 to 20 years away from where it'll be as common as even some of the more niche specialties like microsurgery.

The lifestyle of a gender surgeon is also incredibly demanding -- even by most surgeons' standards. Only a handful of physicians in the country are currently performing genital gender surgery, so it is highly unlikely that there will be more than one in any given practice.

As such, there's often nobody else to take care of your patients when issues arise. Most gender surgeons have to be available for their patients 24 hours a day, 7 days a week, 365 days a year.

Taking a personal day, traveling out of town, or getting a drink with friends can often be a luxury to a gender surgeon.

Starting a gender surgery practice also requires much more work up front than most other specialties.

Gender surgery is a team effort. You need urologists and gynecologists to assist with hysterectomies and genital surgeries. You need craniofacial-trained plastic surgeons or ENT surgeons to help with facial masculinization or feminization and voice modification procedures. You need mental health providers to write clearance letters. And you need endocrinologists and primary care physicians to help manage patients' hormone regimens. Due to the stigma associated with gender surgery, it can be difficult to find physicians to work with, given social and religious beliefs.

In addition to clinical staff, you also need a team of lawyers and advocates to fight insurance companies to get these procedures covered, as there are many people who believe that they should be considered "cosmetic" and therefore be paid out of pocket.

This is further complicated by the fact that these procedures are relatively new and there is not much historical data regarding reimbursement or whether patients tend to be litigious, or sue, after receiving surgery. For these reasons, obtaining malpractice insurance or even just finding hospitals that will allow you to perform these surgeries can be a monumental challenge.

As a result of these difficulties, compensation for gender surgeons is often lower than their colleagues in reconstructive or cosmetic plastic surgery. Although compensation varies widely, you can expect to make somewhere between $300,000 to $350,000 a year as a gender surgeon. This is on par with the low end of what reconstructive surgeons make, but significantly less than what cosmetic surgeons make.

In addition, it is not uncommon for gender surgeons to lose money on their gender surgeries and have to do reconstructive or cosmetic procedures on the side in order to keep their practice afloat. Although this will likely change in the future as more insurance companies start to cover these procedures, as it stands right now, gender surgery is not the best fit if you're optimizing for money.

Should You Become a Gender Surgeon?

How can you decide if gender surgery is right for you?

If you are passionate about surgery and have a desire to help one of the most marginalized patient populations in society, gender surgery may be a good fit.

You should be open-minded and flexible, and willing to learn and adapt as the specialty grows and techniques evolve.

You should also be highly motivated and willing to put in the time and effort it takes to match into plastics, urology, ENT, or ob/gyn residency and then gender surgery fellowship.

Lastly, you should be willing to sacrifice a cushy lifestyle and high compensation for the satisfaction of knowing that you're saving lives and helping people find happiness in the body they're in.

Are you hoping to become a gender surgeon? To get into medical school and match into plastics, you'll need to be at the top of your class. As you look for experts to work with, seek out those who are actual MD physicians who crushed their MCAT and USMLE, gained multiple top medical school acceptances, matched into competitive residencies, and even had medical schools fighting over them by throwing merit-based scholarships to sway their decision. Only the top performers can best show you how to most effectively improve your own performance.

At Med School Insiders, we've been empowering a generation of happier, healthier, and more effective future doctors since 2016. By recruiting the top talent and pioneering a systems-focused approach to our services, we've become the fastest growing company in the space, with industry-leading customer satisfaction. If you decide on Med School Insiders, we'd love to be a part of your journey to becoming a future physician.

If you enjoyed this article, be sure to check out our video going over a Day in the Life of a Gender Surgeon or another specialty in our So You Want to Be series.

This post appeared on Med School Insiders.

https://www.medpagetoday.com/popmedicine/popmedicine/99399



Ethics Consult: Cut Health Insurance for Risky Activities?

 Welcome to Ethics Consult -- an opportunity to discuss, debate (respectfully), and learn together. We select an ethical dilemma from a true, but anonymized, patient care case. You vote on your decision in the case and, next week, we'll reveal how you all made the call. Bioethicist Jacob M. Appel, MD, JD, will also weigh in with an ethical framework to help you learn and prepare.

The following case is adapted from Appel's 2019 book, Who Says You're Dead? Medical & Ethical Dilemmas for the Curious & Concerned.

The U.S. government is concerned about the healthcare costs of individuals engaged in purely volitional high-risk behaviors such as motorcycle riding, hang gliding, and bungee jumping. While injuries from such activities are not all that common, they often prove very costly.

"Senator Cheapside" has proposed legislation to prevent all government-run insurance programs, including Medicare and Medicaid, from paying for healthcare costs resulting directly from these activities. He has identified 92 other activities not to be covered as well -- ranging from amateur beekeeping to illegal drag racing. "If you want to be insured for injuries you acquire while engaged in high-risk activities," he says, "you should purchase private insurance to cover your costs."


GSK pledges £1bn drive for infectious disease R&D

 GSK will invest around £1 billion ($1.2 billion) over a 10-year period to speed up R&D on infectious diseases that mainly impact lower-income countries.

The initiative will focus on vaccines and medicines for diseases like malaria, tuberculosis, HIV and neglected tropical diseases (NTDs), which according to the drugmaker account for 60% of the disease burden in poorer regions of the world, as well as antimicrobial resistance.

GSK also said it will form a global health unit to focus on these diseases, which have largely been neglected by the pharma industry because they are not generally profitable, with the objective of advancing both in-house programmes as well as forging alliances with external partners.

The drugmaker is already very active in this area, as witnessed by its investment in malaria vaccine RTSS, which was cleared by the World Health Organization (WHO) for use in children living in sub-Saharan Africa and other regions with moderate to high malaria transmission last year.

It also developed the first single-dose drug therapy that can be used to eradicate malaria caused by Plasmodium vivax – tafenoquine – and is working on an improved TB vaccine which has been licensed to the Bill & Melinda Gates Foundation.

The new unit will operate on a non-profit basis, said GSK in a statement. It will deal with a pipeline of 30 potential new drugs and vaccines across 13 infectious diseases, including long-acting injectables to protect against Plasmodium falciparum malaria and vaccines for salmonellosis and shigellosis, which could help to reduce antibiotics use.

It will be led by Thomas Breuer, GSK’s chief global health officer, who said: “we must work collectively with urgency to bring these potentially life-saving innovations to people that need them.”

GSK is doubling production of its AS01 adjuvant – used to boost the immune response to vaccines – for use in the malaria shot as it anticipates rising demand, and will work through its majority-owned ViiV Healthcare unit to end HIV/AIDS.

It has also reaffirmed a commitment to donate supplies of albendazole “until lymphatic filariasis and soil-transmitted helminthiasis morbidity are eliminated as public health problems everywhere.”

Novartis promises $250m

The announcement of GSK’s fresh commitment in this area was made at the Kigali Summit on Malaria and NTDs in Rwanda, which brought together world leaders and culminated with a call to action to end malaria and NTDs.

During the meeting, Novartis – another drugmaker with a long heritage in tackling neglected infectious diseases – made its own commitment of a $250 million investment over five years.

The Swiss pharma group says it has earmarked $100 million for new treatments for Chagas disease, leishmaniasis, dengue fever and cryptosporidiosis, with $150 million going towards new antimalarial drugs including low-dose formulations for very young infants.

Novartis has been a key player in the development of TB drugs for decades, and in 2020 handed over rights to its pipeline of experimental therapies for the disease to the non-profit Global Alliance for TB Drug Development.

https://pharmaphorum.com/news/gsk-pledges-1bn-drive-for-infectious-disease-rd/

Youngkin taps Va. lawmakers to draft 15-week abortion ban

 Virginia Gov. Glenn Youngkin (R) said he will attempt to ban most abortions after 15 to 20 weeks of pregnancy following the Supreme Court’s ruling that overturns the constitutional right to an abortion.

Youngkin said he had asked four lawmakers to craft legislation.

“The truth is, Virginians want fewer abortions, not more abortions. We can build a bipartisan consensus on protecting the life of unborn children, especially when they begin to feel pain in the womb, and importantly supporting mothers and families who choose life,” he said in a statement.

In a conversation Friday with The Washington Post, he said he would like the cutoff to be at 15 weeks but acknowledged a possible compromise of 20 weeks in a split state legislature.

The Supreme Court on Friday overturned Roe v. Wade, the landmark 1973 case that required states to allow abortions up to around 24 weeks of pregnancy.

Under current Virginia state law, abortion is legal in the first and second trimesters, or up to 26 weeks of pregnancy. It is only allowed in the third trimester if the woman’s life or mental or physical health is in danger.

Youngkin told the Post that he would support exceptions for rape, incest and when the mother’s life is in danger. 

In January, a Virginia lawmaker introduced a bill in the GOP-controlled lower chamber that would ban abortion after 20 weeks of pregnancy. Democrats currently control the upper chamber by two seats. When the General Assembly reconvenes in January, any piece of legislation would have to pass both chambers.

Virginia’s Republican attorney general, Jason Miyares, earlier this year had urged the court to overturn Roe and return the authority to the states, a shift from the viewpoint of the previous Democratic administration.

https://thehill.com/homenews/state-watch/3536070-youngkin-taps-va-lawmakers-to-draft-15-week-abortion-ban/

Planned Parenthood of Wisconsin temporarily suspending abortion after SCOTUS ruling

 Access to abortion across the country changed within a matter of hours after the Supreme Court ruled to overturn Roe v. Wade, eliminating the constitutional right to the medical procedure.

The president and CEO of Planned Parenthood of Wisconsin announced that abortion services offered by the organization had been temporarily suspended following the Supreme Court’s decision and amid uncertainty over a 173-year-old abortion law on the books. 

That 1849 law says it is a felony for virtually any abortion to be performed, except in instances where it is needed to save the mother’s life, but the state was not able to enforce it following the high court’s 1973 landmark decision. 

“Today, our daughters have less rights than their mothers. Less rights than their grandmothers. This is absolutely unconscionable. People should be able to make their own health care decisions. This should not be political,” Planned Parenthood of Wisconsin President and CEO Tanya Atkinson said in a video statement shared by the organization. 

“Because that law was not repealed, because that law remains in effect, today Planned Parenthood Wisconsin has been forced to temporarily suspend abortion services,” she added.

The law is expected to receive legal challenges, and it is not quite clear given the Supreme Court’s decision if any would withstand.

Top Wisconsin officials slammed the Supreme Court’s ruling, with state Attorney General Josh Kaul (D) saying his office was reviewing the decision.

“We must now turn to Congress, state courts, and state legislatures. Our office is reviewing today’s decision and will be providing further information about how we intend to move forward next week. We are at a crossroads for the future of reproductive freedom, and we need elected officials to step up and protect access to safe and legal abortion,” Kaul, who is up for reelection this November, said in a statement.

Kaul has previously said that if the high court overturned the 50-year precedent, he would not enforce abortion bans in his state.

“Even if courts were to interpret that law as being enforceable, as attorney general I would not use the resources of the Wisconsin Department of Justice either to investigate alleged violations of that abortion ban or to prosecute alleged violations of it,” Kaul told The Associated Press in December.

https://thehill.com/homenews/state-watch/3536921-planned-parenthood-of-wisconsin-announces-its-temporarily-suspending-abortion-services-after-scotus-ruling/

Sarepta loses its Momentum

 Low magnesium levels had already been flagged as an adverse event with Sarepta’s SRP-5051, a next-gen exon skipper pegged as Exondys 51's replacement. So professions of surprise from analysts that a serious case of hypomagnesemia has prompted the FDA to halt a phase 2 trial ring somewhat hollow.    

At least ’5051 is not where major expectations lie for Sarepta, as shown by investors shrugging off the clinical hold and the stock edging higher this morning. Much more attention is on SRP-9001, the gene therapy that is, like ’5051, in development for Duchenne muscular dystrophy, and on which crucial data are looming. 

The clinical hold concerns a patient in part B of the Momentum trial who had just moved to a higher dose of the SRP-5051. Sarepta believes the peptide part of the molecule, which is responsible for getting it into cells, is the cause of the hypomagnesemia, though the group is still unsure of the exact mechanism. 

The trial’s monitoring plan will now be altered, such as by proactively identifying patients sensitive to hypomagnesemia ahead of dose-escalation. The company insists that the trial will complete enrolment by the end of the year as scheduled. 

Still, if the clinical hold is not resolved soon, it is likely that the remaining subjects will come from Momentum’s EU and Canadian sites, which are not on clinical hold. There is thus a risk in terms of geographic representation, although the FDA has not specified a minimum number of US patients. 

Two weeks’ time

A more important catalyst for the company is on the horizon, however: new data on its Duchenne gene therapy SRP-9001 is expected on July 7 at the ICNMD Conference. This will include: one-year data from patients dosed with commercial-grade material in Study 103; four-year results from Study 101, which includes older patients; and an analysis of data across 4-7 year olds who received the target dose of ’9001.

Sarepta has previously noted that this latter dataset could support an accelerated approval, though their base case expectation is to file on results of the phase 3 Embark trial, probably in the second half of 2023. 

Expectations here are feverish – Evaluate Pharma forecasts sales of $1.1bn for ’9001 in 2028, $230m of which will accrue to Sarepta’s partner, Roche. Following a sizeable mishap with this project 18 months ago and an attempt at reanimating it, the new data will have to be pretty convincing.

Clinical trials of SRP-9001
StatusTrialNPCD
Phase 1Endeavor, aka 103 (NCT04626674)38Oct 2022
Phase 1/2101 (NCT03375164)4Apr 2023
Phase 2102 (NCT03769116); placebo-controlled41Dec 2020
Phase 3Embark, aka 301 (NCT05096221), placebo-controlled120Oct 2023
PCD = primary completion date. Source: Evaluate Pharma. 

https://www.evaluate.com/vantage/articles/news/policy-and-regulation/sarepta-loses-its-momentum

Biotech smells the coffee

 Back in 2016 Radius Health was a hotly tipped takeover target boasting a $2.5bn market cap and an osteoporosis candidate primed for the big time. But that drug, Tymlos, failed to live up to hopes and the company is now being taken private by two healthcare investment firms, for $890m.

And after only 19 months after reversing into a Nasdaq listing, F-Star Therapeutics has agreed to be bought by Chinese developer Sino Bio for $161m. The UK bispecifics developer was facing the prospect of a dilutive raise, with only enough cash left to last until early next year.

Both deals are the result of the dire market conditions and with few expectations of a recovery any time soon more moves like these will inevitably follow.

The aggregate enterprise value of the world’s biotech sector is down 74% since it peaked in February last year, investment bank Torreya calculates. Meanwhile the number of life science companies trading below their enterprise value has ballooned this year, with 215 in that state last week.

It is worth noting, however, that both Radius and F-Star had revenue streams and promising projects to monetise. Finding these sorts of lifelines will be even tougher for earlier-stage developers with less to offer.

In Radius’s case, its financial profile probably attracted Gurnet Point and Patient Square. Although fairly heavily indebted the company has accumulated $1.7bn in net operating losses, or NOLs, which can be used to maximise cash returns in various circumstances, like asset sales. Radius is owner of a promising breast cancer drug, the Serd elacestrant, which could be sold off, maybe to partner Menarini, along with other pipeline projects, analysts believe.

Tymlos never made the splash in osteoporosis that was initially promised, but it is bringing in around $250m a year. That cash flow and the other attributes makes Radius more of a viable proposition for financial buyers.

The $890m transaction will see investors get $10 per share immediately and a $1 CVR, which becomes payable if Tymlos sales hit a certain threshold. The upfront payment represents a 45% premium over Radius’s 30-day average share price; summing up the situation analysts at Stifel said investors would be getting “a relatively 'safe and secure' gain in a bear market characterized by extreme risk and volatility”.

Bargain bispecifics

F-star too has struggled for years to make headway, and while it does not have any projects close to the market it does have a couple of big pharma collaborations under its belt that could bring future revenues. The most successful deal it struck was with Denali, which bought some neurodegeneration assets in 2018.

The company’s lead asset is FS118, a Lag-3/PD-L1 bispecific that Merck KGaA previously had an option over. Important data are due mid-year from a head and neck trial − perhaps Sino Biopharm got an early glimpse of the data. F-Star will become part of the Chinese group’s ex-China R&D subsidiary, Invox Pharma, which is based in the UK.

SVB analysts noted that while the $7.12 per share take out price is attractive compared to F-Star’s share price over the past year, it is below the $7.20 per share average cost basis of the group’s top 15 shareholders. However the alternative for these investors would be to support an equity raise at even steeper discount, so aside from insisting that a better offer is found they probably have little option but to support the deal.

With tumbling valuations across the sector, these are the sorts of quandaries that many developers and investors will be facing in the coming months. And while they are not the sorts of big ticket transactions that will tempt investors back to biotech, they at least show an adjustment to the new realities.

https://www.evaluate.com/vantage/articles/news/deals/biotech-smells-coffee