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Thursday, January 4, 2024

ISIS Claims Responsibility For Mass Casualty Suicide Bombings In Iran

 Most international reports yesterday said that over 100 were killed, with still others like Fox News citing a high figure of 200 dead from the explosions that ripped through an event marking the four year anniversary since Qasem Soleimani's death in Kerman city in the country's south. On Thursday a revised figure is being widely reported of at least 84 people killed, more than 280 wounded. Despite state sources revising the casualty count downward, it was still among the deadliest single terror attacks in the Islamic Republic's history.

Iranian leaders are vowing swift revenge, with Interior Minister Ahmad Vahidi telling state television, "The perpetrators of this terrorist attack will be caught by the powerful hand of our security and intelligence organizations and will receive a strong slap, both perpetrators and supporters."

Like other prior top-level statements from Tehran in the immediate aftermath, Iran has stopped short of officially seeking to blame Israel or the US. However, other Iranian officials still pointed the finger at Tel Aviv and Washington as is typical, given Israel has in the past conducted covert assassinations of nuclear scientists. 

Many observers are pointing out that it doesn't fit the pattern of an Israeli covert sponsored attack, given the attacks were likely carried out by a pair of suicide bombers who detonated themselves within large crowds. The Associated Press details

The IRNA report quoted the official as saying that surveillance footage from the route to the commemoration at Kerman’s Matryrs Cemetery clearly showed a male suicide bomber detonating explosives. The official said the second blast “probably” came from another suicide bomber, though it hadn’t been determined beyond doubt.

Such a tactic is more typical of Saudi/Wahabi/Sunni-style al-Qaeda or ISIS or Jundallah attacks, and these groups have long had inroads in border regions of Iran among the non-Shia minority in the country. On Thursday, Reuters is reporting that ISIS has taken responsibility: 

ISLAMIC STATE CLAIMS RESPONSIBILITY FOR IRAN ATTACKS: REUTERS

Meanwhile, The Wall Street Journal has cited analysts to say Israel's involvement is doubtful in this case:

People familiar with Israeli operations say the country told allies that it wasn’t involved with the explosions. They said the style of the bombing doesn’t fit the pattern of alleged Israeli attacks, which have usually been more precise targeting of individuals or infrastructure connected to Iran’s security forces.

The characteristics of Wednesday’s attack in Iran, including the high number of civilian casualties, don’t match the pattern of previous Israeli targeted killings, which tend to avoid large-scale surrounding damage, said Shlomo Mofaz, a former senior official in Israeli military intelligence. 

The source additionally said that "When the Iranians want to point a finger at Israel and know it is Israel it [the accusations] come in a different tone." But important to note is that the WSJ is quoting a "former senior official" who served in "Israeli military intelligence" to say... don't look at Israel.

Others have remained skeptical, and highlighted the likely role of the MEK in the Kerman attack...

The Iranian outlawed Mujahadin-e Khalq (MEK) dissident group has long had support from US and European political leaders, despite having been known for a history of covert assassination campaigns targeting officials of the Islamic Republic. It's widely believed that Israeli intelligence also utilizes MEK assassins in brazen sabotage and assassination operations, chiefly aimed at degrading Iran's nuclear program.

However, while MEK has long been known for brazen assassinations in crowded areas, it typically employs tactics like drive-by motorcycle killings, and is not well-known for suicide bombings.

Given that now there's been an Islamic State statement of responsibility, the West is likely to consider it a 'closed case', but Tehran leaders will still be suspicious, given they tend to see ISIS as ultimately a Saudi-Israeli backed project to begin with.

https://www.zerohedge.com/geopolitical/iran-vows-revenge-mass-casualty-attack-carried-out-suicide-bombers-israel-distances

Innate Pharma: FDA Lifts Partial Clinical Hold on Lacutamab Clinical Program

 

  • FDA lifts partial clinical hold on lacutamab clinical program
  • Fatal case related to disease progression and unrelated to the treatment

Trevi Therapeutics Provides Business Updates

 

  • The Phase 2b CORAL trial in IPF patients with chronic cough has regulatory approval in 8 of the 10 expected countries. The trial includes a sample size re-estimation (SSRE) which is expected to occur in the second half of 2024 after approximately 50% of the patients in the trial are evaluable for the primary endpoint. Full enrollment in the trial is expected this year and topline results are expected in the first half of 2025, assuming no adjustments are made to the sample size as a result of the SSRE.
  • The Phase 2a RIVER trial in RCC patients has been initiated and the first patient was randomized. Topline data from the trial is expected in the second half of 2024.
  • The Human Abuse Potential study is active and dosing is expected to begin in January 2024, with topline data expected in the second half of 2024.

Roche Inks Potential $2B Deal with MOMA, Continues Early January Hot Streak

 Roche has come out of the dealmaking gate blazing so far in 2024, racking up its third deal in as many days. On Thursday, the Swiss pharma announced it is entering into a collaboration and licensing agreement with Massachusetts-based MOMA Therapeutics for $66 million upfront.

The deal will see Roche gain access to MOMA’s platform, known as KnowledgeBase, to find new drugs to go after cancer cell growth and survival. Besides Roche’s $66 million upfront payment, the biotech could also potentially net other milestone payments for discovery, development, and eventual commercial targets worth $2 billion for MOMA.

For its part, MOMA will be responsible for selecting targets through to development, while Roche will be responsible for IND-enabling activities, clinical work, and commercialization efforts. MOMA will also get a right to co-fund the late-stage development of one product in exchange for increased royalties in the US.

“Given its deep expertise and global footprint in oncology, Roche represents an ideal collaborator with whom to further advance the application of MOMA’s platform in a way that impacts patients’ lives,” MOMA CEO Asit Parikh said in a statement. “The vision for this collaboration was crafted jointly with Roche to enable each party to bring its strengths to pursue this shared goal. It also contributes to the long-term sustainability of MOMA’s core focus as we advance our rich pipeline of precision oncology programs to the clinic.”

According to the biotech, MOMA’s platform uses “functionally related targets” that lack sequence homology but still possess a three-dimensional structure. So far, MOMA has used this platform to accelerate its drug discovery efforts in the ATPase target area. MOMA, named one of BioSpace’s top life science startups to watch in 2021, launched with an $86 million Series A and completed a $150 million Series B round in 2022.

“The broader field of cancer dependencies is of high importance for Roche, and we are looking forward to further deepening our knowledge and discovering novel targets involved in cancer cell growth and survival leveraging MoMA’s innovative platform,” James Sabry, global head of pharma partnering at Roche, said in a statement.

Meanwhile, Roche has been on the warpath in dealmaking for the first week of the year, securing a $1 billion deal with China-based MediLink Therapeutics to develop an antibody-drug conjugate in oncology. On Wednesday, Roche also made a potentially $1 billion deal with Remix Therapeutics to create small molecule therapeutics.

The deal, apart from the $30 million upfront payment from Roche, will see Remix able to receive an additional $12 million in near-term milestone payments and other preclinical, clinical, commercial, and sales milestones of up to $1 billion as well as “tiered royalties.” Roche will gain exclusive rights to the targets. Remix will do discovery and preclinical work alongside Roche, but the Swiss pharma will be responsible for future work and commercialization.

Remix’s platform uses RNA processing pattern identification to alter how genes are read from the genome and develop medicines from there. The biotech currently has a candidate in the “early development” stage looking to go after adenoid cystic carcinoma and acute myelogenous leukemia.

Remix has been raking in solid investments since launching in 2020, with $81 million in its war chest. In 2022, the biotech secured a Series B round of $70 million, with participation from Foresite Capital, Arch Venture Partners, and Alexandria Venture Investments, among others.   

https://www.biospace.com/article/roche-inks-potential-2b-deal-with-moma-continues-early-january-hot-streak-/

Only 13 EVs Now Eligible For $7,500 Tax Credit Due To New Biden Admin Rules

 Just as EV demand appeared to be nearing super-saturation, incentives for buying electric vehicles are starting to fall by the wayside.

There are now just 13 EV models that are eligible for a consumer tax credit of as much as $7,500 thanks to new Biden administration rules that took effect on January 1, according to Bloomberg

Previously, the number had stood closer to 24 models, but for the new year the tax credit excludes vehicles that use battery components manufactured by Chinese companies, the report says. 

“Automakers are adjusting their supply chains to ensure buyers continue to be eligible for the new clean vehicle credit, partnering with allies and bringing jobs and investment back to the United States,” said Treasury Department spokeswoman Ashley Schapitl.

She also commented that some companies were still in the process of submitted data to see if they qualify for the credit. 

Last month, the Treasury Department announced rules targeting battery components made by companies under Chinese jurisdiction or with at least 25% Chinese government ownership, the report says. 

These regulations, expanding in 2025 to include suppliers of essential battery materials like nickel and lithium, are part of President Joe Biden's climate law, influenced by Senator Joe Manchin.

Manchin, pivotal in passing the Inflation Reduction Act, aimed to address concerns over U.S. taxpayer money subsidizing Chinese-made batteries.

As Bloomberg notes, depending on the manufacturing location of battery components and parts, vehicles may qualify for a $7,500 or $3,750 credit.

Eligible models for the full or partial credit include Tesla's Model Y, Rivian’s R1T, Stellantis's Jeep Wrangler 4xe, and Ford's F-150 Lightning. However, Tesla's Cybertruck, certain Model 3 versions, Nissan’s Leaf, Ford’s E-Transit van, and GM’s electric Blazer and Silverado lost credit access.

https://www.zerohedge.com/markets/only-13-evs-now-eligible-7500-tax-credit-due-new-biden-admin-rules

Pfizer shares downgraded as patent expirations loom

Pfizer Inc. shares (PFE) were downgraded to market perform from outperform at TD Cowen on Thursday, as analysts see upcoming patent expirations and shaky confidence in the drugmaker's management clouding the outlook. Despite a brutal 2023, when the stock dropped more than 40%, it's "tough to pound the table even from these levels," the analysts wrote, adding that expected strong earnings growth through 2026 will be weighed down longer term by losses of market exclusivity on key drugs like the blood thinner Eliquis and breast cancer treatment Ibrance. The analysts said their confidence in Pfizer management is "not the highest," noting that much of the company's recent guidance has proven overly optimistic and decisions to divest assets through Roivant Sciences Ltd. (ROIV) and Cerevel Therapeutics Holdings Inc. (CERE) look questionable given the values placed on those assets by competitors. Pfizer shares fell 0.2% premarket on Thursday and are down 40.7% over the past 12 months, while the S&P 500 has gained 22%.

https://www.morningstar.com/news/marketwatch/20240104312/pfizer-shares-downgraded-as-patent-expirations-loom

Scholar Rock Provides Corporate Update and Highlights Priorities for 2024

 Advancing industry-leading antimyostatin pipeline, comprised of multiple, novel assets with unparalleled selectivity, to treat spinal muscular atrophy (SMA) and cardiometabolic disorders

Completed enrollment for apitegromab pivotal Phase 3 SAPPHIRE trial in patients with SMA; topline data anticipated in 4Q 2024

Apitegromab Phase 2 proof-of-concept trial in obesity expected to commence in mid-2024

Presenting new preclinical data on SRK-439, a novel investigational myostatin inhibitor for the treatment of obesity, at Keystone Symposia in February

Scholar Rock reports year-end cash and cash equivalents of approximately $280 million

Presenting at the 42nd Annual J.P. Morgan Healthcare Conference on Tuesday, January 9, 2024 at 1:30 p.m. PT (4:30 p.m. ET)

https://www.businesswire.com/news/home/20240104939112/en/