Gas prices are hurting biotech

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Hello, everyone. Damian here with a look at a biotech deal with a lengthy backstory, the tyranny of gas prices, and the latest shakeup at BIO.

The need-to-know this morning

• Arvinas licensed an experimental drug for prostate cancer to Novartis. In exchange for development and marketing rights to the drug, called ARV-766, Novartis is paying $150 million to Arvinas, with the potential for another $1 billion in future payments, depending on the drug’s success.

Vertex bets $5 billion on a kidney disease drug

Vertex Pharmaceuticals agreed to pay $4.9 billion for Alpine Immune Sciences, a biotech company at work on a mid-stage treatment for a severe autoimmune disease that affects the kidneys.

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