Pictured: Biogen's signage at its headquarters in Massachusetts/iStock, JHVEPhoto

图为：Biogen位于马萨诸塞州总部的标识/伊斯托克，JHVEPhoto

With the global immunology market projected to grow from nearly $103.2 billion in 2024 to $257.4 billion by 2032, second only to oncology in terms of the largest therapy area by value, it’s not surprising that immunology has attracted major investment recently from biopharma companies. Add the fact that drugmakers are facing losses from looming patent expirations and immunology drugs have a relatively high chance of success in clinical trials, it’s clear to see why the market is so attractive.

随着全球免疫学市场预计将从2024年的近1032亿美元增长到2032年的2574亿美元，在价值最大的治疗领域方面仅次于肿瘤学，免疫学最近吸引了生物制药公司的重大投资也就不足为奇了。再加上制药商正面临专利到期带来的损失，免疫药物在临床试验中取得成功的可能性相对较高，很明显，市场为什么如此有吸引力。

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In April, Vertex acquired Alpine Immune Sciences for $4.9 billion, the largest acquisition so far in 2024, giving it access to potential treatments for autoimmune and inflammatory diseases. That same month, Bristol Myers Squibb announced a potential $1.8 billion, multi-year collaboration with Repertoire Immune Medicines to create up to three vaccines for autoimmune diseases. .

4月，Vertex以49亿美元收购了Alpine Immune Sciences，这是2024年迄今为止最大规模的收购，使其能够获得自身免疫和炎症疾病的潜在治疗方法。同一个月，百时美施贵宝宣布与免疫药物库进行为期多年的潜在18亿美元合作，以开发多达三种针对自身免疫性疾病的疫苗。。

Biogen is the latest big player to join the fray with its acquisition of privately held Human Immunology Biosciences, also known as HI-Bio. Last month, Biogen announced it would acquire the company, which is focused on severe immune-mediated diseases, paying $1.15 billion upfront and with the potential for $650 million in milestone payments..

Biogen是最新一家加入竞争的大型公司，收购了私人控股的人类免疫生物科学公司，也称为HI Bio。上个月，Biogen宣布将收购该公司，该公司专注于严重的免疫介导疾病，预付款11.5亿美元，有可能获得6.5亿美元的里程碑式付款。。

Analysts see the deal as part of CEO Chris Viehbacher’s plan to move the company away from riskier plays in the neurological space and expand Biogen’s immunology and rare diseases pipeline.

分析师认为，该交易是首席执行官克里斯·维赫巴赫（ChrisViehbacher）计划的一部分，该计划旨在使公司远离神经领域的风险较高的领域，并扩大Biogen的免疫学和罕见疾病渠道。

Specifically, Biogen is looking to expand its pipeline beyond its current crop of drugs, such as the Friedreich’s ataxia drug Skyclarys and the Alzheimer’s disease treatment Leqembi, Myles Minter, a research analyst at William Blair, told BioSpace. The move aims to “de-risk” their pipeline and avoid clinical trials with higher bars for success, he said..

威廉·布莱尔（WilliamBlair）的研究分析师迈尔斯·明特（MylesMinter）告诉BioSpace，具体而言，Biogen正在寻求将其生产线扩大到现有药物之外，例如弗里德里希（Friedreich）的共济失调药物Skyclarys和阿尔茨海默病治疗药物Leqembi。他说，此举旨在“降低”他们的管道风险，避免临床试验取得更高的成功标准。。

“They want to create a pipeline that is more de-risked. I think you get that in immunology. They don’t want to be this company where they’re relying on a pivotal trial in stroke or [a] very, very risky study in relapsing MS.”

“他们想创建一个风险更低的管道。我想你在免疫学中就可以做到。他们不想成为这样一家公司，他们依赖于中风的关键试验或复发性MS的非常非常危险的研究。”

The buy gives Biogen access to drug candidate felzartamab, an anti-CD38 antibody being developed by HI-Bio for several chronic kidney conditions with large unmet medical needs, including IgA nephropathy, primary membranous nephropathy and antibody-mediated rejection in kidney transplant recipients.

此次购买使Biogen能够获得候选药物felzartamab，这是一种抗CD38抗体，由HI Bio开发，用于多种慢性肾脏疾病，这些疾病的医疗需求尚未得到满足，包括IgA肾病，原发性膜性肾病和肾移植受者的抗体介导的排斥反应。

In a note to investors last month on Biogen’s HI-Bio deal, Bank of Montreal Capital Markets analysts made the case that felzartamab’s mechanism of selectively depleting CD38+ cells could give Biogen “applicability across a range of immune-mediated diseases.”

蒙特利尔资本市场银行（Bank of Montreal Capital Markets）的分析师在上个月给投资者的一份关于Biogen HI-Bio交易的报告中指出，felzartamab选择性消耗CD38+细胞的机制可能使Biogen“适用于一系列免疫介导的疾病”

Indeed, immunology and inflammation (I&I) is a particularly attractive market because of its “pipeline-in-a-product” potential of expanding into “adjacent indications and build a monster brand,” biotech entrepreneur Andrew Pannu told BioSpace in February.

事实上，免疫学和炎症（I＆I）是一个特别有吸引力的市场，因为它的“产品中的管道”潜力可以扩展到“邻近的适应症并建立一个怪物品牌”，生物技术企业家安德鲁·潘努（AndrewPannu）在2月份告诉BioSpace。

Other Moves in the I&I Space

I＆I空间中的其他移动

For other large biopharma companies, the role model in the immunology space is AbbVie’s blockbuster Humira, one of the highest grossing drugs of all time. Used to treat Crohn’s disease, plaque psoriasis and rheumatoid arthritis, among other inflammatory conditions, it brought in about $200 billion over the last two decades..

对于其他大型生物制药公司来说，免疫学领域的榜样是AbbVie的大片Humira，它是有史以来收入最高的药物之一。它用于治疗克罗恩病、斑块状银屑病和类风湿性关节炎等炎症性疾病，在过去二十年中带来了约2000亿美元的收入。。

Minter sees the I&I market, which attracts relatively high valuations, as an appropriate sector to target as part of Biogen’s and other companies’ de-risking strategies as they look to hedge their bets on more uncertain pipelines.

Minter认为，吸引相对较高估值的I＆I市场是Biogen和其他公司降低风险战略的一部分，因为他们希望对冲不确定性更大的管道。

While Biogen has been focused on its Alzheimer’s medicines, it has not been an easy path. Aduhelm faced intense scrutiny over its efficacy and pricing, making it perhaps one of the most controversial FDA approvals. Ultimately, Biogen in January discontinued Aduhelm and halted a post-approval study, deciding to focus its efforts instead on Leqembi with partner Eisai..

虽然Biogen一直专注于其阿尔茨海默氏病药物，但这并不是一条容易的道路。Aduhelm面临着对其功效和定价的严格审查，这可能是FDA最具争议的批准之一。最终，Biogen于1月份停止了Aduhelm，停止了一项批准后的研究，决定与合作伙伴Eisai一起将工作重点放在Leqembi上。。

The loss of patent protections is another factor fueling Biogen’s pipeline realignment. Minter contends that Biogen is being “forced” into de-risking its business strategy as the oral therapy for relapsing-remitting multiple sclerosis Tecfidera, a multibillion-dollar earner, is teetering on the patent cliff.

专利保护的丧失是促使Biogen重新调整管道的另一个因素。明特辩称，Biogen正在“被迫”降低其商业策略的风险，因为复发缓解型多发性硬化症的口服疗法Tecfidera（一个数十亿美元的收入者）正在专利悬崖上徘徊。

Tecfidera’s patent will expire in the E.U. in 2025 and efforts to restore patent protections in the U.S. have been defeated..

Tecfidera的专利将于2025年在欧盟到期，而在美国恢复专利保护的努力已经失败。。

At the same time, Biogen’s combined expertise in immunology and rare diseases with products such as Skyclarys and the spinal muscular atrophy drug Spinraza, are a big leg up for the company as it targets the I&I market, according to Minter. New product launches, such as Skyclarys and Leqembi, are part of Biogen’s plan to bring revenue back up as well as investments in expanding markets..

同时，Minter表示，Biogen在免疫学和罕见疾病方面的专业知识与Skyclarys和脊髓性肌萎缩症药物Spinraza等产品相结合，为该公司瞄准I＆I市场提供了巨大支持。新产品的推出，如Skyclarys和Leqembi，是Biogen计划的一部分，以恢复收入，并在不断扩大的市场上进行投资。。

Startups are also looking to challenge the big players in the I&I space. Inflammatory disease-focused Mirador Therapeutics landed the largest early-stage venture capital investment in biopharma last quarter, launching with $400 million in financing.

初创公司也希望挑战信息技术与创新领域的大公司。以炎症性疾病为重点的Mirador Therapeutics上个季度在生物制药领域获得了最大的早期风险投资，启动资金为4亿美元。

Alumis recently raised $259 million in a Series C round, while AltruBio and Attovia secured $225 million and $105 million in Series Bs, respectively. Alumis, a potential rival to Bristol Myers Squibb and Takeda in autoimmune diseases, in an SEC filing last week for an initial public offering said it plans to start Phase III trials of a TYK2 inhibitor in plaque psoriasis..

Alumis最近在C轮融资中筹集了2.59亿美元，而AltruBio和Attovia分别在Bs轮融资中筹集了2.25亿美元和1.05亿美元。Alumis是百时美施贵宝（Bristol-Myers Squibb）和武田（Takeda）在自身免疫性疾病领域的潜在竞争对手，上周在美国证券交易委员会（SEC）提交的首次公开募股文件中表示，计划启动TYK2抑制剂治疗斑块状银屑病的III期临床试验。。

Tyler Patchen is a staff writer at BioSpace. You can reach him at tyler.patchen@biospace.com. Follow him on LinkedIn.

泰勒·帕肯（Tyler Patchen）是BioSpace的一名全职作家。你可以通过tyler.patchen@biospace.com.在LinkedIn上关注他。