Petri Dish: Boston Scientific CFO retires, Seres' reverse stock split
Over the last week, Boston Scientific announced a forthcoming CFO change, Seres' reverse stock split and a Flagship startup's new pharma partnership.
Story Highlights Repertoire Immune Medicines partners with Genentech for autoimmune disease treatments.
Boston Scientific CFO Daniel Brennan to retire after 30 years.
Seres Therapeutics implements 1-for-20 reverse stock split to boost share price.
In recent days, Boston Scientific announced a forthcoming CFO change, a Cambridge biotech undertook a 1-for-20 reverse stock split and a Flagship startup announced an expanded partnership with Genentech.
Repertoire expands Genentech
deal
The Flagship spinout Repertoire Immune Medicines has signed another deal with a big pharma partner. The Cambridge startup will work with Genentech, the California-based subsidiary of Roche, to discover and develop T cell-targeted immune medicines to treat an autoimmune disease. The collaboration and license agreement will earn Repertoire $35 million upfront as well as potentially up to $730 million in additional development, regulatory and commercial milestones, as well as tiered royalties.
Almost exactly one year ago, Repertoire announced a multi-year collaboration with Bristol Myers Squibb (NYSE: BMY) to develop tolerizing vaccines for up to three autoimmune diseases. The deal was worth $65 million upfront and up to $1.8 billion for hitting certain milestones.
Boston Scientific CFO to retire
Boston Scientific Corp. (NYSE: BSX) announced that CFO Daniel Brennan will retire from his role after nearly 30 years with the company. Brennan's last day will be at the end of June, but he will stay on as a senior advisor through early October 2025. Stepping into the role of chief financial officer is Jonathan Monson, who is currently Boston Scientific's senior vice president of investor relations.
Seres' reverse stock split
Seres Therapeutics Inc. went through with a 1-for-20 reverse stock split, a move typically undertaken by a company to increase its share price. The Cambridge biotech's common stock began trading on a split-adjusted basis on Tuesday. Seres' (Nasdaq: MCRB) shares were priced at almost $10 apiece on Wednesday afternoon and its market cap was $86.83 million.
Last year, Seres sold full ownership of its microbiome pill, Vowst, to Nestlé Health Science. Vowst was approved in 2023 after about a decade of development. Seres said more than one-third of its employees would transfer to Nestlé.
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