Novartis deal and $250 million set Olema on the way

3 December 2024

US biopharma Olema Pharmaceuticals (Nasdaq: OLMA) has announced a clinical trial collaboration and supply agreement with Swiss pharma giant Novartis (NOVN: VX) in frontline metastatic breast cancer.

The deal enables Olema to launch the pivotal Phase III OPERA-02 trial of palazestrant, its orally available complete estrogen receptor antagonist and selective ER degrader, in combination with Novartis’ kinase inhibitor ribociclib, also known by the brand name Kisqali, in frontline ER+/HER2- metastatic breast cancer; trial initiation expected in mid-2025

Olema has also announced a $250 million equity private placement with participation from new and existing investors.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK