Olema Pharma enters Novartis collaboration for Phase 3 breast cancer trial and raises $250M

Olema Pharmaceuticals, Inc.

Collaboration with Novartis provides ribociclib supply for planned Phase 3 OPERA-02 trial of palazestrant in ER+/HER2- frontline advanced/metastatic breast cancer, initiation expected mid-2025.
$250M private placement: 19,928,875 shares at $9.08 and pre-funded warrants for 7,604,163 shares; gross proceeds ~$250M, closing expected Dec 4, 2024.
Novartis receives right of first negotiation on any sale of palazestrant or change of control; repayment obligation of up to ~$275M proportional to ribociclib supplied.
Proceeds to fund OPERA-02, Phase 1/2 OP-3136 study, ongoing Phase 3 OPERA-01 monotherapy trial; OPERA-01 topline data expected in 2026.
Investors include Adage Capital, Bain Capital Life Sciences, BVF, Driehaus, Janus Henderson, Paradigm, Wellington, Woodline, and a large investment manager.

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