TG Therapeutics Moves Headquarters to Research Triangle Park: Report
By Alex Keown
March 24, 2023
Months after receiving the greenlight for multiple sclerosis drug Briumvi, TG Therapeutics appears to have moved its corporate offices from New York to the Research Triangle Park, according to reports.
First reported by the Triangle Business Journal, TG Therapeutics relocated its offices to an address in Morrisville. The company has maintained an office in RTP for several years, according to the North Carolina Biotechnology Center’s business directory.
The primary evidence for the relocation cited by the Journal rests on the FDA label for Briumvi, which was approved in December 2022. The label includes a Morrisville address for TG Therapeutics.
TG Therapeutics employs between 200 and 300 people. There is no indication how many employees will make the move from New York to RTP. TG Therapeutics has not provided confirmation of the relocation to BioBuzz.
An anti-CD20 monoclonal antibody, Briumvi was approved in December 2022 as a treatment for relapsing forms of multiple sclerosis in adults, including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease. The drug is a glycoengineered monoclonal antibody that targets a unique epitope on CD20-expressing B-cells. It is the only anti-CD20 antibody approved for RMS at this time.
Relapsing/ remitting multiple sclerosis is the most common form of the disease and is characterized by episodes of new or worsening signs or symptoms followed by periods of recovery. It is estimated that nearly 1 million people are living with MS in the United States and approximately 85% are initially diagnosed with RRMS.
The approval of Briumvi was critical to the stability of TG Therapeutics. In June 2022, the FDA pulled approval of the cancer drug Ukoniq (umbralisib) due to ongoing safety concerns. Ukoniq belonged to the PI3K inhibitor class of drugs. Over the past few years, the FDA probed safety issues related to the medication. For Ukoniq, the FDA initiated a safety investigation into the cancer drug following clinical reports suggesting a “possible increased risk of death in patients taking the medicine” in patients taking the medication for a similar type of cancer for which it was approved. The regulatory agency granted accelerated approval to Ukoniq for the treatment of two different types of lymphoma in 2021.
In February 2023, TG Therapeutics reported $2.6 million in 2022 revenue from sales of Ukoniq. In its year-end financial report, TG Therapeutics posted $174.1 million in available cash and cash equivalents as of Dec. 31, 2022.
In a brief statement at the time, Michael S. Weiss, chairman and chief executive officer of the company, said 2023 is “off to an exciting start” as the company’s commercial team introduces Briumvi to prescribers and the multiple sclerosis community.
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Alex Keown is a freelance journalist who writes about a variety of subjects including the pharma, biotech, and life science industries. Prior to freelancing, Alex has served as a staff writer and editor for several publications.
