Original reporting and analysis on the stories shaping biotech.
Bristol Myers Squibb paid $800 million for a cancer drug from a Chinese biotech nobody was watching. It just hit both survival endpoints in the toughest form of breast cancer, marking the first time a bispecific ADC has pulled off that feat. The $8.4 billion bet is starting to look like a bargain.
Merck is splitting its pharma business in two as it stares down the expiration of Keytruda's patent, the world's best-selling drug at nearly $30 billion in annual sales. It's one of Big Pharma's boldest reorganizations in years, and the clock is ticking toward 2028.
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BioMarin is pulling its $2.9 million hemophilia gene therapy Roctavian from the market after failing to find a single buyer. Combined with Pfizer's identical retreat from its own hemophilia gene therapy, it raises a billion-dollar question: can one-time cures ever make money?
