Original reporting and analysis on the stories shaping biotech.
The FDA just picked seven companies, including Eli Lilly and Regeneron, for a first-of-its-kind pilot that reviews drug factories while they're still being built. It could shave over a year off the path to market.
A stealth biotech you've never heard of just signed a $1.6 billion deal for a preclinical drug designed by AI. Boulevard Bio's bet on trispecific T-cell engagers for autoimmune disease could be brilliant, reckless, or both.
Vir Biotechnology's "masked" T-cell engager posted eye-popping tumor responses with almost no serious side effects in prostate cancer patients. Astellas liked what it saw enough to write a $1.7 billion check.
Novo Nordisk's next-gen obesity drug CagriSema just lost a decisive head-to-head trial against Eli Lilly's Zepbound, sending shares plunging 15% and reshaping the most valuable drug market in a generation. The fallout is massive, and Novo's path back to the top just got a lot steeper.
Otsuka's centanafadine just posted positive Phase 3b results in adults with both ADHD and anxiety, hitting endpoints on both conditions with a single pill. With an FDA decision due July 24, this triple-reuptake inhibitor could reshape how doctors treat one of psychiatry's most common (and frustrating) combos.
AstraZeneca's next-gen successor to Strensiq crushed its pediatric trials but whiffed on the primary endpoint in adults. The mixed Phase 3 results put the company's multi-billion-dollar rare disease expansion plan on shaky ground.
Novartis pulled the plug on cancer candidate QEQ278 after it failed to shrink tumors in any of the 30 patients who received it. The zero-for-30 result is a stark reminder of oncology's brutal attrition rates, but it also reveals a lot about how Novartis is reshaping its pipeline.
Eli Lilly just made every dose of Zepbound available for $499 or less per month, completing a pricing strategy that's quietly reshaping the GLP-1 obesity market. The move intensifies a price war with Novo Nordisk while exposing just how broken insurance coverage for weight-loss drugs remains.
Sarepta slapped a black box warning on its flagship gene therapy Elevidys after fatal liver failures in young patients, then cut 36% of its workforce in the same breath. The moves signal a company (and an industry) at a crossroads.
Ipsen is paying up to $1.7 billion for Kartos Therapeutics and its myelofibrosis drug navtemadlin, but the pivotal trial data won't arrive until 2027. With Novartis, GSK, and AbbVie all circling the same disease, the race to dethrone ruxolitinib monotherapy is officially on.
Alumis raised $259M in a private round, then turned around and raised $250M more in an IPO three months later. The clinical-stage immunology company's back-to-back capital haul tells you everything about where biotech money is flowing in 2026.
Immunovant killed its lead drug batoclimab after two Phase 3 trials in thyroid eye disease came up empty. The price tag for walking away? A cool $39 million in contractual costs you can't cancel, even when the drug doesn't work.
The FDA just approved the first China-originated innovative IV anesthetic for the U.S. market, and it might be the most significant thing to happen to operating rooms in decades. Cipepofol puts patients under at one-fifth the dose of propofol, with dramatically less pain going in.
Incyte is pouring $120 million upfront into Genesis Molecular AI, complete with an equity stake and a commitment to share proprietary research data. If this "foundation model" approach to drug discovery works, it could reshape how mid-cap pharma competes.
A biotech with $1.9 million in cash and an $8.4 million market cap just agreed to buy a CAR-T company for $320 million in stock. The math is wild, the conflicts are buried in SEC filings, and history says deals like this rarely end well for shareholders.
Five patient dropouts in a 28-person Huntington's disease trial cost Annexon Biosciences a third of its market value in a single day. The selloff exposes just how fragile investor confidence remains in CNS drug development, even when the underlying data tells a more nuanced story.
Eli Lilly dropped up to $202 million on a preclinical biotech with zero drugs and zero revenue. The prize? A DNA delivery platform that could unlock an entire generation of genetic medicines. It's Lilly's latest move in a $20 billion+ acquisition spree, and it says everything about where pharma is headed.
Biogen closed its $5.6 billion Apellis acquisition and immediately killed most of the company's research programs, keeping only the two products already making money. It's a pattern that keeps repeating in big pharma M&A, and it says a lot about what acquirers actually value.
A tiny UK biotech just posted positive Phase 2a data for a lung disease drug that takes the opposite approach to Insmed's billion-dollar Brinsupri. The safety looks clean, the dosing schedule is quarterly, and the efficacy signal is intriguing. Is there room for two players in NCFB?
Parabilis Medicines just priced a $670 million IPO, the second-largest biotech debut in U.S. history, and it doesn't even have a Phase 3 trial yet. Backed by a $75 million Regeneron co-sign and a platform that targets "undruggable" cancer proteins, this is either the smartest bet in oncology or the most expensive leap of faith.
The FDA approved a needle-free alternative to the EpiPen over a year ago. But CVS Caremark just punted its formulary decision again, leaving millions of allergy patients stuck navigating a maze of prior authorizations and denials for a nasal spray that could save their lives.
BIO 2026 wasn't the usual deal-making party. This year's conference surfaced three strategic tensions reshaping biotech: the messy reality of decoupling from China, the Biosecure Act's slow-rolling disruption, and AI drug discovery's biggest deal yet.
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