Original reporting and analysis on the stories shaping biotech.
Two companies got into a bidding war over a single-product pharma company with shrinking revenue and no pipeline. The final price: a 76% premium that says a lot about how the market values small-cap pharma right now.
Biogen's tau-targeting Alzheimer's drug missed its primary endpoint in a Phase 2 trial. Instead of pulling the plug, the company is charging ahead to Phase 3, pointing to cognitive and biomarker signals that no tau drug has ever produced before. It's either a bold move or a familiar mistake.
U.S. biotech companies are quietly moving their earliest human trials to Europe and Australia as FDA layoffs and regulatory chaos shake confidence in American drug development. The $635 billion U.S. pharma market might not be enough to keep them home.
Valneva is slashing up to 15% of its workforce as the travel vaccine market fails to deliver on post-pandemic hype. But buried beneath the cuts is a Lyme disease vaccine that could change everything, if the company survives long enough to find out.
Boehringer Ingelheim just dropped up to €407 million on a preclinical antibody from a startup most people have never heard of. The bet: that killing rogue immune cells, not just blocking their signals, is the future of autoimmune medicine.
Alphabet's AI drug discovery spinout just raised $2.1 billion in a single round, making it the second-largest private biotech fundraise ever. No drugs in human trials yet, but three of the world's biggest pharma companies are already paying for what the AI can do.
Pfizer just won EU approval to treat the hardest cases in hemophilia: patients whose immune systems attack their own medication. The Phase 3 data showed a 93% drop in bleeding, and the competitive implications are fascinating.
MBX Biosciences just posted Phase 1 data for an obesity shot you'd only take once a month, with almost no nausea. In a market where most patients quit their weekly GLP-1s within a year, the adherence angle alone could be worth billions.
Eli Lilly is selling Zepbound in bare-bones vials for as little as $299 a month, a 72% discount from the list price. It's not generosity; it's a calculated move in an obesity drug market about to get very crowded.
Kyverna Therapeutics just started a rolling FDA submission for what could become the first CAR-T therapy approved for an autoimmune disease, not cancer. The target: stiff-person syndrome, a rare condition with zero approved treatments and trial results that stunned even the optimists.
China's biopharma out-licensing deals exploded from $14 billion in 2021 to $137.7 billion in 2025, with nearly $49 billion in just the first two months of 2026. Western pharma is racing to buy Chinese drug candidates while Washington scrambles to respond.
U.S. biotech companies are shipping early-phase clinical trials to Europe and Australia as FDA layoffs create regulatory chaos. Seven executives and investors told Reuters the same thing: they can't afford to wait for an agency in freefall.
Bristol Myers Squibb just committed up to $15.2 billion to partner with China's Hengrui Pharma on 13 preclinical drug programs. It's one of the largest cross-border licensing deals in biopharma history, and it's happening right as Washington tries to decouple from Chinese biotech.
The FDA just approved the first-ever PROTAC therapy, a drug that destroys cancer proteins instead of merely blocking them. Vepdegestrant's approval validates a technology platform two decades in the making and opens a new chapter for precision oncology.
A small UK biotech just did what no one else could: built an inhaled ENaC blocker that actually works in cystic fibrosis patients. Enterprise Therapeutics' ETD001 is the first drug of its kind to show a real lung function benefit, targeting the 10% of CF patients that Trikafta can't help.
A US-Pfizer pricing deal sent European healthcare stocks soaring by 5.3% in their biggest daily gain since 2008. After a year of apocalyptic drug pricing fears, the actual financial hit looks more like a paper cut than a mortal wound.
Novo Nordisk killed its entire cell therapy unit last year, leaving the most advanced Parkinson's cell therapy in history without a home. Now a Zuckerberg-backed AI startup has picked it up and is racing toward Phase 2 by year-end.
Astellas is back in the clinic for XLMTM, the rare muscle disease whose gene therapy killed four boys in earlier trials. The new approach uses 100-fold lower doses and a completely redesigned vector. Nine families will decide if that's enough.
Trump plans to fire FDA Commissioner Marty Makary after just 14 months of chaos, drug rejections, and political clashes. The twist? Biotech stocks are rallying on the news, with companies hoping a new leader will bring consistency back to drug approvals.
CellCentric just closed Europe's largest private biotech raise of 2026 to fund a first-in-class oral pill for myeloma patients who've failed everything else. The Phase 2 data show response rates double or triple the competition, and the investor list includes a very interesting pharma name.
Quantinuum, a quantum computing company backed by Amgen and valued at $10 billion, just filed for what could be the largest quantum IPO ever. The real story: Amgen is betting quantum computers can fundamentally redesign how drugs get discovered.
Argenx's Vyvgart just became the first drug approved for every subtype of generalized myasthenia gravis, closing a gap that left 20% of patients without a targeted therapy. The $4.2 billion franchise keeps pulling further ahead of the competition.
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