Original reporting and analysis on the stories shaping biotech.
FOMAT Medical Research just swallowed Topography Health's research sites to become the largest embedded research organization in America. With 27% of trial sites failing to enroll a single patient, this coast-to-coast network is betting it can fix clinical research's most embarrassing problem.
Hemab Therapeutics raised $301.5 million in a massively upsized IPO, then watched its stock surge 89% on day one. The rare blood disease company's blockbuster debut says a lot about where biotech investors are putting their money right now.
Neuropsychiatry drugs fail 95% of the time, yet Seaport Therapeutics just raised $255M in the first brain-focused biotech IPO of 2026. The Karuna Therapeutics co-founder is back with a new platform and a billion-dollar debut.
Ligand Pharmaceuticals just tried to terminate its decade-old partnership with Viking Therapeutics, claiming Viking got so distracted by its blockbuster obesity drug that it forgot about the programs it promised to develop. The legal fight over what "commercially reasonable efforts" actually means could reshape how biotech companies manage their pipeline priorities.
Summit Therapeutics' stock cratered up to 28% after its ivonescimab trial missed a key interim endpoint in squamous lung cancer. For a company that bet $5 billion on dethroning Keytruda, the timing couldn't be worse.
The FDA's biologics center just lost its fifth director in a little over a year. Vinay Prasad's exit leaves CBER in limbo at a moment when gene therapies, cell therapies, and vaccines hang in the balance, and analysts are warning of months of regulatory volatility ahead.
The FDA just approved the first-ever PROTAC, a drug that doesn't just block cancer proteins but destroys them entirely. Vepdegestrant's approval for ESR1-mutated breast cancer validates an entirely new class of medicine, and the implications stretch far beyond one tumor type.
Two Oxford companies are teaming up to decode the genetic roots of autoimmune disease, and their bet could reshape how drug targets are chosen. Genomics Ltd. brings the world's largest gene dataset; Greywolf Therapeutics brings the clinical candidates. The result might just fix your immune system's friendly-fire problem.
The FDA just proposed keeping liraglutide off the 503B Bulks List, potentially blocking compounding pharmacies from making cheaper versions of Saxenda and Victoza at scale. With semaglutide and tirzepatide getting the same treatment, the entire compounded GLP-1 market is under threat.
Merck's islatravir was sidelined in 2021 after tanking patients' immune cells. Four years later, the FDA just approved it as part of a new two-drug HIV pill. The comeback story is wild.
Bristol Myers Squibb just ended an eleven-year bispecific antibody partnership with Zymeworks, torching $313 million in potential milestones. But the real story is what BMS's ruthless portfolio purge tells us about where big pharma is placing its bets.
An FDA advisory panel voted 6-3 against AstraZeneca's plan to use blood tests to trigger early breast cancer drug switches. The rejection challenges the entire premise of preemptive, biomarker-driven therapy and reshapes the oral SERD race.
J&J axed its CAR-T lymphoma program despite data that embarrassed the competition, complete response rates that made Yescarta look like last season's model. The real story isn't about science; it's about the brutal economics threatening the entire cell therapy space.
Indivior's experimental opioid addiction drug flopped in Phase 2, and now the company is gutting its research team. Wall Street didn't flinch, but the long-term implications of becoming a one-drug company are harder to ignore.
LEO Pharma just paid $50 million for a company that turns herpes simplex virus into a gene therapy delivery system for devastating skin diseases. It's preclinical, it's audacious, and it might be the future of dermatology.
The FDA just approved the first small-molecule GLP-1 pill for obesity, and it might matter more for who it reaches than how much weight it drops. Eli Lilly's Foundayo could unlock the half of eligible patients who refused to pick up a needle.
Amgen axed two clinical programs in the same week after Phase 2 disappointments, one in lung cancer and one in Sjögren's disease. The dual failures spotlight pharma's toughest development stage and raise questions about pipeline depth at a $35 billion company.
AstraZeneca just paid $25 million to license a cancer drug that doesn't block tumor proteins, it destroys them completely. The preclinical EGFR degrader from Pinetree Therapeutics could rescue patients who've run out of options on current treatments.
AstraZeneca faces an FDA advisory committee today with two precision oncology drugs that posted solid trial numbers. The problem: FDA reviewers think neither drug has clearly answered the questions that matter most.
Teva drops $700 million on Emalex Biosciences to grab ecopipam, the first new Tourette syndrome drug mechanism in over 50 years. After a decade of paying off debt and sitting out the M&A party, the generics giant is making its boldest neuroscience bet yet.
Avalyn Pharma planned to raise $182 million in its IPO. It walked away with $300 million instead, pricing at the top of the range for its inhaled lung disease drugs. The biotech IPO market is back, and investors are hungry.
BeOne Medicines just committed up to $2 billion for a trispecific antibody that hasn't been tested in humans. The deal signals pharma's increasingly aggressive bets on next-generation multispecific drugs, and the option structure reveals a masterclass in managing preclinical risk.
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