Original reporting and analysis on the stories shaping biotech.
Biogen is paying up to $1 billion for RayThera, a stealth-mode startup with no drugs in clinical trials. It's the latest move in a dramatic pivot from neurology into immunology, and the deal says more about Biogen's identity crisis than any single molecule.
Eli Lilly quietly scooped up 4E Therapeutics, a startup with a first-in-class painkiller that skips opioid receptors entirely. It's the latest move in a $20 billion+ acquisition spree, and it could reshape how we treat chronic pain.
For 40 years, the most powerful class of antibiotics could only be given through an IV. The FDA just approved the first pill that changes that, and it could keep thousands of patients out of the hospital.
The FDA refused Moderna's mRNA flu vaccine application, reversed itself two weeks later, and now its briefing documents are sending both positive and cautious signals ahead of a critical advisory panel vote. The outcome could determine whether mRNA technology breaks into the $50B+ flu vaccine market.
The FDA just told gene therapy developers they can stop reinventing the wheel. A new draft guidance lets sponsors borrow from existing science instead of rebuilding every dataset from scratch, and the implications for cost, timelines, and rare-disease patients are significant.
The Trump administration's new Medicare program covering GLP-1 weight-loss drugs was designed as a temporary 18-month "bridge." But its legal structure, binding manufacturer contracts, and millions of enrolled seniors may make it nearly impossible to reverse. For Eli Lilly and Novo Nordisk, that's a very big deal.
BioNTech swallowed its biggest mRNA rival CureVac for $1.25 billion in an all-stock deal that doubles as a patent lawsuit escape hatch. The acquisition kills a $32 billion legal threat, absorbs a promising cancer vaccine pipeline, and redraws the entire mRNA competitive map.
The FDA told UniQure its Huntington's gene therapy data wasn't good enough. Then it reversed course and cleared the company to file for approval anyway. The wild regulatory saga could reshape the future of brain gene therapies.
Private equity firm Altaris Capital Partners is buying Simulations Plus, the AI-driven modeling software used by 19 of the top 20 pharma companies, for $375 million in cash. The deal could reshape how the entire industry accesses its most critical drug development tools.
A biotech startup called Verge Labs turned data from its own failed neurology trial into an AI model for patient selection, and it might signal a fundamental shift in how the industry treats its most expensive mistakes. Turns out, failed trials aren't graveyards; they're goldmines.
Incyte is paying $1.25 billion upfront (up to $2 billion total) for Vega Therapeutics and its Phase 3 von Willebrand disease drug. It's a massive bet on a bleeding disorder most people can't name, and Wall Street is cautiously on board.
Novo Nordisk just dropped $812 million on a tiny AI-driven startup to find obesity drugs that have nothing to do with GLP-1. The deal with Deep Apple Therapeutics signals that even the king of Ozempic and Wegovy thinks the next era of weight loss will look very different.
Edgewise Therapeutics just dropped Phase 2 data for a heart drug that works differently from anything on the market. Wall Street responded by selling the stock 10%, and some analysts think that's a mistake.
The FDA just authorized Colorado to import prescription drugs from Canada, only the second state to earn that approval. But between industry lawsuits, Canadian export restrictions, and a complex drug-by-drug approval process, the real battle is just beginning.
Neumora's depression drug navacaprant failed all three Phase 3 trials with a combined effect size of essentially zero, sending the stock from $11 to under $1 and forcing 35% staff cuts. Now the company is betting its survival on early-stage programs in Alzheimer's, schizophrenia, and obesity.
Intellia's CRISPR therapy knocked out 87% of hereditary angioedema attacks with a single infusion, and long-term data shows the effect holding strong past two years. One shot might replace a lifetime of injections.
A new analysis found that fewer than half of European clinical trials post results on time, with only 42% achieving complete disclosure. The EU has the laws and the fining authority to fix this; what it lacks is the will to enforce them.
Spyre's experimental antibody SPY002 just posted what may be the strongest histologic improvement data in the anti-TL1A class for ulcerative colitis. Analysts are pounding the table with price targets up to $115, but the real test is still a year away.
Adaptive Biotechnologies is splitting its profitable cancer diagnostics business from its early-stage drug discovery platform into two separate companies. The move follows a growing industry trend of corporate breakups designed to let fundamentally different businesses attract the right investors.
CMS just proposed a rule that could block Merck and BMS from using subcutaneous reformulations of Keytruda and Opdivo to dodge Medicare price negotiations. With $41 billion in combined sales on the line, Wall Street is scrambling to figure out how bad it gets.
Every on-demand treatment for hereditary angioedema required a needle, until KalVista built a pill. Now Chiesi has paid $1.9 billion to own it, and the deal reshapes the rare disease landscape.
UCB just dropped $2 billion on Candid Therapeutics, a two-year-old startup repurposing cancer drugs for autoimmune disease. It's the biggest bet yet in the autoimmune T-cell engager gold rush, and the pivotal data haven't even arrived.
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