Original reporting and analysis on the stories shaping biotech.
Biogen dropped $850 million to grab Greater China rights to an antibody it already owned everywhere else. The deal consolidates global control of felzartamab, a kidney disease drug that could become a pipeline unto itself, and it signals that China-West pharma deals aren't slowing down anytime soon.
Odyssey Therapeutics got rejected by Wall Street in 2025 when it pulled its IPO amid a frozen biotech market. Now it's back with $700 million in venture backing and a new S-1 filing, testing whether the 2026 recovery is real.
AstraZeneca's IL-33 blocker tozorakimab just posted its third consecutive Phase 3 win in COPD, on a drug target that Roche and Sanofi/Regeneron essentially failed to crack. With $3–5 billion in projected peak sales, this could be the biggest "I told you so" in respiratory medicine.
Novo Nordisk just posted positive phase 3 results for an oral sickle cell disease drug, and the rest of the SCD field felt the tremor immediately. The GLP-1 giant is filing for approval later this year, and what it means for patients and competitors is worth your attention.
The FDA rejected Replimune's melanoma drug for the second time, triggering layoffs, a 75% stock crash, and a public war of words with the agency. The fallout raises uncomfortable questions about whether oncolytic virus therapies can ever clear the regulatory bar.
Eli Lilly's oral obesity pill Foundayo racked up nearly 1,400 prescriptions before it even hit pharmacy shelves nationwide. The real question: can a less potent pill outsell the needles by being the one patients actually take?
The FDA is lifting restrictions on 12 peptides it banned from compounding pharmacies in 2023, and the reversal has almost nothing to do with new safety data. The decision could supercharge telehealth platforms and compounding pharmacies hunting for their next growth engine after the GLP-1 compounding crackdown.
Janux Therapeutics just dosed the first patient with a "double-masked" cancer drug designed to stay completely invisible until it reaches the tumor. If it works, it could rewrite the safety playbook for one of oncology's most promising (and most dangerous) drug classes.
UCB is paying up to $1.15 billion for Neurona Therapeutics and its experimental brain cell transplant for drug-resistant epilepsy. The early data is striking, but turning a neurosurgical procedure into a commercial blockbuster is a whole different kind of challenge.
AI chip maker Cerebras Systems just filed for a $2 billion IPO, and its wafer-scale processors aren't just challenging Nvidia's monopoly: they're quietly revolutionizing computational drug discovery. The company's comeback story involves a $10 billion OpenAI deal, a national security scare, and chips the size of dinner plates.
Roivant's CEO called the biotech industry's China obsession a "red herring" on a major podcast, right as Chinese companies account for a third of new U.S. drug pipeline compounds. With the BIOSECURE Act now law and $53 billion in cross-border deals on the books, is he brave or blind?
Keytruda's patent cliff is approaching fast, and Merck just unveiled early data on a two-in-one cancer antibody that could help fill a $29.5 billion hole. The response rates are competitive, but the race is crowded and the clock is ticking.
OpenAI just dropped GPT-Rosalind, a purpose-built AI for drug discovery that already outperforms 95% of human experts on certain biology tasks. Amgen, Moderna, and Novo Nordisk are already on board, but can a language model actually make drugs get to patients faster?
The FDA just reclassified non-invasive bone growth stimulators from Class III to Class II, slashing the regulatory barrier that protected incumbent players for nearly 50 years. A $2 billion market is about to get a lot more crowded.
Aligos Therapeutics licensed its hepatitis B drug to a Chinese partner in a deal worth up to $445 million. With a market cap under $50 million and cash running low, did the company sell a goldmine or pull off a masterclass in survival strategy?
AKT inhibitors have broken Big Pharma's heart for years, but Terremoto just raised $108M to try again with a radically different approach. With $358M in total funding and a selective targeting strategy, the startup is betting it can crack one of oncology's most frustrating puzzles.
A two-year-old company you've probably never heard of just pulled off the largest biotech IPO in history, raising $625 million on a bet that the obesity drug market is big enough for more than just Novo and Lilly. The money, the drugs, and the risks: all of it.
Revolution Medicines just dropped Phase 3 data showing its pancreatic cancer drug nearly doubled survival over chemo, a result almost unheard of in oncology's deadliest cancer. Now Merck reportedly wants to buy the whole company for up to $32 billion.
A sweeping new review of 17 clinical trials says anti-amyloid Alzheimer's drugs provide no meaningful benefit to patients, directly challenging the multibillion-dollar bet behind lecanemab and donanemab. The Alzheimer's establishment is pushing back hard, but the cracks in the amyloid hypothesis are getting harder to ignore.
A brand-new startup just walked out the door with five autoimmune drug programs from Bristol Myers Squibb and $300 million in backing. Beeline Medicines might be the best-funded biotech debut of the year, and its first big data readout is already on the clock.
MeiraGTx paid $25 million to buy back a gene therapy that J&J acquired for up to $415 million, after the program's Phase 3 trial missed its primary endpoint. Now the company is racing to file for approval anyway, betting that J&J walked away too soon.
Storm Therapeutics just raised $56 million and dosed the first patient in a Phase 2 sarcoma trial, all for a drug targeting an enzyme most people have never heard of. It's the biggest clinical milestone yet for epitranscriptomics, a therapeutic field that literally didn't exist a decade ago.
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