Original reporting and analysis on the stories shaping biotech.
U.S. biotech spent $137 billion licensing Chinese drug assets in 2025, and 2026 is on pace to double that. Now the industry is tearing itself apart over whether that's smart business or strategic suicide.
Quince Therapeutics just handed 93% of its company to a private biotech most people have never heard of. After a failed Phase 3 trial left it with no drugs, no pipeline, and not enough cash to survive a year, the reverse merger with Orphai Therapeutics might be the best bad option available.
A little-known Chinese biotech just posted Phase 3 obesity data that rivals Eli Lilly's best oral drug. Now it's racing to file for approval in a market of 500 million overweight adults.
For 40 years, the best treatment for a devastating genetic lung disease has been a weekly IV drip. Now Sanofi and Wave Life Sciences are racing toward radically different solutions, and the data is getting very interesting.
The FDA just gutted one of the most expensive requirements for biosimilar developers, and the timing couldn't be more consequential. With over 100 biologics (worth $232 billion) losing patent protection in the coming years, the rules of the biologics market are about to change dramatically.
The FDA refused to even review Moderna's mRNA flu vaccine, then reversed course a week later. The dramatic U-turn keeps alive Moderna's biggest post-COVID bet and raises uncomfortable questions about the regulatory climate for vaccines.
Regeneron's LAG-3 combo missed its primary endpoint against Keytruda by the thinnest statistical margin, with a p-value of 0.063 versus a 0.05 threshold. Analysts have wiped up to $1.8 billion in projected peak sales from their models, and the company's oncology ambitions are looking increasingly fragile.
Eli Lilly expanded its Insilico Medicine partnership to a potential $2.75 billion, licensing AI-designed drug candidates and launching joint R&D programs. It's one of the biggest signs yet that Big Pharma sees AI not as a side project, but as the future of how drugs get made.
Epicrispr just reported the first human data for a CRISPR therapy that silences disease genes without cutting DNA, and FSHD patients showed early signs of improvement with no serious side effects. It could rewrite the playbook for an entire class of genetic diseases.
Seaport Therapeutics just raised $255 million in an upsized IPO, pricing at the top of its range. Built by the team that sold Karuna Therapeutics to Bristol Myers Squibb for $14 billion, the company is betting it can turn brain drugs that already work into pills people can actually take.
An AI designed both the target and the drug from scratch. Now it's showing real results in patients with a deadly lung disease. Insilico Medicine's rentosertib just posted Phase 2a data that could reshape how we think about drug discovery economics.
Bayer is paying up to $2.45 billion for a tiny biotech that raised just $11 million in venture funding. The target: a glaucoma implant that doesn't lower eye pressure at all, but might be the first drug to actually reverse the damage.
A 107-year-old Italian family pharma just dropped $4.1 billion on a Florida rare disease company, paying roughly three times its own annual revenue. The deal gives Angelini instant access to the U.S. market and a portfolio generating nearly $600 million a year.
Three days after its melanoma trial flopped, Regeneron bet $2.3 billion on a totally unproven cancer technology from a startup most people have never heard of. The science behind the deal is genuinely wild.
AbbVie is paying up to $745 million for Chinese-developed pain drugs that target the same mechanism behind Vertex's breakthrough painkiller. The deal deepens U.S.-China biotech ties at precisely the moment Washington is trying to pull them apart.
The Trump administration just dropped 100% tariffs on foreign-made brand-name drugs, the biggest forced shakeup of pharmaceutical supply chains in history. The policy rewards companies that build U.S. factories and punishes those that don't, but the timeline is wildly out of sync with how long it actually takes to move drug production.
Regeneron just entered the radiopharmaceutical race with a deal worth up to $4.3 billion, but the upfront price tag was just $40 million. Here's why the structure matters more than the headline number, and what it signals about the future of cancer treatment.
Roche's medicines scored a tariff exemption from the U.S. government, but its $14 billion diagnostics business got left out in the cold. With a 150-day grace period ticking down and tariffs threatening from multiple directions, the Swiss giant faces a split personality problem that every healthcare conglomerate should be watching.
Over 300 biotech CEOs, investors, and patient advocates are publicly campaigning for a retired FDA oncology legend to become the next commissioner. There's just one problem: he already quit once, and nobody's sure he wants the job.
A Danish biotech nobody's heard of just raised $301 million, nearly doubled on its first trading day, and is targeting bleeding disorders with zero approved treatments. Hemab Therapeutics might be 2026's most interesting IPO, but at $1.5 billion in market cap, the pressure is on.
Takeda is axing 4,500 jobs and spending $1.1 billion on restructuring to fund three make-or-break drug launches. It's the biggest pharma layoff of 2026, and everything rides on what comes next.
Pfizer's first-ever GLP-1 obesity drug just got approved, but not in America. China greenlit Xianweiying, throwing Pfizer into a three-way brawl with Novo Nordisk and Eli Lilly in the world's largest untapped weight loss market.
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