Original reporting and analysis on the stories shaping biotech.
Eli Lilly just made every dose of Zepbound available for $499 or less per month, completing a pricing strategy that's quietly reshaping the GLP-1 obesity market. The move intensifies a price war with Novo Nordisk while exposing just how broken insurance coverage for weight-loss drugs remains.
Sarepta slapped a black box warning on its flagship gene therapy Elevidys after fatal liver failures in young patients, then cut 36% of its workforce in the same breath. The moves signal a company (and an industry) at a crossroads.
Ipsen is paying up to $1.7 billion for Kartos Therapeutics and its myelofibrosis drug navtemadlin, but the pivotal trial data won't arrive until 2027. With Novartis, GSK, and AbbVie all circling the same disease, the race to dethrone ruxolitinib monotherapy is officially on.
Alumis raised $259M in a private round, then turned around and raised $250M more in an IPO three months later. The clinical-stage immunology company's back-to-back capital haul tells you everything about where biotech money is flowing in 2026.
Immunovant killed its lead drug batoclimab after two Phase 3 trials in thyroid eye disease came up empty. The price tag for walking away? A cool $39 million in contractual costs you can't cancel, even when the drug doesn't work.
The FDA just approved the first China-originated innovative IV anesthetic for the U.S. market, and it might be the most significant thing to happen to operating rooms in decades. Cipepofol puts patients under at one-fifth the dose of propofol, with dramatically less pain going in.
Incyte is pouring $120 million upfront into Genesis Molecular AI, complete with an equity stake and a commitment to share proprietary research data. If this "foundation model" approach to drug discovery works, it could reshape how mid-cap pharma competes.
A biotech with $1.9 million in cash and an $8.4 million market cap just agreed to buy a CAR-T company for $320 million in stock. The math is wild, the conflicts are buried in SEC filings, and history says deals like this rarely end well for shareholders.
Five patient dropouts in a 28-person Huntington's disease trial cost Annexon Biosciences a third of its market value in a single day. The selloff exposes just how fragile investor confidence remains in CNS drug development, even when the underlying data tells a more nuanced story.
Eli Lilly dropped up to $202 million on a preclinical biotech with zero drugs and zero revenue. The prize? A DNA delivery platform that could unlock an entire generation of genetic medicines. It's Lilly's latest move in a $20 billion+ acquisition spree, and it says everything about where pharma is headed.
Biogen closed its $5.6 billion Apellis acquisition and immediately killed most of the company's research programs, keeping only the two products already making money. It's a pattern that keeps repeating in big pharma M&A, and it says a lot about what acquirers actually value.
A tiny UK biotech just posted positive Phase 2a data for a lung disease drug that takes the opposite approach to Insmed's billion-dollar Brinsupri. The safety looks clean, the dosing schedule is quarterly, and the efficacy signal is intriguing. Is there room for two players in NCFB?
Parabilis Medicines just priced a $670 million IPO, the second-largest biotech debut in U.S. history, and it doesn't even have a Phase 3 trial yet. Backed by a $75 million Regeneron co-sign and a platform that targets "undruggable" cancer proteins, this is either the smartest bet in oncology or the most expensive leap of faith.
The FDA approved a needle-free alternative to the EpiPen over a year ago. But CVS Caremark just punted its formulary decision again, leaving millions of allergy patients stuck navigating a maze of prior authorizations and denials for a nasal spray that could save their lives.
BIO 2026 wasn't the usual deal-making party. This year's conference surfaced three strategic tensions reshaping biotech: the messy reality of decoupling from China, the Biosecure Act's slow-rolling disruption, and AI drug discovery's biggest deal yet.
iBio, a company that used to grow antibodies in tobacco plants, just dosed the first patient with an AI-designed obesity drug that took only seven months to discover. It's a wild pivot into the most competitive drug market on Earth.
For the first time in any clinical trial, patients with FSHD gained muscle mass instead of losing it. Epicrispr's one-shot epigenetic therapy just delivered a result that no drug has ever achieved in this devastating muscular dystrophy.
Viridian Therapeutics just scored FDA approval for Lumvoa four days ahead of schedule, giving thyroid eye disease patients a faster, potentially better alternative to the only other targeted drug on the market. The stock popped, but analysts say the real move hasn't happened yet.
Boehringer Ingelheim is teaming up with AI-biotech Immunai in a $15M deal to hunt for the next PD-1: unknown T-cell targets hiding across cancer and autoimmune disease. It's a small bet that could reshape how we think about immune checkpoints.
Pharma and biotech M&A has already topped $100 billion by mid-2026, with analysts projecting the biggest dealmaking year since 2019. Behind the frenzy: a massive patent cliff and two therapeutic areas every company wants to own.
Lantheus' cancer imaging agent had flawless clinical data and a clean safety profile. The FDA rejected it anyway, and the reason has nothing to do with science. It's a cautionary tale about the hidden risk that keeps torpedoing biotech approvals.
Biogen closed its $5.6 billion Apellis acquisition and almost immediately gutted the biotech's research pipeline, keeping only two approved drugs. It's a playbook Big Pharma has run for decades, and the cost isn't always measured in dollars.
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