Original reporting and analysis on the stories shaping biotech.
The FDA just announced it can watch clinical trial data roll in live, like streaming a game instead of reading the box score. Two proof-of-concept trials with AstraZeneca and Amgen are already underway, and a broader pilot launches this summer.
GSK is betting its future on cancer drugs under new CEO Luke Miels, with oncology sales already up 43% and five simultaneous Phase 3 trials running for a single drug. The question: can a company famous for inhalers crack oncology's most exclusive club?
Galapagos NV abandoned an oral immunology drug during its corporate meltdown. Now a startup founded by the drug's former Galapagos scientist just raised $125 million from Novo Holdings, Regeneron Ventures, and others to prove the big company was wrong.
Incyte's Opzelura just posted another round of strong vitiligo data, and the cream is printing $678 million a year. But AbbVie's Rinvoq pill is headed for FDA approval in the same disease, and the safety tradeoffs between a cream and a pill could reshape the entire market.
Erasca's pan-RAS inhibitor posted jaw-dropping early cancer data that analysts called a "home run." Then the stock fell 42% in a single day. A patient death, a patent fight, and transparency questions collided with the best data in Erasca's history.
The FDA flagged serious concerns about two of AstraZeneca's biggest cancer drugs in the same advisory committee briefing. With prediction markets pricing Truqap approval at just 17.6% and camizestrant's trial design under fire, billions in future revenue hang on a single April 30 meeting.
Compass Therapeutics' bispecific antibody shrank tumors and slowed cancer growth, but its survival data got wrecked by the trial's own design. Shares dropped 66% in a day, and the story behind the miss is wilder than the headline.
A two-year-old biotech just posted psoriasis data that outshone AbbVie's $17.6 billion blockbuster Skyrizi, with the tantalizing promise of once-a-year dosing. The stock surged, Wall Street took notice, and the IL-23 market may never look the same.
Sun Pharma is paying nearly $12 billion for a company Wall Street valued at $8.50 a share. The deal transforms India's largest generics maker into a top-25 global pharma player, but it comes with $8.6 billion in inherited debt and some tricky trend lines.
For 40 years, glucagon was the ingredient that kept killing obesity drugs. Boehringer Ingelheim just proved everyone wrong with a Phase 3 result that nobody saw coming.
A Belgian startup just raised $125 million to develop drugs that Galapagos threw away. It's part of a growing trend where nimble biotechs raid big pharma's reject pile, and investors are lining up to fund the treasure hunt.
Astellas Pharma killed the gene therapy it paid $3 billion to acquire after four patient deaths and years of setbacks. Its replacement uses 100-fold lower doses and a smarter delivery system, but the real test is just beginning.
Two clinical-stage biotechs filed for IPOs on the same day, both targeting over $200 million. After a brutal drought that saw only 11 biotech listings in 2025, the twin filings may signal the public markets are finally warming up again.
Janux Therapeutics just axed its EGFR-targeted T-cell engager after disappointing Phase 1 results, joining a growing graveyard of solid tumor programs. The company still has a promising prostate cancer asset and an $800 million BMS deal, but the bigger question looms: can anyone crack the solid tumor code?
Novartis invented CAR-T therapy. Now, as rivals spend billions racing into the next generation of the technology, the company that started it all says it's just "continuing to evaluate." The clock is ticking on a shrinking list of acquisition targets.
Eli Lilly just committed $2.25 billion to a four-year-old startup that uses AI to invent gene-editing tools nature never dreamed of. The Profluent deal is Lilly's latest billion-dollar bet in a genetic medicine shopping spree that's reshaping its entire pipeline.
Intellia just became the first company to report Phase 3 data for an in vivo CRISPR therapy, and they're sprinting toward an FDA filing. If approved, it could turn gene editing from a lab curiosity into a one-shot cure you get at your doctor's office.
Eli Lilly is paying up to $2.3 billion for Ajax Therapeutics and its lead drug, a first-in-class JAK2 inhibitor that hasn't produced a single data point in humans. The science is genuinely novel, but the bet is enormous.
CAR-T therapies have conquered blood cancers but never beaten a solid tumor. Shanghai-based Oricell just raised $110 million to change that, armed with early liver cancer data that has serious investors lining up. If it works, it would be a historic first for cell therapy.
Gilead Sciences is paying up to $5 billion for a Munich startup most people have never heard of. The reason? A technology that could solve the biggest problem holding back cancer's hottest drug class.
Neurocrine Biosciences is dropping $2.9 billion to acquire Soleno Therapeutics and its first-of-its-kind drug for Prader-Willi syndrome. It's the company's biggest deal ever, and it's a bet that rare disease is the future of biotech growth.
UCB is paying up to $1.15 billion for Neurona Therapeutics and its brain cell therapy that cut seizures by 92% in early trials. It's one of the boldest bets yet that cell therapy can work far beyond cancer.
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