Original reporting and analysis on the stories shaping biotech.
ADARx Pharmaceuticals just raised $446 million in an upsized IPO, pricing at the top of its range with AbbVie writing a separate check alongside. The RNA therapeutics company thinks it can send drugs where rivals can't, and Wall Street is buying in (literally).
GLP-1 drugs like Ozempic are great at burning fat, but they chew through muscle too. Regeneron's new antibody trevogrumab cut that muscle loss in half when paired with semaglutide, and it could reshape how we think about obesity treatment entirely.
Wave Life Sciences just got FDA backing for a one-trial path to approval for its RNA-editing therapy in alpha-1 antitrypsin deficiency. If it works, it could rewrite the playbook for an entire class of genetic medicines.
Regeneron's experimental antibody trevogrumab cut semaglutide-related muscle loss in half, and even appeared to rebuild muscle after patients stopped Wegovy. The data could create an entirely new companion-therapy market alongside blockbuster GLP-1 drugs.
Eli Lilly walked away from a partnership once worth up to $1.6 billion, and Foghorn Therapeutics is slashing 40% of its staff to survive. It's a brutal case study in what happens when a small biotech's entire future depends on one phone call from Big Pharma.
Novartis just paid $575 million upfront (with up to $7.8 billion on the line) for a Chinese biotech's mRNA therapy that turns your own cells into drug factories. It's one of the biggest China-originated biotech deals ever, and it could reshape how we treat autoimmune disease.
Adecto Pharmaceuticals shut down after 30 years of science and millions in government grants couldn't attract a single venture dollar. Their story reveals the growing gulf between biotech's mega-deal frenzy and the startups dying in the funding desert below.
Daiichi Sankyo, AstraZeneca, and Summit Therapeutics are teaming up to test a TROP2 ADC plus a PD-1/VEGF bispecific antibody in a Phase 3 trial for aggressive breast cancer. It's a rare three-company deal that could redefine how oncology combinations are built.
Fresenius Kabi spent up to €750 million to buy the 45% of mAbxience it didn't already own. The reason? A massive wave of biologic patent expirations is creating a biosimilar gold rush, and owning the whole factory matters more than ever.
For the first time ever, the FDA has approved a drug specifically for teenagers with obstructive hypertrophic cardiomyopathy. The clinical data behind Camzyos's pediatric expansion is striking, and the competitive implications for Bristol Myers Squibb are even more interesting.
Amgen's $27.8 billion Horizon Therapeutics acquisition just delivered its biggest pipeline surprise yet. A fusion protein that blocks immune cell crosstalk passed its first pivotal trial in Sjögren's disease, a condition with zero approved treatments, and the implications for Amgen's autoimmune franchise are massive.
Novartis just agreed to pay up to $3.2 billion for a South Korean biotech's drug-delivery platform that turns IV infusions into simple shots under the skin. The deal is the latest sign that how you deliver a drug is becoming just as valuable as the drug itself.
Varda Space Industries just raised $251 million to manufacture drugs in zero gravity and return them to Earth in hypersonic capsules. It sounds like science fiction, but with six orbital missions completed and a $1.6 billion valuation, the line between sci-fi and pharma is getting blurry.
Sanofi just paid Regeneron $1 billion upfront for four antibody programs, three of which haven't entered human testing yet. The total deal could reach $8 billion, making it one of the most aggressive early-stage bets in recent pharma history.
A patient death in Bristol Myers Squibb's phase 3 fibrosis trial has shaken confidence in admilparant and the broader LPA1 drug class. The catch: the data are still blinded, and nobody can confirm whether the drug was even responsible.
A tarlatamab-durvalumab combo just became the first bispecific T-cell engager to show a survival benefit in first-line solid tumor treatment. For a cancer that kills most patients within years, this could rewrite the playbook.
Eli Lilly's new two-drug obesity combo produced an average of 54 pounds of weight loss in 48 weeks, blowing past Zepbound alone. But a steep dropout rate from side effects means the real battle is just getting started.
Merck's tulisokibart, an antibody it acquired for $10.8 billion to treat gut disease, just posted striking Phase 2 results in a painful skin condition nobody saw coming. The data could reshape how we think about one of biotech's hottest drug targets.
Viking Therapeutics says patients kept up to 97% of their weight loss after switching to less frequent shots. In a market dominated by weekly injections, monthly dosing could be the convenience edge that reshapes the entire obesity drug race.
Genentech's oral pill giredestrant just posted Phase 3 results in the NEJM that could shake up breast cancer treatment. In patients whose cancers outsmarted standard therapy, it cut the risk of progression by up to 62%, and Roche already has an FDA application under review.
The FDA just fast-tracked Roche's fenebrutinib, a brain-penetrating MS pill that targets both relapsing and progressive forms of the disease. It's the first time a single drug has earned Priority Review for both major MS subtypes, and the implications are huge.
HHS just unveiled its biggest clinical trial overhaul in decades, betting on AI and "phaseless" trial designs to slash drug development timelines. The vision is bold, but critics warn that faster doesn't always mean better.
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