Original reporting and analysis on the stories shaping biotech.
Esperion Therapeutics once traded above $115. It was languishing under $2 when ARCHIMED swooped in with a $1.1 billion take-private deal. The cholesterol drug everybody forgot about might be the smartest private equity bet of the year.
UCB just agreed to pay $2 billion upfront for Candid Therapeutics, a company that didn't exist two years ago. The bet: that engineered T-cell engagers can reset the immune system in autoimmune disease. Bold move or biotech's priciest toddler?
Pfizer is betting big on a single molecule that fights cancer two ways at once, and it's headed straight for a showdown with the best-selling cancer drug on Earth. The Phase III data could reshape oncology or leave Pfizer's $1.25 billion gamble looking very expensive.
A new report warns that AI in clinical trials is amplifying biased datasets, reinforcing flawed site selection, and scaling bad decisions faster than ever. The $2.4 billion AI-in-trials market might be turbocharging the wrong things.
Parabilis Medicines filed its IPO the day after landing a $2.3 billion Regeneron deal. It's a textbook move in a market that's barely cracked the IPO window open, and it could set the template for every biotech trying to go public in 2026.
A Boston jury slapped Takeda with an $885 million verdict over a 2014 deal to delay a generic constipation drug, and treble damages could push the total past $2.5 billion. It's the first pay-for-delay trial loss in over a decade, and it has massive implications for how pharma negotiates with generic competitors.
The Supreme Court just refused to hear pharma's challenges to Medicare drug price negotiation, ending a three-year legal battle that saw the industry lose in every single court. Now the real strategic shakeout begins.
BioNTech's mRNA cancer vaccine just hit its primary endpoint in advanced melanoma patients who'd already failed checkpoint immunotherapy. The response rates are modest, but in a field littered with failed cancer vaccines, even modest is a milestone.
Immunovant paid $39 million to kill batoclimab after two Phase 3 thyroid eye disease failures, betting its future on a cleaner next-generation FcRn inhibitor. The move is a case study in biotech portfolio triage as the autoimmune antibody-lowering market heats up.
The first-ever PROTAC drug won FDA approval, then its own partners couldn't agree on how to sell it. A three-way deal with Rigel Pharmaceuticals finally resolves months of commercial limbo, and it could set the template for an entire new class of medicines.
Exact Sciences launched Cancerguard, a $689 blood test that screens for 50+ cancer types from a single draw. It's a massive bet on liquid biopsy screening, but the mortality data gap and lack of FDA approval raise big questions about what "early detection" really means in practice.
UCB's Bimzelx just beat AbbVie's Skyrizi in a head-to-head psoriatic arthritis trial, posting the first-ever biologic superiority win on a major joint endpoint. The results could reshape how doctors pick treatments in a $13 billion market.
A gene-edited pig kidney just kept a man alive and off dialysis for 271 days, shattering every record in xenotransplantation. With FDA approval for an expanded trial in hand, eGenesis is turning science fiction into a real answer for the 90,000 Americans stuck on the kidney transplant waiting list.
Merck is handing over Keytruda for an Exelixis-led cancer trial, and the reasons go way beyond scientific generosity. With a $25 billion patent cliff looming in 2028, both companies are making calculated bets that could reshape their futures.
PI3K inhibitors nearly destroyed an entire drug class with toxic side effects and worse survival outcomes. Now Relay Therapeutics thinks its motion-designed molecule can resurrect the target in a rare disease no one else can treat.
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.
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