Original reporting and analysis on the stories shaping biotech.
Bristol Myers Squibb just committed up to $15.2 billion to partner with China's Hengrui Pharma on 13 preclinical drug programs. It's one of the largest cross-border licensing deals in biopharma history, and it's happening right as Washington tries to decouple from Chinese biotech.
The FDA just approved the first-ever PROTAC therapy, a drug that destroys cancer proteins instead of merely blocking them. Vepdegestrant's approval validates a technology platform two decades in the making and opens a new chapter for precision oncology.
A small UK biotech just did what no one else could: built an inhaled ENaC blocker that actually works in cystic fibrosis patients. Enterprise Therapeutics' ETD001 is the first drug of its kind to show a real lung function benefit, targeting the 10% of CF patients that Trikafta can't help.
A US-Pfizer pricing deal sent European healthcare stocks soaring by 5.3% in their biggest daily gain since 2008. After a year of apocalyptic drug pricing fears, the actual financial hit looks more like a paper cut than a mortal wound.
Novo Nordisk killed its entire cell therapy unit last year, leaving the most advanced Parkinson's cell therapy in history without a home. Now a Zuckerberg-backed AI startup has picked it up and is racing toward Phase 2 by year-end.
Astellas is back in the clinic for XLMTM, the rare muscle disease whose gene therapy killed four boys in earlier trials. The new approach uses 100-fold lower doses and a completely redesigned vector. Nine families will decide if that's enough.
Trump plans to fire FDA Commissioner Marty Makary after just 14 months of chaos, drug rejections, and political clashes. The twist? Biotech stocks are rallying on the news, with companies hoping a new leader will bring consistency back to drug approvals.
CellCentric just closed Europe's largest private biotech raise of 2026 to fund a first-in-class oral pill for myeloma patients who've failed everything else. The Phase 2 data show response rates double or triple the competition, and the investor list includes a very interesting pharma name.
Quantinuum, a quantum computing company backed by Amgen and valued at $10 billion, just filed for what could be the largest quantum IPO ever. The real story: Amgen is betting quantum computers can fundamentally redesign how drugs get discovered.
Argenx's Vyvgart just became the first drug approved for every subtype of generalized myasthenia gravis, closing a gap that left 20% of patients without a targeted therapy. The $4.2 billion franchise keeps pulling further ahead of the competition.
A new $100M firm wants to factory-build biotech companies around single drugs, with a CRO embedded from day one. It's either the future of drug development or the most expensive org chart ever created.
Hemab and Seaport Therapeutics raised a combined $556 million in back-to-back IPOs, both upsized due to overwhelming demand. After 2025's historic drought of just eight biotech debuts, the dual listing signals that Wall Street's appetite for biotech risk is very much alive.
Roche is spending up to $1.05 billion to acquire PathAI, an AI company that reads pathology slides. It's the clearest sign yet that Big Pharma views AI diagnostics as must-have infrastructure for the future of cancer treatment.
The FDA just gave itself three extra months to review Leqembi's subcutaneous starting dose, a move that almost never happens for reformulations of already-approved drugs. Something in the manufacturing data caught their eye, and nobody's saying what.
enGene's bladder cancer drug posted decent clinical data. But "decent" doesn't cut it when your competitors are posting 60% response rates. The stock lost 80% in a day, and Wall Street's reaction tells you everything about what happens when small biotechs bring a knife to big pharma's gunfight.
Researchers delivered a protective gene to mouse livers and watched amyloid plaques shrink in their brains. No blood-brain barrier crossing required. This peripheral approach could rewrite the Alzheimer's treatment playbook.
The White House just approved plans to oust FDA Commissioner Marty Makary after only 14 months on the job, marking the third leadership change at the agency in three years. For biotech investors and companies waiting on drug approvals, the turbulence is just getting started.
Roche is dropping over $1 billion to acquire PathAI, betting that artificial intelligence can transform how cancer gets diagnosed. It's the biggest validation yet that AI-powered pathology is ready for prime time.
Blackstone Life Sciences just dropped $250 million on a company that wants to replace 40 daily enzyme pills with three. For cystic fibrosis patients drowning in capsules, this might be the most practical bet in biotech right now.
Ascendis Pharma just killed an IL-2 cancer drug that was actually showing promise in ovarian cancer patients. The reason? They'd rather sell hormone therapies. It's the latest chapter in IL-2's long history of breaking biotech hearts.
Odyssey Therapeutics failed to IPO in 2025 when biotech markets froze. This week, the company raised $304 million in an upsized offering at the top of its price range. The resurrection says as much about investor appetite as it does about the company.
A 107-year-old Italian pharma just dropped $4.1 billion on a Florida rare disease company. Angelini's acquisition of Catalyst Pharmaceuticals is its biggest bet ever, and it comes with a patent settlement that locks out generics until 2035.
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