Original reporting and analysis on the stories shaping biotech.
Ray Therapeutics just pulled in $125 million to develop a gene therapy that could restore vision in blind patients, regardless of which genetic mutation caused their disease. The FDA is already watching closely.
For 40 years, KRAS was cancer's most famous "undruggable" target. Revolution Medicines just posted data suggesting they've cracked one of its nastiest mutations, with tumor response rates that nearly triple what chemotherapy can do.
PBMs are telling the Trump administration that disclosing drug prices is illegal. Employers are begging for the data. With $10,000-per-day fines on the table and 136 million Americans caught in the middle, the ugliest fight in healthcare is just getting started.
Flagship Pioneering just launched Serif Biomedicines with $50M to develop "modified DNA" therapeutics, a new modality designed to combine mRNA's flexibility with gene therapy's staying power. It's an ambitious bet on solving genetic medicine's biggest trade-off.
Two former Sage Therapeutics leaders just launched a brain-focused biotech with $106 million and four clinical-stage drugs. In a therapeutic area where 85% of drugs fail, they're betting their track record (and two FDA approvals) can beat the odds.
Merck's islatravir nearly died after alarming safety signals forced the FDA to halt clinical trials. Now it's the backbone of Idvynso, the first two-drug HIV regimen that ditches the most popular drug class in the field. The comeback story is worth reading.
Gilead is walking away from key parts of its Arcus Biosciences partnership after yet another TIGIT drug failure, joining Roche, Merck, and GSK in what's becoming the most expensive graveyard in cancer research. The $2 billion collaboration is shrinking fast, and the entire checkpoint target may be a scientific dead end.
Eli Lilly is spending up to $7 billion on Kelonia Therapeutics and its technology for building cancer-fighting CAR-T cells directly inside patients' bodies. It's Lilly's second massive in vivo CAR-T acquisition in two months, and the pharma giant isn't the only one racing to rewrite how immunotherapy works.
The FDA rejected Replimune's cancer-fighting virus for the second time, and the fallout was swift: 63 employees gone, manufacturing scaled back, and a company fighting to survive. The oncolytic virus pioneer's collapse reveals what happens when elegant science meets unforgiving regulatory math.
Flagship Pioneering, the firm that built Moderna, just unveiled Serif Biomedicines and a brand-new drug category called Modified DNA. It promises the durability of gene therapy and the flexibility of mRNA, without rewriting your genome. The catch? It still has to prove it works in humans.
Biogen dropped $850 million to grab Greater China rights to an antibody it already owned everywhere else. The deal consolidates global control of felzartamab, a kidney disease drug that could become a pipeline unto itself, and it signals that China-West pharma deals aren't slowing down anytime soon.
Odyssey Therapeutics got rejected by Wall Street in 2025 when it pulled its IPO amid a frozen biotech market. Now it's back with $700 million in venture backing and a new S-1 filing, testing whether the 2026 recovery is real.
AstraZeneca's IL-33 blocker tozorakimab just posted its third consecutive Phase 3 win in COPD, on a drug target that Roche and Sanofi/Regeneron essentially failed to crack. With $3–5 billion in projected peak sales, this could be the biggest "I told you so" in respiratory medicine.
Novo Nordisk just posted positive phase 3 results for an oral sickle cell disease drug, and the rest of the SCD field felt the tremor immediately. The GLP-1 giant is filing for approval later this year, and what it means for patients and competitors is worth your attention.
The FDA rejected Replimune's melanoma drug for the second time, triggering layoffs, a 75% stock crash, and a public war of words with the agency. The fallout raises uncomfortable questions about whether oncolytic virus therapies can ever clear the regulatory bar.
Eli Lilly's oral obesity pill Foundayo racked up nearly 1,400 prescriptions before it even hit pharmacy shelves nationwide. The real question: can a less potent pill outsell the needles by being the one patients actually take?
The FDA is lifting restrictions on 12 peptides it banned from compounding pharmacies in 2023, and the reversal has almost nothing to do with new safety data. The decision could supercharge telehealth platforms and compounding pharmacies hunting for their next growth engine after the GLP-1 compounding crackdown.
Janux Therapeutics just dosed the first patient with a "double-masked" cancer drug designed to stay completely invisible until it reaches the tumor. If it works, it could rewrite the safety playbook for one of oncology's most promising (and most dangerous) drug classes.
UCB is paying up to $1.15 billion for Neurona Therapeutics and its experimental brain cell transplant for drug-resistant epilepsy. The early data is striking, but turning a neurosurgical procedure into a commercial blockbuster is a whole different kind of challenge.
AI chip maker Cerebras Systems just filed for a $2 billion IPO, and its wafer-scale processors aren't just challenging Nvidia's monopoly: they're quietly revolutionizing computational drug discovery. The company's comeback story involves a $10 billion OpenAI deal, a national security scare, and chips the size of dinner plates.
Roivant's CEO called the biotech industry's China obsession a "red herring" on a major podcast, right as Chinese companies account for a third of new U.S. drug pipeline compounds. With the BIOSECURE Act now law and $53 billion in cross-border deals on the books, is he brave or blind?
Keytruda's patent cliff is approaching fast, and Merck just unveiled early data on a two-in-one cancer antibody that could help fill a $29.5 billion hole. The response rates are competitive, but the race is crowded and the clock is ticking.
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