Original reporting and analysis on the stories shaping biotech.
Genmab dropped $1.8 billion on ProfoundBio's cancer drug pipeline in 2024. Less than two years later, two of the three clinical-stage assets are dead and a third is barely enrolling patients. Now the entire deal rides on one surviving drug.
Gilead just dropped $2.175 billion on a startup barely old enough to walk, betting that cancer-fighting T-cell engagers can reset the immune system for autoimmune diseases. The kicker? No clinical trial results have been published yet.
Merck is dropping $6.7 billion on Terns Pharmaceuticals and its single Phase 1/2 cancer drug. With Keytruda's patent cliff looming in 2028, the pharma giant is making one of the most aggressive early-stage bets in recent memory.
Merck just handed $20 million to a three-year-old startup that reads your cells' natural mutations like a drug discovery cheat code. The deal could be worth $2.2 billion if Quotient Therapeutics can crack new targets for inflammatory bowel disease.
GlycoNex and Nippon Kayaku just partnered on a cancer drug that plays dead in your bloodstream and only activates inside tumors. In the middle of an ADC gold rush worth tens of billions, this "Antibody Lock" technology could be the stealth upgrade the field needs.
Innovent Biologics just matched Regeneron's $11B blockbuster Eylea in a 600-patient Phase 3 trial for wet AMD, but the real story is what happened next: better dosing durability, a cleaner safety signal, and a shot at China's fast-growing retinal disease market.
Iranian strikes knocked out a third of the world's helium supply, and 50,000 MRI scanners are about to feel it. The crisis linking party balloons to cancer screenings is more urgent than you think.
Aardvark Therapeutics just froze its entire obesity pipeline after cardiac safety signals emerged, sending shares plummeting 54%. The company's clever approach to weight loss (tricking gut bitter taste receptors into suppressing hunger) may have a fatal flaw: those same receptors exist in the heart.
A startup just emerged from stealth with $42 million and early clinical data showing it can grow new brain cells from a patient's own blood, then implant them to restore movement in Parkinson's patients. The results from five patients are turning heads.
Rocket Pharmaceuticals is getting a second shot at FDA approval for Kresladi, a gene therapy that achieved 100% survival in kids with a disease that kills most of them before age two. The first rejection wasn't about science; it was about manufacturing. March 28 is decision day.
Abbott just closed its $23 billion acquisition of Exact Sciences, the company behind Cologuard, reshaping the cancer screening landscape overnight. The deal pairs Abbott's global distribution muscle with the most dominant non-invasive cancer testing franchise in the country, and the pipeline goes way beyond poop tests.
GSK sold its PBC itch drug linerixibat to Alfasigma for up to $690 million, then the FDA approved it days later. Here's why both companies think they got the better end of the deal.
Xenon Pharmaceuticals' epilepsy drug just posted Phase 3 results so strong that the stock surged 41% in a single day. With the highest placebo-adjusted efficacy ever seen in a pivotal epilepsy trial and an FDA filing planned for later this year, this is one dataset Wall Street couldn't ignore.
Rapport Therapeutics just handed Greater China rights for its novel epilepsy drug to Tenacia in a deal worth up to $328 million, and the asset hasn't even started Phase 3 yet. The bet: a brain-region-selective approach to seizures that could finally ditch the brutal side effects of current treatments.
Novartis dropped $2 billion upfront on a breast cancer drug that won't have clinical data until 2027. With Eli Lilly's competing asset already in Phase 3, the deal is either a masterstroke of early positioning or one of the most expensive gambles in oncology M&A.
Gilead dropped its option on Assembly Biosciences' hepatitis B drug ABI-4334, even as it doubled down on the same partner's herpes and hepatitis delta programs. With GSK's bepirovirsen nailing two Phase III trials, the HBV cure race just got a lot more selective.
Pfizer's first-in-class trispecific antibody tilrekimig just posted Phase 2 results that rival Dupixent in atopic dermatitis, hitting all three moles at once by blocking IL-4, IL-13, and TSLP simultaneously. With Phase 3 planned for 2026 and expansion into asthma and COPD on the horizon, the $15 billion blockbuster might finally have real competition.
Gilead Sciences just walked away from Assembly Biosciences' hepatitis B drug, returning a Phase 1b asset and $330 million in potential milestones. With 80+ companies chasing an HBV cure and GSK's bepirovirsen hitting Phase 3 endpoints, the rejection says more about the crowded field than it does about one drug.
Genentech killed its anti-myostatin antibody emugrobart after Phase 2 trials in two muscle-wasting diseases came up empty. The failure extends a two-decade losing streak for the entire drug class, and it raises pointed questions about whether the obesity pivot investors are banking on will fare any better.
Novartis just paid $2 billion upfront for a Phase 1/2 breast cancer drug in a class notorious for toxic side effects. It's either the boldest oncology bet of the year or one of pharma's most expensive gambles.
Eric Topol, one of medicine's most influential voices on AI and prevention, just signed on as an advisor at Flagship Pioneering. The move signals Flagship's deepening commitment to preemptive medicine, and it tells you a lot about where biotech's smartest money is heading.
Intuitive Surgical recalled stapler cartridges for its da Vinci robot after one patient death and four serious injuries, all caused by a glitch where the system told surgeons the staples fired correctly when they hadn't. The fallout could reshape how the FDA monitors the fast-growing robotic surgery market.
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