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Adeline Kon/BioPharma Dive
Deep Dive // Emerging biotechBiotech IPOs are the industry’s lifeblood. Track how they’re performing.
Including Evommune’s IPO Wednesday, only 10 biotechs have gone public in 2025, less than half the nearly two dozen that had priced offerings by this time last year.
Updated Nov. 6, 2025 -
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J&J brain drug acquired in $14.6B buyout cleared for broader use
Caplyta, which J&J got in its acquisition of Intra-Cellular Therapies, netted a clearance in major depressive disorder that’s key to achieving the $5 billion in annualized sales the company expects.
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Obesity drugsFTC signals scrutiny of Novo’s bid for Metsera
Without taking a firm position, the antitrust agency said Novo’s two-step deal structure may illegally sidestep requirements for a premerger review.
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IPO windowEvommune nabs $150M in IPO amid federal shutdown
The immune drugmaker is the second biotech, along with MapLight Therapeutics, to recently use a workaround in U.S. securities law to price an offering during the shutdown.
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Permission granted by Biohaven Ltd.
Knocked back by the FDA, Biohaven turns to major cost cuts
The brain drug developer plans to slash R&D expenses by about 60% in the wake of the FDA surprisingly rejecting its rare disease drug Vyglxia.
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Permission granted by HI-Bio
Emerging biotechBraveheart secures $185M to advance challenger to Bristol Myers heart drug
The startup is advancing a drug licensed from China’s Hengrui Pharma that it claims could be “best-in-class” among a group of similar treatments for hypertrophic cardiomyopathy.
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Novo narrows sales outlook as GLP-1 price cuts loom
Ahead of a reported White House deal meant to lower the cost of obesity drugs like Wegovy, Novo said “intensifying competition and pricing pressure” led it to lower its yearly sales projections.
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News roundupSoleno slumps despite sales uptick; Madrigal’s MASH drug continues ascent
Soleno shares fell double digits amid questions about the growth trajectory of its Prader-Willi drug. Elsewhere, a cancer medicine at the center of a $1.9 billion buyout fell short in a key trial.
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Jacob Bell/BioPharma Dive
Sarepta Duchenne drugs come up short in confirmatory test
Still, CEO Doug Ingram claimed removing the two drugs, Vyondys 53 and Amondys 45, from market would make “little sense” and that the evidence accrued to date makes a strong case for full approval.
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Courtesy of UniQure
UniQure dives after FDA’s ‘very surprising’ reversal on Huntington’s gene therapy
The FDA’s abrupt shift on UniQure’s treatment reflects an agency that, under current leadership, is as unpredictable as it's been in years, some analysts said.
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Adeline Kon/BioPharma Dive/BioPharma Dive
Deep Dive // Emerging biotechBiotech startups are built on venture capital. Track funding rounds here.
Braveheart Bio’s $185 million funding this week was among the top 10 largest Series A rounds this year among the investment firms tracked by BioPharma Dive.
Updated Nov. 7, 2025 -
Courtesy of Novo Nordisk
Obesity drugsMetsera again chooses Novo as bidding war with Pfizer intensifies
The obesity drug developer has declared a new proposal from Novo “superior” to Pfizer’s original bid as well as an updated offer revealed Tuesday.
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Vertex’s new pain, blood disorder drugs miss Wall Street expectations
While the launches of Journavx and Casgevy have started to build steam, “investors may not be inclined to look past the clear revenue misses,” wrote a Raymond James analyst.
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Startup launchesNeok Bio launches with $75M to make dual-targeting ADCs
The startup claims its medicines may be able to overcome the limitations of conventional antibody-drug conjugates by simultaneously homing in on “unique pairs” of cancer targets.
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Blackstone pays Merck $700M to buy into ADC drug royalties
The deal hands Blackstone a piece of the potential future sales of an antibody-drug conjugate that could soon challenge marketed medicines from AstraZeneca and Gilead.
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Adeline Kon/BioPharma Dive
Deep DiveBiotech’s M&A outlook is uncertain. Track the deals that are happening here.
Novartis' acquisition of Avidity Biosciences is the year’s second-largest by total consideration, trailing only Johnson & Johnson’s $14.6 billion buyout of Intra-Cellular Therapies in January.
Updated Oct. 24, 2025 -
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News roundup
Tidmarsh resigns from CDER; Kenvue to sell to Kimberly-Clark
George Tidmarsh’s short run directing the agency’s principal drug review office reportedly ended in controversy. Elsewhere, Moderna advanced a T-cell engager and Lilly expanded a production push for its GLP-1 pill.
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Permission granted by Manifold Bio
Brain drug revivalRoche taps an AI specialist to craft new brain drugs
For $55 million, Roche gains access to Manifold Bio’s drug discovery technology, which will be used to develop new “shuttles” that can get medicines across the blood-brain barrier.
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Obesity drugsPfizer sues Metsera, Novo in effort to enforce buyout deal
The lawsuit escalates an unusual, high-profile battle between two large pharmaceutical companies over ownership of a coveted developer of obesity drugs.
Updated Nov. 3, 2025 -
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Caribou results suggest renewed promise for ‘off-the-shelf’ cancer cell therapy
While early, the data support Caribou’s plan to boost its therapies’ effectiveness by using donor cells that are carefully matched to a patient’s immune system.
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Earnings roundup: Alnylam’s down day, Neurocrine’s head scratch and Biogen’s ‘low quality’ win
Alnylam and Neurocrine shares tumbled despite upbeat sales reports. Elsewhere, Biogen is dealing with what one analyst called “lackluster” appeal and Bristol Myers’ prized schizophrenia drug again underwhelmed.
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FDA, aiming to lower drug costs, moves to speed approval of biosimilars
The agency will no longer require studies comparing copycat biologics to their branded counterparts, which could help developers bring them to market more quickly and cheaply.
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Pain drugsLilly quietly cuts a pain drug from its pipeline
The drug, which Lilly in-licensed four years ago and is designed to inhibit a protein known as P2X7, did not meet the company’s "high internal bar for success," a spokesperson said.
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Alamy
Obesity drugsNovo tops Pfizer with $6.5B bid for Metsera
The offer sparked a bidding war between the two large pharmas over the obesity drug specialist, with Pfizer alleging Novo’s offer is “illusory” and “structured in a way to circumvent antitrust laws.”
Updated Oct. 30, 2025 -
Permission granted by Intellia Therapeutics
Gene editingFDA places formal hold on two Intellia CRISPR trials
Two days after Intellia voluntarily paused dosing due to safety concerns, the regulator stepped in with an official hold that makes a longer halt more likely.
