The Latest

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    China competition

    Drugs from China are reshaping biotech. Track the licensing deals here.

    Bristol Myers Squibb is paying Harbour BioMed $90 million upfront, and possibly over $1 billion more, to co-develop “next-generation” multi-pronged antibodies for unspecified diseases.

    Updated Dec. 17, 2025
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    Insmed’s ‘win streak’ ends as top drug fails study in chronic nasal condition

    The company’s valuation, which surged past $40 billion this year, fell by almost a fifth on a dimmer outlook for its closely followed lung disease medicine.

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    Emerging biotech

    Orum, a biotech marrying ADCs with protein degraders, captures $100M in funding

    The financing follows a strategic shift for Orum, which shelved its original lead program and is now pursuing a potential blood cancer treatment. 

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    Peanut allergy patch succeeds in late-stage study 5 years after FDA rejection

    DBV Technologies plans to use the latest Phase 3 results in a new submission to U.S. regulators in 2026.

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    Deep Dive

    Biotech’s M&A outlook is uncertain. Track the deals that are happening here.

    Including Sobi's acquisition of Arthrosi, the last three biotech M&A deals have all involved privately held drug startups.

    Updated Dec. 15, 2025
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    Startup launches

    Addition emerges with $100M to make gene therapies for chronic and rare diseases

    Backed by a handful of prominent investors including the Gates Foundation, the startup is pursuing an approach it believes can sidestep issues seen with traditional gene therapy technology.

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    Vaccines

    Moderna gets funding for H5 pandemic influenza vaccine

    The fresh capital provides another shot for Moderna's candidate against bird flu, which earlier this year lost its government funding.

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    FDA clears GSK’s twice-yearly asthma drug

    Exdensur is now the first asthma biologic to be approved for twice-yearly dosing, and could potentially change standard of care for those with severe disease.

    Updated Dec. 17, 2025
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    Deep Dive // Emerging biotech

    Biotech startups are built on venture capital. Track funding rounds here.

    Three startups, two of which are focused on brain drugs, raised $240 million combined this week amid a continued upswing in activity among the firms tracked by BioPharma Dive.

    Updated Dec. 11, 2025
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    Pain drugs

    RA Capital backs drug for rare kind of chronic pain

    The investment firm co-led a $125 million Series A round for Ambros Therapeutics, a Vivek Ramaswamy co-founded company with a medicine nearing pivotal testing.

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    Biotech zombies

    ‘Zombie’ biotech buyer Xoma to acquire Generation Bio

    The gene therapy developer has lost most of its value since going public in 2020 and saw a long road ahead for a delivery technology that had shown promise in preclinical tests.

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    Nektar sees silver lining as autoimmune drug ‘narrowly’ misses in alopecia study

    Despite being unable to declare statistical success, the company claimed its therapy showed enough promise to support moving into late-stage testing. 

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    Deep Dive // Emerging biotech

    Biotech IPOs are the industry’s lifeblood. Track how they’re performing.

    Belite Bio raised only $36 million in a tiny IPO three years ago. But since then, shares have skyrocketed from $6 apiece to more than $150, giving the company a nearly $5 billion market value.

    Updated Dec. 1, 2025
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    News roundup

    FDA ‘proactively’ hands J&J a voucher; Pfizer issues 2026 forecasts

    The FDA contacted J&J right after ASH to discuss using a special fast pass on a multiple myeloma regimen. Elsewhere, a new cell therapy player emerged with $60 million in Series A funding.

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    Enhertu combo cleared for use in frontline breast cancer

    The approval could help Enhertu, which is already a multibillion-dollar seller, supplant a regimen that’s been the standard of care for HER2-positive breast tumors for more than a decade.

    FDA
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    Sanofi MS drug hits two setbacks

    Tolebrutinib, which Sanofi acquired in a $3.7 billion buyout, failed a Phase 3 study in “primary progressive” multiple sclerosis and is facing a delayed U.S. approval decision in another form of the disease.

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    News roundup

    Lundbeck sparks bidding war with Alkermes; Pfizer closes Metsera deal

    Pfizer quickly consummated the $10 billion buyout after one-upping Novo Nordisk. Elsewhere, Lundbeck submitted a rival offer for Avadel Pharmaceuticals and Zealand Pharma dropped an obesity drug.

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    Immune reset

    Kyverna to seek first clearance of a CAR-T therapy for autoimmune disease

    The company intends to file a U.S. application in the first half of 2026 following positive study results in a condition called stiff person syndrome that has no approved therapies. 

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    Argenx falters in effort to expand immune drug’s use

    The company will stop two trials testing its blockbuster therapy Vyvgart in thyroid eye disease after treatment was judged to be ineffective at an interim checkpoint.

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    Emerging biotech

    Sobi snaps up gout drug in $950M deal for startup Arthrosi

    The deal revolves around a drug Sobi claimed could become the “therapy of choice” for people whose gout symptoms persist despite initial therapy. 

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    Obesity drugs

    Lilly’s three-pronged drug puts obesity field ‘on notice’

    Lilly’s closely watched retatrutide spurred as much as 29% weight loss in a Phase 3 study, a finding that is “raising the bar” for future obesity drug competitors, one analyst wrote.

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    Arcus cancels work on Gilead-partnered cancer combo after trial setback

    A study using TIGIT and PD-1 drugs for gastrointestinal disease was canceled for “futility” at an early checkpoint, another blow to research on a once-promising target.

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    Brain drug revival

    AC Immune posts positive data for Parkinson’s immunotherapy

    Shares of AC Immune rose by double-digits on news that the company, encouraged by new data, now intends to ask drug regulators for feedback to “potentially accelerate” the time to an approval filing. 

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    Emerging biotech

    Biotech venture firm Apple Tree goes bankrupt amid dispute with billionaire backer

    An unusual tussle over the availability of funds for Apple Tree’s startups led the firm to seek protection from creditors while it restructures.

    Updated Dec. 11, 2025
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    News roundup

    Praxis tees up another approval filing; Geron turns to layoffs

    “Collaborative discussions” with the FDA encouraged Praxis to submit early next year an approval filing for its epilepsy drug. Elsewhere, Rezolute shares plunged and Centessa announced a new CEO.