The Latest
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Deep Dive // Emerging biotechBiotech startups are built on venture capital. Track funding rounds here.
Three cancer drug developers, including Oricell, raised nearly $350 million in combined funding this week in an early surge to start the second quarter.
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Courtesy of Eli Lilly
Obesity drugsLilly launches GLP-1 pill, kicking off showdown with Novo Nordisk
After winning the battle for injectable obesity medicines, Lilly hopes Foundayo can help it catch up in the oral market, where Novo has a three-month lead.
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IPO windowChasing a tough-to-treat lung disease, Avalyn plans an IPO
Backed by Novo Holdings and multiple other prominent investors, the biotech is developing what it’s positioning as superior versions of entrenched — but flawed — medicines for idiopathic pulmonary fibrosis.
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Permission granted by Gilead Sciences
With 3 quick buyouts, Gilead leans into its latest transformation
On a conference call with analysts, Gilead walked through how a string of recent deals focused on cancer and autoimmune conditions could help a diversification plan it’s long struggled to execute.
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VaccinesActivist investor revives campaign to overhaul Novavax board
Shah Capital, which has agitated for change at the vaccine maker for years, is calling on fellow shareholders to end what it calls “dogmatic leadership” that’s led to the “destruction” of Novavax’s equity value.
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Emerging biotechJeito Capital, prominent biotech investor, raises $1.2B for next fund
Jeito claimed the new bankroll, which will support 15 to 20 clinical-stage companies, is the largest ever for a “fully independent European fund dedicated to biopharma.”
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Emerging biotechSidewinder secures $137M to advance ‘precision’ ADCs
Backed by OrbiMed, Novartis’ venture arm and many other investors, the biotech is among those working on newer technology that could broaden the reach of antibody-drug conjugates.
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Terns rebuffed a higher bid before selling to Merck
Regulatory filings show that Terns ultimately accepted an offer 15% lower than a previous proposal as four companies vied for rights to the coveted leukemia drug developer.
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Adeline Kon/BioPharma Dive
Deep Dive // IPO windowBiotech IPOs are the industry’s lifeblood. Track how they’re performing.
Avalyn and Kailera, the last two drugmakers to seek IPOs, have medicines in at least Phase 2 testing — as did more than two thirds of the biotechs to successfully go public since the start of 2022, data show.
Updated April 9, 2026 -
Photo illustration: Mark Harris
Deep Dive // Trump administrationFDA, after turbulent year, leaves drugmakers guessing on its direction
Constant leadership changes and erratic decision-making have left the biopharmaceutical industry feeling its chief regulator is as unpredictable as it’s ever been.
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Gilead continues M&A surge with $3.1B deal for ADC specialist Tubulis
Gilead’s third acquisition since late February hands it a technology designed to make antibody-drug conjugates less toxic and multiple cancer medicines already in clinical testing.
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News roundupNovo underprices Lilly with higher-dose Wegovy; Insmed absorbs ‘expected’ study failure
Novo escalated a GLP-1 pricing war with the launch of its newest obesity medicine. Elsewhere, analysts came to Insmed’s defense and HHS changed the way panelists for a key vaccine committee are selected.
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Permission granted by Sanofi
Sanofi immune drug hopeful posts mixed results in mid-stage tests
Lunsekimig, a bispecific drug aimed at two popular targets, succeeded in studies in asthma and nasal polyps but missed its mark in an eczema trial.
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Under-the-skin Tepezza comparable to infused version in key study, Amgen says
The findings could help Amgen defend Tepezza’s market-leading position against emerging rivals, though some analysts expressed doubt about its competitive standing.
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Neurocrine to acquire Prader-Will drug in $2.9B Soleno buyout
The deal hands Neurocrine a “controversial” medicine, Vykat, that achieved $190 million in sales last year but faces persistent questions about its growth trajectory and safety, according to Wall Street analysts.
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News roundup
FDA floats new clinical trial reforms; Takeda punts Denali brain drug
In its budget request, the agency proposed a way to speed up early drug testing and help smaller biotech firms. Elsewhere, two startups raised megarounds.
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Adeline Kon/BioPharma Dive
Deep DiveBiotech M&A is accelerating. Track the deals that are happening here.
Gilead on Tuesday announced its third company acquisition since late February, agreeing to pay up to $5 billion to acquire Tubulis, a startup developing antibody-drug conjugates for cancer.
Updated April 7, 2026 -
Courtesy of Hims & Hers
Hims & Hers says limited data stolen in social engineering attack
The telehealth provider said hackers gained access to a third-party customer service platform, but medical records remained secure.
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Photo illustration: Mark Harris
Deep DiveA ‘hijacked plane’: CDC, under RFK Jr.’s influence, trades science for dogma
A series of controversial policy changes directed by the HHS secretary have left experts fearful of the future implications for public health.
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Trump administrationTrump revives pharma tariffs with 100% charges, but leaves loopholes
"Section 232" national security levies won't apply to a wide array of drugs, meaning the "overall threat to the sector should be low," according to one analyst.
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IPO windowBiotech IPOs stayed at slow pace, but grew larger in the first quarter of 2026
The six companies that have priced initial public offerings so far banked a median of $287.5 million, a figure far surpassing what’s been observed over a similar timeframe in prior years, according to BioPharma Dive data.
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White House seeks 12% cut to HHS in 2027
The Trump administration is requesting about $111 billion in discretionary funding for the HHS, nearly $16 billion less than its budget in 2026.
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Obesity drugsFDA approves Lilly obesity pill, triggering battle with Novo Nordisk
Foundayo could erase the Wegovy pill’s four-month head start as the two drugmakers clash on a debate of efficacy and convenience.
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Jacob Bell/BioPharma Dive
Q&ABiogen, on the heels of a $5.6B buyout, turns its sights to early-stage assets
In an interview, Chief Financial Officer Robin Kramer said the combined cash flow from Biogen and Apellis will not only help debt leverage ratios but also free up capacity to do other strategic deals.
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Immunovant eye drug flunks Phase 3 studies; Beam sickle cell data published in NEJM
Shares of Immunovant, Alto and Oric Pharmaceuticals fell this week on clinical trial updates. Elsewhere, Orca Bio’s cell therapy hit a delay and Korsana entered a reverse merger.
