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    Deep Dive // IPO window

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

    Brain drug developer Seaport Therapeutics and blood disease specialist Hemab Therapeutics joined the queue, while obesity biotech Kailera Therapeutics set terms for a potential $500 million offering.

    Updated April 12, 2026
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    News roundup

    Novo teams with OpenAI; Ideaya gets muted response to eye drug data

    Novo intends to “fully integrate” AI capabilities across its operations. Elsewhere, Regeneron made its first foray into radiopharmaceuticals and a GSK cancer drug showed early promise.

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    Spyre drug for inflammatory bowel disease shows promise in early study

    The therapy, which works similarly to Takeda’s blockbuster Entyvio, showed remission rates that suggest a “best-in-class” profile, the company said. 

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    FDA again spurns Replimune melanoma drug

    In a statement late Friday, CEO Sushil Patel disputed the FDA’s criticisms of the company and said Replimune had received “inconsistent communications.” It’ll be forced to cut jobs as well.

    Updated April 13, 2026
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    Oricell closes a ‘pre-IPO’ megaround to aim CAR-T at solid tumors

    The Shanghai-based biotech has a cell therapy that, if successful in testing, could become the first treatment of its kind for liver cancer. 

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    Women have awaited a revolution in menopause. It hasn’t arrived.

    Persistent barriers are still hindering drug development for a host of menopause symptoms.

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    News roundup

    RFK Jr. rewrites ACIP rules; Gilead, Roche dig into protein degraders

    The newly published charter widens the required expertise to become an ACIP member and stresses vaccine safety. Elsewhere, Gilead licensed a Kymera drug and a new RNA-focused startup emerged. 

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    Vaccines

    Invivyd reveals plans to test an antibody drug against measles

    The drug, which Invivyd sees as a potential treatment and “targeted alternative” for the vaccine-hesitant, comes as measles cases in the U.S. are reaching levels not seen in decades. 

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    Courtesy of Eli Lilly
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    Obesity drugs

    Lilly 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 window

    Chasing 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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    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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    Adeline Kon/BioPharma Dive/BioPharma Dive
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    Deep Dive // Emerging biotech

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

    Three cancer drug developers, including Oricell, raised nearly $350 million in combined funding last week in an early surge to start the second quarter.

    Updated April 10, 2026
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    Vaccines

    Activist 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 biotech

    Jeito 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 biotech

    Sidewinder 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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    Photo illustration: Mark Harris 

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    Deep Dive // Trump administration

    FDA, 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 roundup

    Novo 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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    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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    Deep Dive

    Biotech 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
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    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.