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    Deep Dive

    Biotech M&A is accelerating. Track the deals that are happening here.

    Eli Lilly’s acquisition of Kelonia Therapeutics is at least the sixth buyout of an “in vivo” cell therapy developer since March 2025.

    Updated April 20, 2026
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    iStock/ Lak-si, Thailand

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    Sponsored by Thermo Fisher Scientific

    What actually drives speed in complex drug development programs

    Learn how early coordination across functions, phases and partners can reduce risk and accelerate drug development.

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    Lilly boosts ‘in vivo’ cell therapy capabilities with Kelonia buyout

    Worth up to $7 billion, Lilly’s second recent acquisition of a company in the space is centered around a cell therapy that’s currently in early-stage testing for multiple myeloma.

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    Nektar surges again as alopecia drug shows new promise in extension study

    Patients who'd seen substantial hair regrowth in the first part of Nektar’s trial had a "deepening" treatment response, extending a comeback bid that’s caused shares to skyrocket over the last year.

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    BioAge says early data suggest ‘best-in-class’ potential for inflammation drug

    The company has rallied from an earlier setback in obesity thanks to early progress for a drug targeting “NLRP3,” an inflammasome linked to a variety of health conditions. 

  • U.S. Health and Human Services Secretary Robert F. Kennedy Jr. testifies during a hearing of the House Education And Workforce Committee on Capitol Hill on April 17, 2026 in Washington, DC.
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    Heather Diehl/Getty Images via Getty Images
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    Trump administration

    RFK Jr. defends HHS tenure, 12% proposed budget cut

    Republicans largely praised the HHS secretary’s track record during a marathon of House hearings last week, but some raised concerns about proposed budget cuts to the National Institutes of Health.

    FDA
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    Courtesy of EQT Life Sciences
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    Brain drug revival

    UCB, betting on seizure cell therapy, to buy Neurona for up to $1.2B

    The acquisition helps diversify UCB’s small molecule-centric arsenal of seizure treatments with a potentially one-off therapy in early testing for a hard-to-treat form of a common epilepsy.

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    IPO window

    Kailera nets $625M in one of biotech’s biggest-ever IPOs

    The high-profile obesity drug developer priced the biotech sector’s biggest offering in years and will use the proceeds to support a portfolio of medicines licensed from China’s Hengrui Pharma.

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    Sarah Silbiger via Getty Images
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    Trump administration

    FDA moves toward easing restrictions on certain peptides

    The agency’s decision to hold an advisory committee meeting on the topic comes after HHS Secretary Robert F. Kennedy Jr. told podcaster Joe Rogan he’s a “big fan” of peptides.

    FDA
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    5 notable pharma CEO pay hikes in 2025

    Several of pharma’s top leaders scored large pay bumps last year, including two new chiefs who joined the “$30 million club.”

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    Adeline Kon/BioPharma Dive
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    Deep Dive // IPO window

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

    Immune drug developer Odyssey Therapeutics on Friday revealed plans to seek an IPO nearly a year after withdrawing its original filing.

    Updated April 20, 2026
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    Roche to start new Elevidys study following setback in Europe

    The Swiss drugmaker, which owns rights to the Duchenne gene therapy outside the U.S., hopes the trial will yield additional approvals in Europe and elsewhere.

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    Elijah Nouvelage via Getty Images
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    Trump administration

    Erica Schwartz, ex-deputy surgeon general, picked to be next CDC director

    If confirmed by the Senate, Schwartz could finally fill a void for an agency that’s cycled through multiple leaders over the last year.

    FDA
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    News roundup

    Lilly’s obesity pill off to a strong start; OpenAI debuts new drug discovery tool

    Some 1,390 Foundayo prescriptions were written in two days, according to analysts. Elsewhere, multiple biotechs are using OpenAI’s “GPT-Rosalind” and Janux debuted a “double-masked” T cell engager.

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    Alamy
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    Trump administration

    5 FDA decisions to watch in the second quarter of 2026

    The next three months will bring more tests of regulatory flexibility, as well as decisions on closely watched medicines for obesity, Alzheimer’s and cardiovascular disease.

    Updated March 30, 2026
    FDA
  • A sign with Eli Lilly's logo sits outside of the company's headquarters on March 17, 2024 in Indianapolis.
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    Scott Olson via Getty Images
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    Obesity drugs

    Lilly’s new obesity pill passes heart safety test in diabetes

    The findings, which come amid FDA scrutiny of Foundayo’s safety, will enable Lilly to seek a new clearance in diabetes.

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    News roundup

    Replimune cuts staff; MeiraGTx reacquires eye gene therapy

    Replimune is laying off 63 staffers days after the second FDA rejection of its melanoma drug. Elsewhere, Revolution raised $2 billion and a regulatory filing revealed details on negotiations between Biogen and Apellis.

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    Beeline, a Bain-backed biotech, debuts with immune drugs from Bristol Myers

    Equipped with $300 million, Beeline has an oral medicine for the treatment of lupus as well as other experimental drugs targeting autoimmune diseases.

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    Terremoto raises $108M to pursue development of drugs targeting AKT

    The California biotech has one therapy in Phase 1 testing and expects another to advance to the clinic later this year.

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    Obsidian, Galera to advance cell therapy following reverse merger

    The combined company will trade on the Nasdaq under the ticker OBX. It has also secured commitments for a private placement expected to deliver $350 million in gross proceeds.

  • A pill bottle for Eli Lilly's oral weight loss medication Foundayo
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    Courtesy of Eli Lilly
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    FDA asks Lilly to evaluate obesity pill’s liver risk

    The request, which is part of a just-released approval letter for Foundayo, comes amid an intensifying marketing battle between Lilly and Novo.

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    J&J leans on Tremfya, cancer drugs to overcome Stelara losses

    A growing multiple myeloma franchise helped the pharmaceutical giant top Wall Street’s expectations and surpass $15 billion in first-quarter drug sales.

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    Lilly boosts ADC portfolio with CrossBridge Bio deal

    Worth up to $300 million, the buyout is Lilly’s latest of an ADC maker and adds technology for making “dual-payload” therapies.

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    Revolution pancreatic cancer drug nearly doubles survival in key trial

    The subject of buyout rumors this year, Revolution posted Phase 3 results one analyst called a “game changer” in a tough-to-treat tumor. 

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    Travere wins long-awaited approval for kidney disease drug

    The clearance of Filspari in a condition known as FSGS ends a winding regulatory journey and unlocks a revenue opportunity believed to be worth more than $1 billion annually. 

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    Peddalanka Ramesh Babu via Getty Images
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    Allogene data suggest ‘off-the-shelf’ CAR-T could delay relapse in lymphoma

    Initial results from a high-stakes trial indicate the biotech may have finally found a niche in lymphoma care for a donor-derived cell therapy.