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    Deep Dive // IPO window

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

    Hemab Therapeutics, Seaport Therapeutics and Avalyn Pharma are poised to price offerings in what could be the sector’s busiest week for IPOs since early February.

    Updated 19 hours ago
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    Sanofi MS drug rejected in US gets an endorsement in Europe

    Tolebrutinib, which the FDA recently turned back due to safety concerns, received a positive recommendation that positions the therapy for its first regulatory approval. 

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    FDA approves Regeneron’s hearing loss gene therapy

    Otarmeni, now cleared to treat a rare, inherited kind of hearing loss, is the first gene therapy cleared under the FDA’s “national priority” voucher program and will be offered to eligible patients at no cost.

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    News roundup

    Lilly tumbles on Foundayo’s shaky week; FDA to issue vouchers for psychedelics

    Lilly shares dipped, and Novo’s climbed, as Foundayo’s early trajectory diverged from that of oral Wegovy. Elsewhere, Regeneron inked a drug price deal and two companies announced leadership changes.

    Updated April 24, 2026
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    Sanofi posts upbeat sales as R&D pressure builds

    A string of research setbacks have left the pharmaceutical giant at a crossroads just as a new CEO is set to take over. But positive first-quarter earnings provided the company with a needed boost.

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    Revolution drug shows promise in early pancreatic cancer

    The findings build on data suggesting Revolution’s therapy could upend treatment for a notoriously tough-to-treat tumor and generate billions in sales.

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    An ‘AI scientist’ can tackle drug R&D. What does that mean for pharma?

    A new tool is giving researchers a “data center full of genius Ph.D. students in their pocket.”

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    Vaccines

    Moderna, after losing US funding, rebounds to start mRNA bird flu vaccine trial

    A program that got caught up in HHS’ decision to abandon mRNA research was revived by a public-private coalition and is now beginning a large, late-stage test that could support a future approval.

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    Deep Dive

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

    Lilly’s acquisition of Ajax was the third biopharma buyout announced since Sunday night, following Sun Pharma’s purchase of Organon and Ligand Pharmaceuticals’ deal for Xoma Royalty.

    Updated 20 hours ago
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    News roundup

    Merck adds to pharma’s AI push; Roche details MS drug results

    Merck is making a $1 billion investment in a deal with Google Cloud. Elsewhere, Roche pitched its case for a closely watched multiple sclerosis pill and Arcus and Gilead are ending a yearslong alliance.

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    Startup launches

    Serif, Flagship’s latest biotech, aims to make a new kind of genetic medicine

    The startup is developing “modified DNA” therapies it claims can combine the strengths of multiple approaches, from messenger RNA to gene therapy. 

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    AACR 2026: Revolution’s next prospect, Merck’s reveal and a lung cancer battle

    Featured at this year’s meeting on early cancer research were results from an immunotherapy Merck acquired in 2024 and several targeted medicines for lung tumors.

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    Brain drug revival

    Trump executive order lifts psychedelics biotechs

    Meant to speed research and access to psychedelics for mental health conditions, the order is the latest in a series of developments that, to Wall Street, make psychedelics a more “investable space.”

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    Merck’s fast-ascending kidney cancer drug hits a setback

    Welireg’s failure in first-line kidney cancer removes a blockbuster opportunity and could leave an opening for a rival drug from Arcus Biosciences, analysts said.

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    Startup launches

    Tortugas debuts with $106M and brain drugs from Hansoh, Eisai

    Led by former Sage Therapeutics executives Jeff Jonas and Al Robichaud, the company is starting out with a portfolio of neurological medicines in clinical testing. 

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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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    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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    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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    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