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Deep Dive // IPO windowBiotech IPOs are the industry’s lifeblood. Track how they’re performing.
On the same day RNAi drugmaker ADARx priced one of 2026’s biggest biotech IPOs, City Therapeutics — a maker of next-generation RNAi medicines — joined the queue.
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China competition9 pharma leaders sound ‘alarm bells’ on biotech’s decline in Europe
Frustrated by a slump that’s seen Europe lose ground to the U.S. and China, several top drugmakers are calling for speedier clinical trials, intellectual property protections and “fiscal flexibility.”
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News roundupLilly’s latest China drug deal; Immunovant’s setback in lupus
Lilly wagered up to $3.35 billion in its fourth China-focused alliance since January 2025. Elsewhere, analysts are now more confident about one of Vertex’s top prospects and an RNA drug succeeded against a rare form of ALS.
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Courtesy of Grail
Grail multicancer detection test wins FDA advisers’ backing
Panel members said the first-of-a-kind blood test should not be used to replace medical guideline-recommended cancer screenings, however.
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Emerging biotechEnveda, an AI drugmaker, banks $311M in venture funding
Enveda, which is using AI tools to mine plants and microbes for drug prospects, has three candidates in human testing for immune diseases and obesity.
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Roche, Ionis RNA drug scores in kidney disease study
The results position Roche to bring a new kind of medicine to market for IgA nephropathy, a disease that’s drawn considerable attention of late from drugmakers.
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Trump administrationA hidden tradeoff in Trump’s drug pricing deals
The government has announced “most-favored-nation” pricing agreements with 26 pharma companies. But the deals could stymie other plans to lower the country’s spending on prescription drugs.
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Amgen reports a Phase 3 win with Sjögren’s drug candidate
Dazodalibep, acquired in Amgen’s big buyout of Horizon Therapeutics, succeeded in the first of two late-stage trials against the tough-to-treat autoimmune disorder.
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China competitionDrugs from China are reshaping biotech. Track the licensing deals here.
Novartis has formed its third partnership with a China-based drugmaker since the start of 2025, signing a potentially $900 million deal with Boomray Therapeutics centered around a radiopharmaceutical for cancer.
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Obesity drugsViking shares surge on updated obesity drug data
Trial participants mostly kept their weight down after switching from a weekly shot to less frequent dosing — findings that could strengthen Viking’s “competitive positioning,” one analyst wrote.
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Celldex sinks as safety concerns cloud immune drug results
Though barzolvolimab displayed what one analyst described as the best efficacy results to date against chronic skin hives, treatment was also associated with two life-threatening anaphylaxis cases.
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Q&A // Brain drug revivalHow J&J paved the way for Compass’ coming psychedelic drug launch
In an interview with BioPharma Dive, Compass executives said that, should the FDA approve their treatment, they hope to capitalize on a strategy pioneered by J&J in selling the ketamine spray Spravato.
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News roundup
An orexin drug’s ‘proof-of-concept’ in ADHD; Cue’s ‘unwarranted’ share slide
Alkermes’ results heightened anticipation for a coming readout in 2027. Elsewhere, AbbVie leaned into AI drug discovery and the FDA expanded use of Eli Lilly’s breast cancer pill.
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Telix buys ITM in bid to create a ‘radiopharmaceutical powerhouse’
Worth $1.65 billion up front, the deal combines two large pipelines and manufacturing networks, helping Telix potentially “corner the industry” for radiopharmaceuticals, one analyst wrote.
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Beacon eye gene therapy hits mark in late-stage study
Beacon claimed the findings represent the first time a treatment for X-linked retinitis pigmentosa, a rare and potentially blinding condition, met its main goal in a pivotal trial.
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Obesity drugsNovo talks up drug launches in effort to win back investors
At a “capital markets day” in London, executives outlined a roadmap to better compete with key rival Eli Lilly and soon bring forth several multibillion-dollar products.
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This week in charts: GSK’s China deals, the $300M IPO club and selling the news
The latest installment in BioPharma Dive’s new visualization-focused series features a stock sell-off that confused Wall Street analysts and a closer look at an industry-leading partnership streak.
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Xenon shares fall following depression trial pause
The occurrence of “neuropsychiatric” adverse events in testing fueled investor doubts about a drug the FDA is already reviewing for a form of epilepsy.
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News roundup
Ultragenyx prices Sanfilippo gene therapy at $4M; Bristol Myers shelves Orum drug
Ultragenyx’s second gene therapy approval since August gives it another sellable voucher. Elsewhere, Roche declared success in a blood cancer trial and a cell therapy maker is cutting costs.
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IPO windowElectra amasses $350M in biotech’s latest big IPO
Nearly a dozen biotechnology firms have matched or raised more than $300 million in their initial public offerings in 2026, a figure not seen since new stock sales peaked in 2021, according to BioPharma Dive data.
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Lisata deal propels Marea’s drug pipeline to Wall Street
Marea’s acquisition by Lisata, alongside a $225 million financing deal, will back development of a pair of medicines in mid-stage testing for cardiovascular and endocrine conditions.
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Emerging biotechNorth Immunology joins biotech reverse merger boom with Aethlon deal
Armed with $180 million and a dual-acting antibody for eczema, the startup is capitalizing on a change in sentiment that’s led to a sudden spike in reverse merger deals.
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Emerging biotechRoche, Dualitas team up to find bispecific drugs for immune diseases
Through a research deal worth up to $1 billion, Dualitas will sift through more than 300,000 possible bispecific combinations in the hopes of unearthing new and differentiating treatments.
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Novartis to pay $125M for blood-brain barrier crossing platform
Proceeds from the deal, which hands Novartis global rights to a technology developed by Sironax, will help advance three candidates that the startup says have “best-in-class” potential.
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Deep DiveA booming business on Wall Street would love more biotechs to quietly die
Once disparaged, reverse mergers have become so popular that some deal experts question whether there are enough quality shell companies to meet the demand.
