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    Deep Dive // IPO window

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

    Lung drug developer Avayln Pharma could be the next biotech to go public, setting terms on Thursday for an offering that could bring in about $200 million in total proceeds.

    Updated 20 hours ago
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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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    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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    Maddie Meyer via Getty Images
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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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    Adeline Kon/BioPharma Dive
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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 this week was at least the sixth buyout of an “in vivo” cell therapy developer since March 2025, and by far the largest in total proceeds.

    Updated April 23, 2026
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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
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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.