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China competitionDrugs from China are reshaping biotech. Track the licensing deals here.
Bristol Myers’ alliance with Hengrui ranks as the second-largest licensing pact of its kind since the start of 2025, trailing only AstraZeneca’s $18.5 billion tie-up with CSPC in January, according to BioPharma Dive data.
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TopRight
Sponsored by Middlesex CountyThe capacity crunch in biopharma is a location problem
Cell and gene therapies aren’t limited by ideas—they’re limited by where they’re built. See how “ready-now” locations change the math on scaling.
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China competitionGSK cuts deal with Sino to broaden reach of hepatitis B drug
The marketing deal is the latest in a series of recent pacts between GSK and China-based drug companies, and could speed access to a therapy called bepirovirsen that’s important to its future.
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News roundupInhibrx delivers ‘differentiated’ cancer drug data; Fractyl starts diabetes gene therapy trial
Inhibrx, the subject of recent buyout rumors, showed its drug might enhance the effects of Keytruda. Elsewhere, Capricor sued its cell therapy partner and Argenx got a revenue boost.
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IPO windowOdyssey, on second try, snags $279M in an IPO
After withdrawing its initial filing last year, the immune drugmaker rebounded and added to a recent run of sizable new biotech stock offerings — while boosting its haul even higher through a concurrent private deal.
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News roundup
FDA to reevaluate spurned cell therapy; Under-the-skin Leqembi review extended
Pierre Fabre claims to now be “aligned” with U.S. regulators on the path forward for a twice-rejected treatment. Elsewhere, Argenx swapped CEOs and Blackstone made a $250 million biotech investment.
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Adeline Kon/BioPharma Dive/BioPharma Dive
Deep Dive // Emerging biotechBiotech startups are built on venture capital. Track funding rounds here.
After a weekslong run of smaller financings, 11 of the 16 rounds tracked by BioPharma Dive since late March surpassed $100 million in proceeds, and two topped $200 million.
Updated May 11, 2026 -
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Lilly to invest extra $4.5B across Indiana manufacturing
The Indianapolis-based company expanded its spend to ensure it can meet growing demand for its weight-loss drugs.
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Lilly, Gilead lead pharma’s M&A boom
Deal volume in 2026 is substantially outpacing last year, and activity is being driven by interest in cancer and autoimmune disease drugs.
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Courtesy of Sarepta
Sarepta tumbles as its gene therapy sales decline further
Even though Elevidys beat Wall Street expectations, analysts expect investor focus to shift toward Sarepta's early-stage RNA drugs.
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Angelini to buy Catalyst in $4B play for rare neuro drugs
The acquisition hands the Italian pharma a group of medicines approved to treat various CNS disorders and gives it wider market access in the U.S.
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Entrada shares dive as Duchenne results disappoint
While the company claimed a victory, analysts said data from a Phase 1/2 study fell short of expectations. Entrada shares subsequently tumbled more than 50%.
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Bayer to buy Perfuse for up to $2.45B, bolstering eye drug pipeline
Centered around a glaucoma therapy in mid-stage testing, the deal is Bayer’s first drug company acquisition in several years and potentially its largest since it purchased AskBio in 2020.
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Permission granted by Novo Nordisk
Obesity drugsNovo hikes guidance on Wegovy pill’s fast sales start
In its latest earnings report, the Danish drugmaker said sales and profit should shrink less than the company originally anticipated thanks to strong prescription numbers for its new obesity pill.
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Alamy
Roche to acquire digital pathology firm PathAI in deal potentially worth over $1B
Roche plans to offer PathAI’s tools as part of an effort to improve cancer diagnosis and tailored treatment.
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Adeline Kon/BioPharma Dive
Deep Dive // IPO windowBiotech IPOs are the industry’s lifeblood. Track how they’re performing.
Including Odyssey, nine of the 11 biotechs to go public in 2026 have raised at least $250 million in their initial stock sales — the most in a single year since 2021.
Updated May 8, 2026 -
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News roundup
Avalo shares spike on skin drug data; BioNTech to cut staff
Avalo reported study success in what’s proven to be a tough-to-treat skin disease. Elsewhere, BioNTech announced plans to close multiple plants and Madrigal picked up an RNA-based drug for MASH.
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Emerging biotechCellCentric raises $220M for a ‘transformative’ multiple myeloma medicine
A Series D round led by Venrock will support an ongoing Phase 2 study, and planned Phase 3 trial, of an oral drug the biotech sees as a differentiated option for patients with persistent disease.
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Adeline Kon/BioPharma Dive
Deep DiveBiotech M&A is accelerating. Track the deals that are happening here.
Catalyst is already the fourth biotech acquisition this month, continuing an acceleration of bigger-ticket deals that’s put 2026 on a faster pace than every year since at least 2018.
Updated May 7, 2026 -
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Cytokinetics heart drug scores in closely watched trial
Myqorzo’s success in “non-obstructive” hypertrophic cardiomyopathy separates it from Bristol Myers Squibb’s rival Camzyos and opens up a multibillion-dollar market opportunity.
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Emerging biotechCytospire hauls in $83M for a new type of T cell engager
The British biotechnology startup is making "pan-gamma delta” T cell engagers it says can address the limitations of similar, existing therapies.
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Permission granted by Vertex Pharmaceuticals
Vertex earnings get muted investor response
While overall revenue fell just shy of Wall Street forecasts, sales of the gene editing medicine Casgevy and pain drug Journavx missed analyst estimates by double-digit percentages.
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Viridian data lift prospects for thyroid eye disease drug
Whereas earlier Phase 3 results disappointed Wall Street, new findings in people with “chronic” disease were viewed by analysts as much more competitive with Amgen’s Tepezza.
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Immune resetUCB to acquire Candid in $2.2B bet on bispecifics for autoimmune diseases
The buyout involves a portfolio of antibody drugs Candid licensed from China-based biotechs and that UCB sees as part of the “next wave” of care for immunological conditions.
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With $97M, Latus pursues a different kind of Huntington’s gene therapy
The therapy is part of a plan to develop gene therapies that can be efficiently delivered at lower doses, enabling them to be used against more than just “ultra-rare” conditions.
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Celcuity strengthens case for ASCO-spotlighted breast cancer drug
The new data could support a broader approval submission for a therapy that is already under review and set to be showcased at the year’s biggest meeting for cancer research.
