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The obesity market and Most Favored Nation drug pricing were among the topics de jour at the J.P. Morgan Healthcare Conference last week, while smaller biotechs sought to assure investors that their regulatory ducks are in a row; Novo Nordisk’s oral obesity pill got off to a hot start while the FDA delayed a decision on Eli Lilly’s investigational offering; and SpyGlass Pharma and AgomAb Therapeutics join the 2026 IPO club.

Acorda Therapeutics, Inc. announced that Esteve Pharmaceuticals, S.A. has launched INBRIJA 33 mg in Spain.

FDA vouchers are normally a coveted prize for biopharma companies, but a surprise rejection for Disc Medicine’s rare disease drug has biopharma reconsidering.

The FDA in October 2025 granted bitopertin its Commissioner’s National Priority Voucher but after a shortened review time has decided the data did not support regulatory approval for treating erythropoietic protoporphyria.

• Vial’s INHBE siRNA is a first‑in‑class, liver‑targeted (GalNAc‑conjugated) siRNA therapy that silences INHBE and its gene product, Activin E • Leading key opinion leaders (KOLs) Drs. Jason Fung, Scott Kahan, Lawrence Cheskin, and Lee Kaplan from leading institutions such as Johns Hopkins, GMU, and Dartmouth University respectively shared their insights on challenges with current GLP-1 treatments as well as the potential benefits of INHBE siRNA therapies like Vial’s • INHBE siRNAs are designed to deliver fat-selective weight loss while preserving lean muscle mass • Vial’s INHBE siRNA will be investigated for its potential as both a mono-therapy and in combination with GLP-1s to offer patients flexibility on their weight loss journey