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        The $70 million upfront deal adds to a portfolio of drugs Biogen has been growing in various immunological conditions since 2024.
    
        
    
        
    
        
    FEATURED STORIES
        
        
        
    
        M&A is back, the S&P XBI is rising again, a biotech pulled off an IPO and positive data is pulling in investors again. This may just be the industry’s new normal.
    
        
    
        
    
        
    
        AI is changing the nature of leadership in biopharma. Here’s how executives can not only adapt, but lead the way.
    
        
    
        
    
        
    
        The company cut back in areas while investing in internal and external opportunities to offset the loss of exclusivity on a product that until recently accounted for 20% of innovative medicine sales.
    
        
    
        
    
        
    FROM OUR EDITORS
        
        
            Read our takes on the biggest stories happening in the industry.
        
        
    
        After Emma Walmsley steps down as GSK CEO in January, Vertex Pharma’s Reshma Kewalramani will be the sole female CEO at a top-20 pharma company. Still, there are many prominent women in pharma that could someday break through again.
    
        
    
        
    
        
    THE LATEST
    
    
        Viking Therapeutics CEO Brian Lian is watching the growth of interest in MASH and obesity but prepared to go it alone.
    
        
    
        
    
        
    
        Roche has already signed several high-ticket deals this year, including the $3.5 billion acquisition of 89bio and Genentech’s $2.1 billion molecular glue pact with Orionis Biosciences.
    
        
    
        
    
        
    
        In this episode presented by Element Materials Technology, guests Dr. Jihye Jang-Lee and Dr. Khanh Courtney discuss how small biotechs face mounting pressure amid manufacturing uncertainties.
    
        
    
        
    
        
    
        Despite showing no meaningful benefit on lung function, Arcturus’ mRNA therapy ARCT-032 reduced mucus volume in patients with cystic fibrosis—an outcome William Blair found “potentially promising.”
    
        
    
        
    
        
    
        With Avadel under its fold, Alkermes expects to accelerate its expansion into the sleep market, laying the foundation for its late-stage narcolepsy asset alixorexton.
    
        
    
        
    
        
    
        A key question for investors going forward will be whether Moderna’s other latent virus vaccines for Epstein-Barr and shingles can succeed after the failure of the CMV program.
    
        
    
        
    
        
    
        The deal focuses on ICT01, a monoclonal antibody being tested in acute myeloid leukemia. ImCheck is also developing assets in infectious disease and other oncology indications.
    
        
    
        
    
        
    
        While the threat of tariffs dies down for the pharma industry, President Donald Trump is reportedly weighing a new investigation that could result in import taxes against U.S. trading partners that don’t pay enough for drugs.
    
        
    
        
    
        
    
        Pfizer, Merck, AstraZeneca and Bristol Myers Squibb were among the many biopharmas showing off novel cancer modalities at ESMO, with antibody-drug conjugates, bispecific antibodies and kinase inhibitors demonstrating encouraging efficacy and safety for various cancers.
    
        
    
        
    
        
    
        Two patients experienced grade 3 liver enzyme elevations that were deemed related to Terns’ investigational obesity pill TERN-601.
    
        
    
        
    
        
     
         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
