In today’s BioBrief:

• Bayer / Perfuse Therapeutics — Bayer agreed to acquire Perfuse Therapeutics for $300 million upfront and up to $2.45 billion including milestones, adding the Phase 2 ophthalmology asset PER-001 for glaucoma and diabetic retinopathy.
• TG Therapeutics / Briumvi — TG reported nearly $195 million in first-quarter U.S. Briumvi sales and raised full-year guidance to roughly $885–900 million, shifting the story further toward commercial execution and franchise durability.
• Mirum Pharmaceuticals / zilurgisertib — Mirum raised revenue guidance and licensed worldwide rights to zilurgisertib, an ALK2 inhibitor for fibrodysplasia ossificans progressiva, with an FDA Priority Review decision expected in September 2026.
• Madrigal / Rezdiffra — Madrigal continued to benefit from Rezdiffra momentum after licensing a PNPLA3-targeted RNA interference asset from Arrowhead, reinforcing interest in genetically targeted MASH approaches.
• Market pulse — XBI and IBB both traded higher alongside a stronger Nasdaq session, but biotech sentiment remained selective rather than broadly risk-on.
• Catalyst watch — Investors will be watching Bayer’s next clinical disclosures for PER-001, TG’s mid-year and late-stage Briumvi lifecycle data, and Mirum’s September PDUFA decision for zilurgisertib.

BioBrief is your daily rundown of the biotech and biopharma news that matters for investors, operators, founders, and pharma decision-makers.

In today’s BioBrief:

• Avalo Therapeutics / abdakibart — Avalo reported positive randomized Phase 2 data in moderate-to-severe hidradenitis suppurativa, with both dosing arms meeting the HiSCR75 primary endpoint at Week 16.
• Avalo financing — The company priced a $375 million offering intended to fund abdakibart through Phase 3 topline data, shifting the story toward a funded registrational path.
• Bayer / Perfuse Therapeutics — Bayer agreed to acquire Perfuse for $300 million upfront and up to $2.45 billion including milestones, adding a mid-stage ophthalmology asset for glaucoma and diabetic retinopathy.
• TG Therapeutics / Briumvi — TG reported nearly $195 million in first-quarter U.S. net revenue for Briumvi and raised full-year U.S. guidance to roughly $885 million to $900 million.
• Market pulse — XBI rose about 3 percent and IBB gained a little more than 2 percent, with notable strength in Avalo, TG Therapeutics, and Madrigal.
• Catalyst watch — Investors will look for full Avalo data and Phase 3 design details, more disclosure around Bayer’s PER-001 plans, and upcoming Briumvi dosing and subcutaneous formulation data.

BioBrief is your daily rundown of the biotech and biopharma stories that changed the clinical, regulatory, financing, or strategic picture.

Optional Tags: Avalo Therapeutics, abdakibart, hidradenitis suppurativa, Bayer, Perfuse Therapeutics, PER-001, glaucoma, diabetic retinopathy, TG Therapeutics, Briumvi, multiple sclerosis, immunology, ophthalmology, M&A, XBI, IBB

In today’s BioBrief:

• Cytokinetics / aficamten — Positive Phase 3 data in non-obstructive hypertrophic cardiomyopathy showed statistically significant improvements in symptoms and exercise capacity, expanding the potential HCM franchise beyond obstructive disease.
• Viridian / elegrobart — Phase 3 data in chronic thyroid eye disease showed proptosis responder rates of about 50 percent and 54 percent versus 15 percent for placebo, supporting Viridian’s subcutaneous TED strategy.
• Replimune / RP1 — The FDA publicly defended its rejection of Replimune’s oncology therapy, reinforcing concern around single-arm evidence packages where controlled trials may be feasible.
• Market pulse — XBI was roughly flat, IBB rose slightly, and the day was defined more by clinical-data dispersion than broad biotech risk appetite.
• Catalyst watch — Cytokinetics will need fuller data and regulatory alignment, while Viridian is moving toward a BLA submission for elegrobart in early 2027.

Today’s episode is about evidence discipline: controlled Phase 3 data drove upside, while regulatory skepticism remained a clear risk for weaker oncology packages.

1. Arvinas / Pfizer — Veppanu
   • Mechanism: Oral estrogen receptor protein degrader
   • Indication: ER-positive, HER2-negative, ESR1-mutated advanced or metastatic breast cancer
   • Stage: FDA approval
   • Key result: Median progression-free survival of 5.0 months versus 2.1 months with fulvestrant; hazard ratio 0.57
   • Why it matters: First approved targeted protein degrader, with a narrow but clinically meaningful breast cancer label
2. UCB / Candid Therapeutics — cizutamig platform
   • Mechanism: BCMA/CD3 T-cell engager targeting plasma cells
   • Indication: Autoimmune diseases
   • Stage: Multiple Phase 1 studies
   • Key result: UCB is paying 2.0 billion dollars upfront plus up to 200 million dollars in milestones
   • Why it matters: Large pharma is buying into oncology-style immune-reset approaches for autoimmune disease
3. Summit / Akeso — ivonescimab
   • Mechanism: PD-1/VEGF bispecific antibody
   • Indication: First-line metastatic non-small cell lung cancer
   • Stage: Phase 3 HARMONi-3
   • Key result: Interim analysis did not meet the high statistical threshold for early regulatory engagement
   • Why it matters: The asset remains alive, but the fastest approval path and near-term bull case are weaker
4. Celcuity — gedatolisib
   • Mechanism: PI3K/mTOR pathway inhibitor
   • Indication: HR-positive, HER2-negative, PIK3CA-mutant advanced or metastatic breast cancer
   • Stage: Phase 3 VIKTORIA-1
   • Key result: Statistically significant and clinically meaningful progression-free survival improvement, with full effect size not yet disclosed
   • Why it matters: The readout strengthens Celcuity’s breast cancer story, but ASCO will determine how strong the result really is

Today’s stack: Veppanu first, UCB/Candid second, Summit third, Celcuity fourth.

1. Arvinas / Pfizer — Veppanu
   • Mechanism: Oral estrogen receptor PROTAC / targeted protein degrader
   • Indication: ER-positive, HER2-negative, ESR1-mutated advanced or metastatic breast cancer
   • Stage: FDA approval
   • Key result: Median progression-free survival of 5.0 months versus 2.1 months for fulvestrant in 270 ESR1-mutated patients
   • Why it matters: First FDA-approved PROTAC, validating targeted protein degradation while raising launch questions in a narrow breast cancer label
2. Revolution Medicines — daraxonrasib
   • Mechanism: Oral RAS(ON) multi-selective inhibitor
   • Indication: Previously treated metastatic pancreatic ductal adenocarcinoma
   • Stage: FDA expanded access clearance
   • Key result: Phase 3 median overall survival of 13.2 months versus 6.7 months for chemotherapy; hazard ratio 0.40
   • Why it matters: Large survival signal in metastatic pancreatic cancer, with expanded access suggesting regulatory momentum before NDA filing
3. Incyte — Jakafi XR
   • Mechanism: JAK1/JAK2 inhibitor
   • Indication: Myelofibrosis, polycythemia vera, and graft-versus-host disease
   • Stage: FDA approval
   • Key result: Once-daily 55 mg extended-release formulation shown bioequivalent to 25 mg immediate-release twice daily
   • Why it matters: Franchise-defense move for a multibillion-dollar hematology product, focused on convenience and retention rather than new efficacy

Today’s stack: daraxonrasib first, Veppanu second, Jakafi XR third.

1. Axsome / Auvelity
   • Mechanism: NMDA receptor antagonism and sigma-1 receptor activity via dextromethorphan-bupropion
   • Indication: Agitation associated with Alzheimer’s dementia
   • Stage: FDA approval
   • Key result: ADVANCE-1 showed a 14.9-point agitation score improvement versus 11.6 on placebo at week five
   • Why it matters: Auvelity becomes the first approved non-antipsychotic for this use, with a June US launch expected
2. AstraZeneca / Truqap and camizestrant
   • Mechanism: Truqap is an AKT inhibitor; camizestrant is an oral SERD
   • Indication: PTEN-deficient metastatic hormone-sensitive prostate cancer; HR-positive, HER2-negative breast cancer with ESR1 mutation
   • Stage: FDA advisory committee reviews
   • Key result: Truqap showed 33.2 months versus 25.7 months radiographic progression-free survival; camizestrant showed 16.0 months versus 9.2 months progression-free survival
   • Why it matters: Advisers backed Truqap but rejected camizestrant’s benefit-risk case, showing how regulators are weighing biomarker-driven strategies differently
3. uniQure / AMT-130
   • Mechanism: AAV5 gene therapy delivering microRNA to lower huntingtin
   • Indication: Huntington’s disease
   • Stage: Phase 1/2 package moving toward UK marketing application
   • Key result: High-dose analysis suggested about 75% slowing versus an external matched control
   • Why it matters: The UK path looks more open, but the evidence package remains non-standard and US regulatory risk remains high

Today’s stack: Axsome first, AstraZeneca second, uniQure third.

1. Boehringer Ingelheim / Zealand Pharma — survodutide
   • Mechanism: Dual glucagon and GLP-1 receptor agonist
   • Indication: Obesity or overweight without type 2 diabetes
   • Stage: Phase 3
   • Key result: 16.6% body-weight loss at 76 weeks versus 3.2% on placebo in 725 adults
   • Why it matters: Survodutide now looks like a credible late-stage obesity contender, with full data expected at ADA in June.
2. BeOne Medicines / Jazz Pharmaceuticals — TEVIMBRA + ZIIHERA + chemotherapy
   • Mechanism: PD-1 antibody plus bispecific HER2 antibody plus chemotherapy
   • Indication: First-line HER2-positive gastric, gastroesophageal junction, or esophageal adenocarcinoma
   • Stage: FDA Priority Review
   • Key result: Median overall survival of 26.4 months versus 19.2 months for trastuzumab plus chemotherapy in 914 patients
   • Why it matters: The regimen showed a clinically meaningful survival gain in a difficult first-line oncology setting.
3. Teva / Emalex Biosciences — ecopipam
   • Mechanism: Selective dopamine D1 receptor antagonist
   • Indication: Pediatric Tourette syndrome
   • Stage: NDA-ready
   • Key result: Pediatric relapse rate of 41.9% on ecopipam versus 68.1% on placebo; hazard ratio of 0.5
   • Why it matters: Teva is paying up to $900 million for a late-stage CNS asset that fits its innovative medicines strategy.
4. Immunome — varegacestat
   • Mechanism: Oral gamma-secretase inhibitor
   • Indication: Progressing desmoid tumors
   • Stage: FDA NDA submitted
   • Key result: 84% reduction in risk of progression or death versus placebo in 156 patients; response rate of 56% versus 9%
   • Why it matters: The efficacy signal is strong, even if the commercial market is relatively small.

Today’s stack: survodutide first, BeOne and Jazz second, Teva third, Immunome fourth.

1. Boehringer Ingelheim / Zealand Pharma — survodutide
   • Mechanism: dual glucagon / GLP-1 receptor agonist
   • Indication: obesity or overweight without type 2 diabetes
   • Stage: Phase 3
   • Key result: 16.6% mean weight loss at 76 weeks versus 3.2% on placebo in 725 adults
   • Why it matters: validates survodutide as a credible late-stage obesity contender, with potential differentiation through its glucagon component
2. GSK / Ionis — bepirovirsen
   • Mechanism: antisense oligonucleotide targeting hepatitis B viral RNA
   • Indication: chronic hepatitis B
   • Stage: FDA Priority Review and Breakthrough Therapy designation
   • Key result: Phase 3 studies showed significantly higher functional cure rates than standard of care, though full percentages were not disclosed today
   • Why it matters: moves a potential functional-cure therapy into a defined FDA review window, with a PDUFA date of October 26, 2026
3. Eli Lilly / Profluent — AI-designed recombinases
   • Mechanism: site-specific recombinases for large-scale genome editing
   • Indication: undisclosed severe genetic diseases
   • Stage: research and preclinical collaboration
   • Key result: deal worth up to $2.25 billion in milestones, plus tiered royalties
   • Why it matters: gives Lilly access to a platform aimed at long DNA insertion and whole-gene replacement
4. Scancell — iSCIB1+
   • Mechanism: DNA ImmunoBody cancer vaccine
   • Indication: advanced unresectable melanoma
   • Stage: Phase 2 update; FDA Fast Track designation
   • Key result: 77% progression-free survival at 20 months versus a 43% historical benchmark
   • Why it matters: strengthens the case for a registrational Phase 3 trial, while leaving randomized confirmation as the key risk
5. Taiho / Cullinan — zipalertinib
   • Mechanism: oral irreversible EGFR inhibitor
   • Indication: EGFR exon 20 insertion non-small cell lung cancer after platinum therapy
   • Stage: FDA NDA accepted
   • Key result: 35.2% confirmed response rate and 8.8-month median duration of response in 176 patients
   • Why it matters: creates a clear regulatory catalyst in a difficult targeted lung cancer niche

Today’s stack: survodutide first, bepirovirsen second, Lilly-Profluent third, Scancell fourth, and zipalertinib fifth.

1. Intellia / lonvo-z
   • Mechanism: one-time in vivo CRISPR edit of KLKB1 to reduce kallikrein activity
   • Indication: hereditary angioedema
   • Stage: Phase 3; rolling BLA started
   • Key result: 87% attack reduction versus placebo; 62% attack-free and therapy-free versus 11% on placebo
   • Why it matters: randomized Phase 3 data materially improve approval probability for a one-time gene-editing therapy, though commercial uptake must compete with effective chronic drugs.
2. Sun Pharma / Organon
   • Mechanism: corporate acquisition, not a drug mechanism
   • Indication: women’s health, biosimilars, and established brands portfolio
   • Stage: definitive agreement
   • Key result: $11.75 billion all-cash transaction at $14 per share
   • Why it matters: the deal could roughly double Sun’s revenue and EBITDA, but brings integration risk and Organon’s $8.6 billion net debt.
3. Oruka / ORKA-001
   • Mechanism: extended half-life IL-23p19 antibody
   • Indication: moderate-to-severe plaque psoriasis
   • Stage: Phase 2a
   • Key result: 63.5% PASI 100 at week 16; about 83% PASI 90; 84 patients enrolled
   • Why it matters: strong efficacy makes ORKA-001 more credible, but the commercial thesis depends on durable clearance with infrequent dosing.
4. Jazz / zanidatamab
   • Mechanism: bispecific HER2 antibody
   • Indication: first-line HER2-positive gastroesophageal adenocarcinoma
   • Stage: FDA Priority Review
   • Key result: progression-free survival of 12.4 months versus 8.1 months; triplet overall survival of 26.4 months versus 19.2 months
   • Why it matters: zanidatamab could challenge trastuzumab as the HER2 backbone in first-line gastroesophageal cancer.

Today’s stack: Intellia first, Sun Pharma second, Oruka third, Jazz fourth.

1. Regeneron’s Otarmini becomes the first approved gene therapy for severe genetic hearing loss caused by OTOF mutations. In the CHORD trial, 16 of 20 efficacy patients met the main hearing-improvement endpoint at 24 weeks, with five of 12 reaching normal hearing on longer follow-up. The main significance is platform validation for inner ear gene therapy.
2. Sanofi’s tolebrutinib received a positive CHMP opinion for non-relapsing secondary progressive MS. In HERCULES, the drug reduced six-month confirmed disability progression by 31% versus placebo, but liver safety remains the main concern. Europe is moving closer to approval, while the U.S. remains constrained.
3. Compass Pathways received rolling NDA review and a Commissioner’s National Priority Voucher for COMP360, its synthetic psilocybin program for treatment-resistant depression. Two Phase 3 studies showed consistent though modest benefit, with statistically significant improvements over placebo or control. The key questions now are timing, labeling, and reimbursement.
4. Arrowhead’s plozasiran received a positive CHMP opinion for familial chylomicronemia syndrome. In the main study, triglycerides fell 80% after ten months versus 17% on placebo, with fewer pancreatitis cases. This supports both the drug and the broader RNAi platform.

Today’s stack: Regeneron first, Sanofi second, Compass third, Arrowhead fourth.

1) Regeneron gene therapy approval The FDA approved Regeneron’s gene therapy for inherited hearing loss, marking the first approval in this category. The therapy, Otarmeni, is a dual AAV gene therapy that replaces the defective OTOF gene, which is needed for sound signal transmission in the inner ear. The approval was based on a small single-arm study, but the efficacy signal was strong, with most patients showing measurable hearing improvement. Safety looked manageable, and the main significance is platform validation for inner-ear gene therapy rather than near-term revenue.

2) Novo Nordisk pediatric semaglutide data Novo Nordisk reported positive phase three data for oral semaglutide in children and adolescents with type 2 diabetes. In a randomized placebo-controlled study, the drug produced a meaningful HbA1c reduction at 26 weeks, with safety consistent with prior semaglutide data. This supports broader lifecycle expansion for semaglutide beyond adults and strengthens Novo’s competitive position in GLP-1s. The next catalyst is regulatory filing and label expansion.

3) Grace Therapeutics FDA letter Grace Therapeutics received a complete response letter for GTX-104, its intravenous nimodipine product for stroke-related complications. The FDA’s concerns were centered on manufacturing, packaging, and toxicology risk assessment rather than efficacy. The clinical data had shown lower hypotension risk and improved dosing consistency versus oral nimodipine, but the regulatory delay increases execution and financing risk. The company now needs a Type A meeting with the FDA to determine the fastest path forward.

• Amneal moves into biosimilars with its Kashiv acquisition,
• Roche submits fenebrutinib for multiple sclerosis review, and
• Merck commits up to $1 billion to Google Cloud AI infrastructure.