Failure of BTK inhibition puts the pressure on Lilly, Regeneron and Astrazeneca to deliver with antibodies to treat severe Covid-19.
Despite the phase II failure, Chemocentryx is pushing on in hidradenitis suppurativa.
Sobi picking up rights to Apellis’s complement factor C3 inhibitor adds to earlier deals focused on C5, D and anti-FcRn antibodies.
Amylyx believes it has found a disease-modifying therapy in AMX0035, as other key readouts approach.
Other groups with large disconnects between sellside and investor expectations include Beigene, Alnylam and Acceleron.
The next big approach in Alzheimer’s has been dealt a blow, and there are plenty more tau-targeting contenders.
The $6.5bn price – biopharma’s biggest buyout of the year so far – shows how competitive the anti-FcRn space has become.