
Theravance fails its first big test
A flop for the gut-selective Jak inhibitor izencitinib makes a Johnson & Johnson opt-in look unlikely.

Go or no go? The year ends with Covid-19 vaccine approvals in sight
December promises big US decisions for Novartis, Astrazeneca and Fibrogen, as well as the FDA's first Covid-19 vaccine reviews.

Small Galapagos setback prompts a bigger loss of sentiment
A mid-stage clinical failure raises more doubts about Galapagos’s pipeline and the wisdom of Gilead’s $5bn deal last year.