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Upfront Briefing
Bristol Myers is partnering with Janux on masked T cell engagers, another vote of confidence for “make T-cells safer” engineering (and a fresh set of comps for the spreadsheet).
Corcept put up an ovarian cancer overall survival win for relacorilant, improving the program’s outlook after a prior CRL overhang.
And the obesity arms race stays funded: Corxel raised up to $287M to push its oral GLP-1 forward.
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 |
6,913.4 |
+0.5% |
+1.0% |
| Nasdaq 100 |
25,518.4 |
+0.8% |
+1.1% |
| Russell 2000 |
2,731.6 |
+1.2% |
+10.1% |
| XBI (Biotech ETF) |
131.6 |
+2.6% |
+7.9% |
| Nasdaq Biotech |
6,021.6 |
+1.6% |
+5.5% |
| BioShares Biotech Clinical Trials (BBC) |
43.9 |
+3.6% |
+13.8% |
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Broad market was green, but biotech led: XBI +2.6% and NBI +1.6% at the close.
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Standout mover: BBC led the tape with the biggest 1D jump.
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Market data: U.S. close 22-Jan-2026.
The Big 3
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1
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Bristol Myers partners with Janux on masked T cell engagers (up to $850M)
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Bristol Myers struck an up to $850M collaboration with Janux on a tumor-activated (“masked”) T-cell engager program, including up to $50M upfront/near-term payments, ~$800M in development/regulatory/commercial milestones, plus tiered royalties.
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Why it matters:
Another large-cap validation of “masked/conditional” T-cell engager design: it strengthens partnering comps for next-gen TCE platforms, tightens the gap to strategic takeout logic if early clinical safety/efficacy translate, and provides a fresh benchmark for how buyers are pricing de-risking engineering (vs. “plain vanilla” bispecifics).
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Source:
BioPharma Dive
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More:
Endpoints
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2
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Corcept reports ovarian cancer survival benefit for relacorilant
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Corcept announced that its drug relacorilant extended patients' lives in a key ovarian cancer study, potentially improving the program's outlook after a prior CRL.
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Why it matters:
OS is the cleanest de-risking datapoint in ovarian cancer: it can pull the asset out from under the prior CRL shadow, expand strategic options (resubmission/label strategy vs. partnership), and re-anchor expectations for peak-sales and probability-of-success assumptions that flow into CORX's multiple.
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Source:
Endpoints
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More:
BioCentury
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3
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Corxel raises up to $287M for oral GLP-1 development
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Corxel secured up to $287 million to advance its oral GLP-1 development, intensifying competition in the obesity market and setting a high bar for new entrants.
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Why it matters:
This is a signal on capital intensity and competitive seriousness in oral incretins: big rounds will keep multiple shots on goal funded through Phase 2/3, raise the “evidence bar” for newcomers (weight loss + tolerability + manufacturability), and can pressure valuation narratives for anything oral-but-undifferentiated as the space consolidates around the best profiles.
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Source:
BioPharma Dive
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More:
Endpoints; BioCentury
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Everything Else that broke
- NIH reinstates full ban on aborted fetal tissue in research. — Fierce Biotech
- Supreme Court takes up Hikma ‘skinny label’ dispute. — Endpoints
- Guardant360 CDx wins FDA approval as companion diagnostic for Braftovi + cetuximab in BRAF V600E metastatic CRC. — PR
- Vaxcyte advances VAX-31 adult Phase 3 program. — PR
- Sanofi highlights amlitelimab potential in atopic dermatitis. — PR
Deal Flow
M&A / BD&L
- Rumour: Sun Pharma weighs a potential bid for Organon. — Bloomberg Law
- Bristol Myers partners with Janux on masked T cell engagers (up to $850M). — BioPharma Dive
VC / Private Financings
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Corxel raises up to $287M for oral GLP-1 development (Series D1; syndicate incl. RTW, SR One, TCGX, RA Capital, HBM, SymBiosis, Adage, Invus, SilverArc, Hengdian + others). —
BioPharma Dive
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Mendra launches with $82M Series A (co-led: OrbiMed, 8VC, 5AM; participation: Lux Capital, Wing VC). —
BioPharma Dive
IPOs / Follow-Ons
- Erasca, Corvus, BioAge target $500M+ offerings. — Endpoints
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Done for the week. If a term sheet lands at 11pm, you didn’t hear it from us. BioBucks Team
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