Upfront Briefing
Pricing headlines did the rounds: Takeda flagged expected Medicare negotiations for Entyvio, while the TrumpRx launch event was postponed.
Deal tape stayed hot: AstraZeneca’s CSPC obesity pact ($1.2B upfront + milestones) re-anchors “metabolic comps,” and Vaxcyte’s $550M follow-on reinforced that capital is still available for premium clinical-stage stories.
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 |
6,969.0 |
(0.1%) |
+1.8% |
| Nasdaq 100 |
25,884.3 |
(0.5%) |
+2.5% |
| Russell 2000 |
2,654.8 |
+0.1% |
+7.0% |
| XBI (Biotech ETF) |
126.7 |
+0.6% |
+3.9% |
| Nasdaq Biotech |
5,911.7 |
+0.3% |
+3.6% |
| Clinical Trials ETF (BBC) |
41.5 |
+0.1% |
+7.6% |
|
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Biotech outperformed as mega-cap tech dragged indices: XBI +0.6% vs Nasdaq 100 (0.5%).
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Investor read-through: a classic “rotation day” — defensives/healthcare caught a bid while rate-sensitive growth cooled, and biotech benefited from steady deal/financing tape.
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Market data: U.S. close Thu 29-Jan-2026.
The Big 3
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1
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Takeda anticipates Medicare negotiations for Entyvio
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Takeda expects Medicare negotiations for its top-selling drug Entyvio, while also expressing disfavor for Trump's MFN deals. The TrumpRx launch event was postponed.
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Why it matters:
Entyvio is a flagship cash-flow asset — any Medicare negotiation pathway increases long-dated pricing overhang and can pull forward investor focus to (i) gross-to-net sensitivity, (ii) contracting strategy, and (iii) lifecycle defense as policy rules evolve.
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Source:
Endpoints
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More:
Endpoints;
Endpoints
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2
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Vaxcyte prices $550M public offering
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Vaxcyte priced a $550M public offering (common + pre-funded warrants), a clear signal the follow-on window remains open for high-quality clinical-stage stories.
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Why it matters:
This is runway + risk management: a raise of this size can extend cash through key clinical catalysts and reduces near-term “financing overhang” — often supportive of valuation multiples across the cohort when the window is open.
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Source:
PR
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More:
PR
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3
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AstraZeneca inks mega obesity/metabolic licensing deal with CSPC
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AstraZeneca struck a major licensing pact with CSPC for obesity/metabolic assets: $1.2B upfront plus up to $17.3B in milestones (development + sales; economics vary by package reporting).
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Why it matters:
This is a “category signal” deal: big upfronts in obesity re-anchor private and public comps, intensify competition for differentiated dosing/convenience profiles, and reinforce that Big Pharma will pay to buy its way into next-wave metabolic assets.
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Source:
Reuters
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More:
Fierce Biotech
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Everything Else that broke
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Sanofi expects vaccine sales growth to dip amid a "challenging environment." — BioPharma Dive
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AstraZeneca plans a $15B investment to strengthen ties in China, with venture bets and dealmaking as key features. — BioPharma Dive
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Summit gets a November PDUFA date for its PD-1xVEGF bispecific. — Endpoints
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FDA places clinical holds on Regenxbio's MPS gene therapy programs (RGX-111 and RGX-121) after a CNS tumor finding — impacts the near-term RGX-121 decision timeline. — Fierce Biotech
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Sanofi abandons its bid to make an mRNA flu vaccine. — Fierce Biotech
Deal Flow
M&A / BD&L
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AstraZeneca ↔ CSPC: obesity/metabolic licensing deal — $1.2B upfront plus up to $17.3B milestones. — Reuters
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Recordati ↔ Moderna: global mRNA-3927 (propionic acidemia) collaboration — $50M upfront plus milestones/royalties. — PR
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Lilly ↔ Repertoire: up to ~$1.93B autoimmune alliance ($85M upfront). — Reuters
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Formation Bio licenses miR-124 activator for autoimmune diseases in a deal up to $500M. — PR
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Gameto licenses foundational meiosis IP from Harvard to advance its human ovary-in-a-dish platform. — PR
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Ardena divests its Södertälje drug substance site to Nanologica. — PR
VC / Private Financings
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Breakthru Medicine closes a $60M Series A (oncology). — PR
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Tenpoint raises $85M Series B (led by Janus Henderson Investors; participation from EQT Nexus, Hillhouse Investment, British Business Bank) plus a $150M debt facility (Hercules Capital) to support Yuvezzi launch. — PR
IPOs / Follow-Ons
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Agomab targets up to ~$212.5M in a US IPO (fibrostenosing Crohn's). — Reuters
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Vaxcyte prices a $550M public offering of common stock and pre-funded warrants. — PR
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Lexicon prices a ~$94.6M public offering and concurrent private placement. — PR
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