Monday: Sobi pays up for gout

Upfront Briefing

Tape Action

Instrument Last close 1D % YTD % S&P 500 6,827.9 (1.1%) 16.1% Nasdaq 100 25,200.3 (1.9%) 19.9% Russell 2000 2,551.7 (1.5%) 14.4% XBI (Biotech) 123.1 0.1% 36.7% NBI (Biotech) 5,711.0 (0.3%) 32.5% Clinical Trials ETF (BBC) 40.0 (0.2%) 66.9%

• Biotech held up better than the broader tape: XBI eked out a gain while the S&P 500 sold off.
• Nasdaq led the downside (vs S&P 500) in a mostly red session.

The Big 3

1 Sobi acquires Arthrosi Therapeutics for $950M upfront Sobi has acquired Arthrosi Therapeutics in a deal worth $950 million upfront, aiming to strengthen its position in the gout treatment market with a Phase 3 asset. Why it matters: A $950M upfront tag for a private, late-stage gout asset reinforces how much value pharma is putting on de-risked, specialty medicines — and resets the comps for other kidney/cardiometabolic players circling Ph3 programs. Source: Endpoints

2 FDA approves Milestone's Cardamyst nasal spray for arrhythmia An at-home, on-demand option for this arrhythmia could shift care away from the ER and IV drugs, expanding the treatment market and giving Milestone a beachhead product in a cardiology niche that’s been device- and procedure-heavy. Why it matters: Milestone Pharmaceuticals secures FDA approval for its nasal spray, Cardamyst, offering a new emergency treatment option for a form of heart arrhythmia. Source: Endpoints

3 Child's death raises gene therapy research concerns A child's sudden death in a gene therapy trial for neurological disorders highlights the inherent risks and challenges within this promising but complex field. Why it matters: A pediatric death in a neuro gene therapy study will sharpen FDA and IRB scrutiny on high-dose CNS programs, potentially slowing timelines, raising development costs, and forcing sponsors to rethink how they communicate risk to families and investors. Source: STAT

Everything Else that broke

• Sanofi updates on tolebrutinib for multiple sclerosis. — PR
• FDA considers black box warning for COVID-19 vaccines. — BioSpace
• Arcus, Gilead end TIGIT cancer drug program after failure. — BioPharma Dive
• EMA recommends rejecting Anavex's Alzheimer’s drug. — Endpoints
• FDA expands Amgen's Uplizna label for myasthenia gravis. — BioSpace
• New gonorrhea treatments from GSK, Innoviva approved. — Fierce Pharma
• EMA's CHMP backs new medicines from Hansoh, Cytokinetics. — BioCentury
• Europe proposes shortening drug exclusivity period. — STAT
• GSK's long-acting asthma med depemokimab endorsed by CHMP. — Fierce Pharma
• Novartis breaks ground on NC manufacturing hub. — PR
• Centessa Pharmaceuticals announces CEO transition. — Endpoints
• Tiziana Life Sciences to dose first patient in Alzheimer’s trial. — PR
• Mineralys' lorundrostat trial recognized by JAMA. — PR
• EMA recommends higher Wegovy dose for obesity. — PR
• Predictive Oncology rebrands to Axe Compute, enters AI. — PR
• NANOBIOTIX to join CAC Mid 60 and SBF 120 indices. — PR
• argenx updates on efgartigimod studies for thyroid eye disease. — PR
• FDA's 'conundrum' with drugs failing confirmatory trials. — BioSpace

Deal Flow

M&A / BD&L

• Sobi acquires Arthrosi Therapeutics for $950M upfront. — Endpoints
• GSK spins out bioelectronic tech VC fund. — Endpoints

VC / Private Financings

• Impulse Dynamics secures $158M for heart failure implant. — Fierce Biotech

IPOs / Follow-Ons

• Tenaya targets $60M offering after heart disease updates. — Endpoints
• Biopharma public equity raises nearly $4.5B in a week. — BioCentury

Academic Corner

• Cancer screening must become more precise — Nature Medicine argues that early-detection studies need to evolve and integrate multimodal data to better identify high-risk individuals. — Nature Medicine
• Betting on β-catenin inhibitors in oncology — A Nature Reviews Drug Discovery piece surveys emerging approaches to dial down overactive WNT–β-catenin signaling using stabilized peptides, condensate modulators and degraders. — Nature RDD