BioBucks Newsletter
FTC–Express Scripts insulin settlement, a Tavneos withdrawal ask, and a fresh IPO price tag for late-stage comps.
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Upfront Briefing
Eikon Therapeutics priced an upsized IPO, dropping a new valuation datapoint into the late-stage biotech comps set (yes, the window is cracked open).
On the policy/regulatory front, the FTC settled its insulin rebates lawsuit with Express Scripts, and the FDA is revisiting a years-old Tavneos data issue — with BioCentury reporting the agency asked Amgen to withdraw the drug.
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 |
6,882.8 |
(0.5%) |
+0.5% |
| Nasdaq 100 |
24,891.3 |
(1.8%) |
(1.4%) |
| Russell 2000 |
2,624.6 |
(0.9%) |
+5.7% |
| Healthcare (XLV) |
156.0 |
+1.3% |
+0.8% |
| Biotech (XBI) |
125.3 |
(1.8%) |
+2.8% |
| Nasdaq Biotech (NBI) |
5,927.9 |
+0.2% |
+3.9% |
| Clinical Trials (BBC) |
40.9 |
(2.9%) |
+6.2% |
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- Tech-led risk-off hit the tape (Nasdaq-100 (1.8%)), while defensives caught a bid — helping healthcare (XLV) finish green +1.3% despite a broader pullback.
- Biotech dispersion widened: large-cap tilt held up (NBI +0.2%) while higher-beta / small-mid exposure sold off (XBI (1.8%) and BBC (2.9%)).
The Big 3
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Eikon Therapeutics prices upsized initial public offering
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- Eikon Therapeutics announced the pricing of its upsized initial public offering, injecting new capital and setting a valuation benchmark for late-stage biotech financing.
- Why it matters: A clean, upsized IPO print is a real-time sentiment check for late-stage biotech risk — it can reset crossover/private marks, improve follow-on feasibility, and (if it trades well) pull other 2026 IPO candidates off the sidelines.
- Source: PR
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2
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FTC settles insulin rebates lawsuit with Express Scripts
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- The FTC has settled an insulin lawsuit with Express Scripts, a move that could reshape rebate economics and PBM contracting terms.
- Why it matters: The settlement is a tangible step toward unwinding rebate-driven insulin economics — a read-through to PBM contracting models and margin structures (and potentially to how quickly “lowest-net-cost” dynamics spread beyond insulin).
- Source: Endpoints
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| 3 | FDA revisits data issue for Tavneos; agency asked Amgen to withdraw |
- The FDA is revisiting a years-old data issue tied to Tavneos and has reportedly asked Amgen to withdraw the drug.
- Why it matters: A withdrawal request (even if voluntary) is the highest-severity regulatory signal short of enforcement — it pressures Tavneos revenue durability and re-opens diligence questions on the ChemoCentryx acquisition thesis, while also raising broader “data integrity / historical dataset” risk for other legacy assets.
- Source: BioCentury
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Everything Else that broke
- ICYMI: Rare pediatric priority review voucher program reauthorized. — Endpoints
- AbbVie outlines post-Humira growth focus and portfolio priorities. — Endpoints
- Eli Lilly discusses GLP-1 expansion into immunology and inflammation. — BioSpace
- Weight-loss drug updates: endpoints vs stock reaction; Wegovy pill. — BioCentury
- Sarepta gene therapy faces safety concerns and competitive pressure. — BioSpace
- Alvotech reports positive PK study results for Entyvio biosimilar. — PR
- Wave regains full rights to RNA-editing program WVE-006 from GSK. — CGTLive
- Oncolytics gets FDA Fast Track for pelareorep in 2L KRAS-mutant MSS mCRC. — PR
- Sobi reports Q4 and FY 2025 results with significant growth. — PR
Deal Flow
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BioBucks 2026 Deal Trackers • Click Here
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M&A / BD&L
- Tempest announces closing of strategic acquisition of dual-targeting CAR-T assets. — PR
- Zonsen PepLib enters global R&D collaboration and license agreement with Lilly (terms not disclosed). — BioSpace
- Biodexa licenses Otsuka’s OPB-171775 (Phase 1-ready molecular glue) for GIST (terms not disclosed). — BioSpace
VC / Private Financings
- No notable VC / Private Financings in the last 24 hours.
IPOs / Follow-Ons
- Eikon Therapeutics prices upsized initial public offering. — PR
- Veradermics prices initial public offering and begins trading (MANE). — BioSpace
Academic Corner
- Pilot phase clinical trial of a wearable, electrochemical aptamer-based patch for continuous drug concentration measurement. — Nature Biotech
- Editorial Expression of Concern: Direct targeting of Sec23a by miR-200s influences cancer cell secretome and promotes metastatic colonization. — Nature Medicine
- Repotrectinib in NTRK fusion–positive advanced solid tumors: a phase 1/2 trial. — Nature Medicine
- High-dose nusinersen for spinal muscular atrophy: a phase 3 randomized trial. — Nature Medicine
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That’s it for today — mind the term sheet behind the headline. See you tomorrow. BioBucks Team
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