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Upfront Briefing
Biotech rode a risk-on tape into one of the biggest follow-on days in recent memory, led by Immunovant’s $550M common stock raise.
On the pharma side, Sanofi locked in dual China approvals for rare disease drugs, while Zealand Pharma laid out an obesity- and metabolic-focused 2030 roadmap.
AI and anti-infectives also stayed busy, with new partnerships, trial starts, expedited antibiotic approvals, and a nonprofit landing an FDA nod for a rare disease gene therapy.
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 |
6,886.7 |
0.7% |
17.1% |
| NDX |
25,776.4 |
0.4% |
22.7% |
| Russell 2000 |
2,559.6 |
1.3% |
14.8% |
| XBI |
122.1 |
0.7% |
35.5% |
| NBI |
5,681.5 |
1.1% |
31.8% |
| BBC |
39.8 |
1.2% |
66.3% |
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- • Biotech kept outrunning big tech, with XBI and NBI handily ahead of the S&P and Nasdaq on both the day and year to date.
- • High-beta biotech tilted risk-on, as small caps (^RUT) and equal-weight BBC led the tape with the biggest 1D moves.
The Big 3
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1
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Immunovant announces $550M common stock financing
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Immunovant has priced a $550 million common stock offering, signaling strong investor confidence and providing substantial capital for its clinical-stage immunology programs.
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Why it matters:
A $550M raise in a single shot is a loud vote of confidence — not just in Immunovant’s FcRn franchise, but in the reopening of the biotech follow-on window for late-stage immunology names.
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Source:
PR
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More:
BioCentury; Endpoints
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2
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Sanofi's Qfitlia and Cablivi approved in China
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Sanofi has received dual approvals in China for its rare disease treatments, Qfitlia and Cablivi, expanding treatment options in a key market.
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Why it matters:
Sanofi's dual approvals in China expand treatment options for rare diseases, indicating market expansion and regulatory success in a key region.
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Source:
PR
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3
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Zealand Pharma outlines Metabolic Frontier 2030 strategy
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Zealand Pharma has unveiled its Metabolic Frontier 2030 strategy and a new collaboration, aiming to become a leader in obesity and metabolic health.
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Why it matters:
Zealand Pharma's new strategy and collaboration aim to position it as a leader in obesity and metabolic health, potentially driving future growth and innovation.
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Source:
PR
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More:
PR
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Everything Else that broke
- • Weakened bill to cut off Chinese biotech firms nears passage, signaling ongoing Biosecure Act scrutiny. — STAT
- • Bexorg is rethinking CNS drug discovery with an AI-integrated whole-human-brain perfusion platform. — BioCentury
- • ASH 2025 highlights new BTK modalities advancing treatment options for B cell malignancies, including resistant disease. — BioCentury
- • Study sheds light on myocarditis as a rare Covid vaccine side effect, informing future vaccine safety and development. — STAT
- • Nonprofit wins FDA approval for a rare disease gene therapy, showing an alternative path to develop treatments. — STAT
- • Adare Pharma shutters its Philadelphia site and lays off over 100 staffers, marking a major operational reset. — Endpoints
- • Apple Tree files for bankruptcy while seeking funds from a Russian billionaire backer, underscoring financing strain. — Endpoints
Deal Flow
M&A / BD&L
- • Basilea and Phare Bio partner to combine anti-infectives expertise with AI capabilities for a novel antibiotic. — PR
- • Zealand Pharma and OTR Therapeutics enter multi-program strategic collaboration — PR
VC / Private Financings
- • No notable VC / Private Financings in the last 24 hours.
IPOs / Follow-Ons
- • Immunovant prices a $550 million common stock offering to fund its clinical-stage immunology programs. — PR
- • Addex amends its at-the-market offering agreement with H.C. Wainwright & Co., tweaking capital-raising flexibility. — PR
Academic Corner
- • Review of current and emerging approaches to evaluating influenza vaccine performance and their limitations. — NEJM
- • History of Medicine piece examines the role of smallpox during the Siege of Boston in the American Revolution. — NEJM
- • Review of liquid biopsy methods summarizes clinical validity, utility, and use across the cancer care continuum. — Nature Medicine
- • Overview of upcoming FDA approval decisions in Q1 2026 and their implications. — Nature RDD
- • Randomized trial finds ketamine does not lower in-hospital mortality versus etomidate for intubating critically ill adults. — NEJM
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Stay scrappy,
BioBucks Team
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