Upfront Briefing

Tape Action

Instrument Last close 1D % YTD % S&P 500 6,926.6 (0.5%) +1.2% Nasdaq 100 25,465.9 (1.1%) +0.9% Russell 2000 2,651.6 +0.7% +6.8% XBI (Biotech ETF) 126.8 +2.4% +4.0% Nasdaq Biotech 5,841.6 +1.1% +2.4% Clinical Trials ETF (BBC) 41.5 +4.2% +7.6%

• Biotech went risk-on while big tech slipped: XBI +2.4% vs Nasdaq 100 (1.1%).
• Standout mover: BBC popped +4.2%, the biggest swing on the tape.
• Market data: U.S. close 14-Jan-2026.

The Big 3

1 Lilly expects Q2 FDA decision on obesity pill Eli Lilly anticipates an FDA decision on its obesity pill in the second quarter, intensifying competition in the obesity market. Why it matters: Oral convenience is the wedge — if efficacy/tolerability clears a bar, the addressable population and payer posture can change fast, with knock-on effects for injectable demand curves and combo strategies. Source: BioPharma Dive

2 Teva highlights AJOVY pediatric Phase 3 trial results in NEJM Teva announced that results from the Phase 3 SPACE trial for AJOVY in pediatric migraine were published in the New England Journal of Medicine. Why it matters: NEJM-quality evidence strengthens Teva’s hand for pediatric coverage and guideline traction — and sets up a cleaner label-expansion story in a CGRP market where differentiation is incremental. Source: PR More: NEJM

3 Jazz sells priority review voucher for $200M Jazz Pharmaceuticals sold a priority review voucher for $200 million, marking the highest price in a decade. Why it matters: $200M is immediate, non-dilutive optionality — it can fund pipeline shots, reduce near-term financing risk, and signals PRV pricing hasn’t collapsed despite supply noise. Source: Endpoints

Everything Else that broke

• Swissmedic approves Santhera’s AGAMREE (vamorolone) for Duchenne muscular dystrophy. — PR
• Myqorzo and Redemplo approved in China. — PR
• Scribe Therapeutics to begin clinical testing of cholesterol-lowering gene editing therapy this summer. — Endpoints
• Thermo Fisher to wind down a North Carolina lab product site; 421 layoffs planned. — Endpoints
• Biogen aims to expand Alzheimer’s presence post-Leqembi launch (JPM26). — BioSpace
• BioCentury warns of a “slow-moving catastrophe” at the FDA (2026 outlook). — BioCentury
• ImmunityBio highlights Anktiva lung cancer data; Glaukos glaucoma implant sales disappointed. — Endpoints
• Gradalis reports a significant survival benefit in Phase 2b VITAL trial analysis for Vigil in ovarian cancer. — PR
• FDA approves Zycubo (copper histidinate) as first treatment for pediatric Menkes disease; approval includes a Rare Pediatric Disease Voucher (PRV). — FDA
• Gilead highlights Yeztugo numbers and HIV business development plans (JPM26). — BioSpace
• Drugmakers urge U.S. reforms to keep up with China (JPM26). — Endpoints

Deal Flow

M&A / BD&L

• Jazz sells priority review voucher for $200M. — Endpoints
• Alfasigma secures exclusive rights to parenteral adibelivir for HSV encephalitis (ultra-rare); deal terms up to €125M. — PR
• Oxford BioMedica confirms unsolicited approach / talks with EQT (UK take-private talks; deadline 11-Feb). — Reuters
• Ultrahuman and Click Therapeutics partner on a biomarker-driven migraine management tool based on FDA-authorized technology. — PR

VC / Private Financings

• Caldera launches with $112.5M (Series A + A-1) to advance dual-targeting IBD program (TL1A/IL-23): $75M Series A from Atlas Venture, LAV and venBio, plus a $37.5M Series A-1 led by Omega Funds with participation from Wellington Management and Janus Henderson Investors. — PR

IPOs / Follow-Ons

• No notable IPOs / Follow-Ons in the last 24 hours.

Academic Corner

• Fremanezumab in Children and Adolescents with Episodic Migraine. — NEJM
• Reducing Tobacco Use Worldwide: Smokeless Tobacco and Oral Cancer in Global Perspective. — NEJM
• Redirecting mast cells for antigen-specific cancer immunotherapy. — Nature RDD
• First antibody-mimetic adnectin nabs an FDA approval. — Nature RDD