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Upfront Briefing
Eli Lilly signed an up-to $1.12B research + licensing deal with Seamless Therapeutics to develop programmable recombinase genetic medicines for hearing loss — a notable big-pharma check for next-gen gene editing beyond standard nuclease approaches.
Halozyme snapped up Surf Bio for $300M upfront + up to $100M in milestones, doubling down on delivery/IP while the market keeps paying for durable royalty-style cash flows.
And the IPO tape stayed open: Eikon set terms targeting a ~$908M valuation — a clean read-through for whether the early-’26 class can price (and trade) with any discipline.
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 |
6,999.7 |
+0.3% |
+1.9% |
| Nasdaq 100 |
26,022.8 |
+0.3% |
+3.1% |
| Russell 2000 |
2,653.6 |
(0.5%) |
+6.9% |
| XBI (Biotech ETF) |
125.9 |
(2.0%) |
+3.3% |
| Nasdaq Biotech |
5,894.9 |
(1.7%) |
+3.3% |
| Clinical Trials ETF (BBC) |
41.5 |
(3.2%) |
+7.5% |
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- Mega-cap/earnings strength kept the tape bid: Nasdaq 100 added +0.3% and the S&P flirted with ~7,000.
- Biotech lagged hard: XBI (2.0%); NBI (1.7%) — classic "risk-off within risk-on" positioning (high-beta de-grossing vs cash-flowing winners).
- Clinical-stage beta was the pain point: BBC down (3.2%).
- Market data: U.S. close Jan 28, 2026.
The Big 3
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1
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Eli Lilly, Seamless in up-to $1.12B gene-editing alliance
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Lilly signed a global research collaboration + exclusive license with Seamless to develop programmable recombinase-based genetic medicines for hearing loss; Seamless is eligible for over $1.12B (upfront + R&D funding + milestones), plus tiered royalties.
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Why it matters:
Another big-pharma "vote" for next-gen editing modalities (recombinase systems that can enable precise DNA changes) — i.e., platform validation that can re-rate the broader gene-editing/tooling ecosystem. For investors, the watch items are delivery/PK in the inner ear and whether non-nuclease approaches can deliver durable efficacy with cleaner safety/CMC.
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Source:
BioPharma Dive
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2
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Halozyme acquires Surf Bio in up-to $400M delivery-tech deal
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Halozyme is buying Surf Bio for $300M upfront plus up to $100M in milestones, expanding its drug-delivery/IP stack alongside its subQ royalty engine.
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Why it matters:
This is “platform M&A” with a P&L kicker: Halozyme paired the Surf buy with a guidance raise, reinforcing investor appetite for durable royalty streams + IP that can extend into the 2040s.
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Source:
Fierce Pharma
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3
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Eikon sets IPO terms, targeting ~$908M valuation
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Eikon (led by ex-Merck R&D chief Roger Perlmutter) set terms for a U.S. IPO, looking to raise up to ~$318M and valuing the company at up to ~$908M.
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Why it matters:
The IPO window is a sentiment trade: a clean price/aftermarket read-through can pull the whole “early-’26 listing class” forward. Perlmutter also adds a real credibility premium — watch pricing discipline and post-deal support.
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Source:
Reuters
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Everything Else that broke
- Tenpoint gets FDA approval for presbyopia eye drop. — Endpoints
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Roche prints solid 2025 and guides 2026 (mid-single-digit sales growth; high-single-digit core EPS growth) with a dividend bump to CHF 9.80 — big-cap “visibility bid” into earnings season. —
Roche
- Regenxbio gene therapy trials suspended by FDA. — BioPharma Dive
- Elevar submits NDA for lirafugratinib in cholangiocarcinoma. — PR
- FDA asks court to pause Louisiana mifepristone case. — Endpoints
- ChenMed CEO warns against GLP-1 use for seniors. — Endpoints
- Nurix reports Q4, FY 2025 results; provides update. — PR
- Serina Therapeutics gets FDA IND clearance for SER-252. — PR
- Siren Biotechnology announces FDA clearance of first IND. — PR
- OSE Immunotherapeutics names key lusvertikimab indications. — PR
- Lonza still plans to sell capsules, health ingredients. — Endpoints
- Teva CEO: company transitioned to biopharma. — Endpoints
- China introduces 7-year orphan drug exclusivity. — BioCentury
- BioCentury previews 2026 RNAi, exon-skipping catalysts. — BioCentury
Deal Flow
M&A / BD&L
- Eli Lilly, Seamless in up-to $1.12B gene-editing alliance. — BioPharma Dive
- Halozyme acquires Surf Bio in up-to $400M deal (drug delivery). — BioPharma Dive
- Alvotech settles Eylea biosimilar patent disputes globally. — PR
VC / Private Financings
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AI biotech Hologen (co-founded by ex-Google CEO Eric Schmidt) reportedly raising $150M — a “large-medicine model” play that’s already partnered with MeiraGTx on AI-enabled neuro gene therapy work. —
STAT
IPOs / Follow-Ons
- Eikon Therapeutics sets terms for IPO, targets ~$908M valuation. — Reuters
- Veradermics files for IPO, targets $181M raise. — Endpoints
Academic Corner
- A Randomized Trial of Tenecteplase in Acute Central Retinal Artery Occlusion. — NEJM
- Fecal microbiota transplantation plus immunotherapy in non-small cell lung cancer and melanoma: the phase 2 FMT-LUMINate trial. — Nature Medicine
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That’s it for today — remember: it’s not “volatility,” it’s “price discovery.” See you tomorrow. BioBucks Team
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