Upfront Briefing
Lilly kicked off the deal tape with an agreed $1.2B takeout of Ventyx to add NLRP3 inflammasome inhibitors to its neuroscience and immunology push.
In parallel, the financing window stayed wide open: Phathom priced a $130M public offering (common + pre-funded warrants), while Santhera struck an APAC license for AGAMREE (vamorolone) worth up to $205M plus royalties.
And yes, biotech noticed: the sector ETFs outperformed at the close — capitalism’s way of saying “send more data and term sheets.”
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 |
6,920.9 |
(0.3%) |
1.1% |
| Nasdaq 100 |
25,653.9 |
0.1% |
1.6% |
| Russell 2000 |
2,575.4 |
(0.3%) |
3.8% |
| XBI (Biotech ETF) |
126.4 |
3.6% |
3.7% |
| Nasdaq Biotech |
5,943.5 |
3.0% |
4.1% |
| Clinical Trials ETF (BBC) |
39.5 |
6.2% |
2.5% |
|
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Biotech brought its own party: XBI outpaced the S&P 500, with a clean risk-on tilt inside healthcare.
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BBC was the standout mover, jumping more than the broader biotech tape.
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Market data: U.S. close Wed 07-Jan-2026.
The Big 3
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1
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Lilly to acquire Ventyx for $1.2B, adding NLRP3 drugs
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Eli Lilly is set to acquire Ventyx for approximately $1.2 billion, expanding its neuroscience and immunology pipeline with NLRP3 inflammasome inhibitors.
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Why it matters:
This is “platform risk” for Lilly at a manageable ticket: if oral NLRP3 works, it opens multi-indication optionality (IBD/autoimmune + potentially broader inflammasome biology) and re-rates the whole NLRP3 peer set. Also note the $14/share cash structure limits financing/closing complexity.
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Source:
BioPharma Dive
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More:
BioCentury; Endpoints
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2
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Phathom prices $130M public offering of stock and warrants
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Phathom Pharmaceuticals announced the pricing of its $130 million public offering, consisting of common stock and pre-funded warrants.
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Why it matters:
Equity + pre-funded warrants is a classic “keep the lights on + widen the buyer base” structure, but it creates near-term overhang; watch for (i) pricing vs last close, (ii) how much ends up in warrants, (iii) whether they pair it with updated guidance.
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Source:
PR
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More:
PR
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3
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Santhera licenses AGAMREE to Nxera Pharma in APAC
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Santhera has licensed AGAMREE (vamorolone) to Nxera Pharma for Japan, South Korea, Australia, and New Zealand in a deal valued at up to $205 million plus royalties.
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Why it matters:
The headline “up to $205M” is fine, but the $40M upfront (incl. equity) is the real de-risking datapoint: it supports runway and validates ex-US demand while keeping royalties. It also gives you a cleaner framework for other regional carve-outs.
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Source:
PR
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More:
PR
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Everything Else that broke
- Immuneering shares updated first-line pancreatic cancer data. — Endpoints
- AbbVie denies media reports of talks to buy Revolution Medicines. — Reuters
- FDA advisory committees were the fewest since the pandemic in 2025. — Endpoints
- Administration backs pediatric Priority Review Vouchers (PRVs) legislation. — BioCentury
- BioCentury: $1B+ biotech takeouts surged in 2025. — BioCentury
- Lux Capital raised a $1.5B fund focused on biotech and health tech. — Endpoints
Deal Flow
M&A / BD&L
- Lilly to acquire Ventyx for $1.2B, adding NLRP3 inflammasome inhibitors. — BioPharma Dive
- Lilly partners with InduPro in a deal worth up to $950M. — Fierce Biotech
- DISCO Pharmaceuticals licenses cancer-surfaceome programs to Amgen (up to $618M + royalties). — PR
- Foresee licenses MMP-12 inhibitor programs to Primevera ($10M upfront + up to $584.5M milestones + royalties). — Barchart
- Santhera licenses AGAMREE (vamorolone) to Nxera Pharma in Japan, South Korea, Australia, and New Zealand (up to $205M plus royalties). — PR
VC / Private Financings
- Mediar Therapeutics announces an oversubscribed $76M Series B financing. — PR
- Curis prices a private placement totaling up to $80.8M in gross proceeds. — PR
- Engitix raises $25M in a Series A extension financing. — PR
IPOs / Follow-Ons
- Phathom prices a $130M public offering of common stock and pre-funded warrants. — PR
- Bright Minds Biosciences prices an upsized US$175M public offering. — PR
- Aktis Oncology targets an upsized IPO (up to ~$317.7M), with Lilly anchoring ~$100M. — Reuters
- Monte Rosa launches a $200M public offering. — Investing.com
- Genelux announces a proposed public offering of common stock. — PR
- Alumis prices an upsized public offering; BioCentury notes its Phase 3 TYK2 data in psoriasis. — BioCentury
Academic Corner
- Understanding the link between atrial fibrillation and cognitive decline — Nature Medicine
- Balancing immunity with Tregs — Nature Biotech
- Prime editing to suppress nonsense mutations — Nature RDD
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