Upfront Briefing
Merck is buying Terns for $6.7B to add a CML therapy — big price tag, bigger message: late-stage oncology still clears the capex committee. On the regulator/tape combo platter: Denali notched accelerated approval in rare disease, while Maze sold off despite positive or mixed kidney data — because apparently “mixed” is still a four-letter word.
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 |
6,591.9 |
+0.5% |
(3.7%) |
| Nasdaq 100 |
24,163.0 |
+0.7% |
(4.1%) |
| Russell 2000 |
2,536.4 |
+1.2% |
+2.2% |
| Healthcare (XLV) |
146.2 |
+1.0% |
+6.1% |
| Biotech (XBI) |
123.9 |
+3.7% |
+1.3% |
| Nasdaq Biotech (NBI) |
5,729.5 |
+2.6% |
+0.4% |
| Clinical Trials (BBC) |
41.0 |
+4.0% |
+2.2% |
|
- Biotech beta led hard: XBI +3.7% and NBI +2.6% outran the S&P 500 +0.5%, with the Merck/Terns takeout helping reinforce that strategic appetite for oncology risk is still alive.
- The broader tape was risk-on, not just sector-specific: the Russell 2000 +1.2% and XLV +1.0% both rose as oil eased and hopes for Middle East de-escalation improved sentiment.
- Market data: U.S. close Wed 25-Mar-2026.
The Big 3
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1
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Merck to buy Terns in $6.7B deal for CML therapy
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- Merck is set to buy Terns in a $6.7B deal centered on a CML therapy. The transaction underscores big pharma interest in late-stage oncology growth.
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Why it matters:
The read-through is bigger than one asset: Merck paid real money for a late-stage, differentiated CML challenger ahead of the Keytruda cliff, which tells investors that pharma buyers are still willing to underwrite premium oncology growth where the clinical positioning is strong and commercial timelines are visible. That should support valuation frameworks for late-clinical targeted oncology names, even if the low headline premium tempers how broadly you apply the comp.
- Source: BioCentury
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2
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FDA grants Denali accelerated approval for rare disease drug
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- FDA granted Denali accelerated approval for a rare disease drug. The decision highlights ongoing investor focus on surrogate-endpoint pathways.
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Why it matters:
This is an important precedent for rare-disease investors: Avlayah won accelerated approval on a biomarker-backed package in a tougher regulatory backdrop, validating Denali’s CNS-delivery approach and reinforcing that surrogate-endpoint pathways remain investable where outcome studies are hard to run.
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Source:
Endpoints
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More:
BioCentury
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| 3 | Maze shares drop despite positive or mixed kidney drug data |
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Maze shares fell despite positive or mixed data for a kidney disease drug. The move underscores how investors are weighing subgroup strength and positioning in kidney disease.
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Why it matters:
Tape says investors want cleaner efficacy magnitude and registration visibility in APOL1 kidney disease; that raises the bar for peers heading into readouts.
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Source:
BioSpace
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More:
Endpoints
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Everything Else that broke
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MHRA outlines overhaul to boost the U.K. as a clinical-trials hub ahead of April rule changes. —
BioCentury
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Takeda’s transformation looks set to continue under incoming CEO Julie Kim. —
Endpoints
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Sarepta shares jumped on early siRNA data, giving investors a fresh look at the post-Elevidys rebuild story. —
STAT
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Hengrui Pharma reported strong 2025 annual results, adding to the case that large-cap China biopharma remains operationally resilient. —
PR
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Ascentage Pharma posted FY2025 unaudited results and business updates. —
PR
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Swissmedic approved Norgine’s PEDMARQSI for prevention of cisplatin-induced hearing loss in children. —
PR
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Implantica’s year-end report flagged FDA inspections, keeping a regulatory overhang in focus. —
PR
Deal Flow
| BioBucks 2026 Deal Trackers • Updated weekly ⬇️
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M&A / BD&L
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Merck to buy Terns in $6.7B deal for CML therapy, adding TERN-701 as it builds beyond Keytruda. — Reuters
VC / Private Financings
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Gilgamesh Pharma raised a $60M Series A to back its neuropsychiatric pipeline; syndicate included Satori Neuro plus new and existing institutional investors including Prime Movers Lab. — Fierce Biotech
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Immutrin raised an $87M Series A to advance an ATTR cardiomyopathy antibody into clinical proof-of-concept; syndicate included Frazier Life Sciences, F-Prime, Qiming Venture Partners, SR One, Cambridge Innovation Capital and Cambridge Enterprise Ventures. — Fierce Biotech
IPOs / Follow-Ons
Things that make you go hmmm ...
New FDA drug approvals through 2025. Source: MavenBio.
Academic Corner - Engineering in vivo CAR-T cells. — Nature Medicine
- A blueprint to accelerate rare pediatric gene therapy approvals. — Nature Medicine
- In vivo generation of anti-BCMA CAR-T cells in relapsed or refractory multiple myeloma: a phase 1 study. — Nature Medicine
- Pembrolizumab and olaparib in homologous-recombination-deficient metastatic pancreatic cancer: the phase 2 POLAR trial. — Nature Medicine
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