Upfront Briefing
Bigcap mRNA keeps consolidating: BioNTech closed its CureVac acquisition to deepen mRNA tech and manufacturing and keep the oncology thesis moving.
Meanwhile, private capital is still writing real checks—Syremis pulled in a $165M Series A for schizophrenia, Addition emerged from stealth, and Orum added $100M for an ADC-protein degrader platform (investors remain allergic only to small rounds).
On the product side, the FDA approved GSK’s twice-yearly asthma biologic Exdensur, a potential reset for severe-asthma maintenance cadence.
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 | 6,721.4 | (1.2%) | 14.3% |
| Nasdaq 100 | 24,647.6 | (1.9%) | 17.3% |
| Russell 2000 | 2,492.3 | (1.1%) | 11.8% |
| XBI | 120.9 | (0.9%) | 34.3% |
| NBI | 5,644.9 | (0.6%) | 31.0% |
| Clinical Trials ETF (BBC) | 38.6 | (2.8%) | 61.1% |
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Risk-off tape: biotech held up better than the Nasdaq.
- Biggest mover on the board was BBC, sliding the most on the day.
- Market data: US close Wed 17 Dec 2025.
The Big 3
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1
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BioNTech acquires CureVac to boost mRNA technology, oncology
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BioNTech has completed its acquisition of CureVac, aiming to strengthen its mRNA technology and manufacturing capabilities. This move reinforces BioNTech's leadership in the mRNA field and its oncology strategy.
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Why it matters:
With ~86.75% of shares tendered and a compulsory buyout expected in Jan 2026, BioNTech is effectively locking up CureVac’s IP + know-how to deepen mRNA design/delivery/manufacturing as it pushes harder into oncology.
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Source:
PR
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2
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Syremis Therapeutics raises $165M Series A for schizophrenia
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Syremis Therapeutics, a biotech focused on schizophrenia drugs (lead = M1/M4 muscarinic agonist + NMDA antagonist), has secured a $165 million Series A financing round. This significant funding indicates strong investor confidence in its novel approach to treatments.
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Why it matters:
A “monster” A round signals that investors will still fund big, early schizophrenia bets—especially platforms positioned as the next wave after the recent mechanistic renaissance in the space.
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Source:
Endpoints
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3
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Orum secures $100M for ADC-protein degrader platform
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Orum has raised $100 million in funding for its innovative antibody-drug conjugate (ADC) and protein degrader technology. This investment highlights strong interest in its cancer treatment platform.
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Why it matters:
$100M behind degrader-antibody conjugates says private capital is leaning into complex modalities again—and Orum now has runway to advance its new lead (AML/CD123) after a strategic program reset.
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Source:
BioPharma Dive
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Everything Else that broke
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Biotech sector reaching profitability inflection point. — STAT
- Employers drop weight loss drug coverage amid pharma DTC growth. — STAT
- FDA approves GSK's twice-yearly asthma drug Exdensur. — BioPharma Dive
- European Commission unveils EU Biotech Act to boost sector. — Endpoints
- Senate passes Biosecure Act targeting Chinese suppliers. — Endpoints
- Padcev-Keytruda combo shows bladder cancer efficacy in Phase 3. — Endpoints
- DBV Technologies' peanut allergy patch succeeds in late-stage study. — BioPharma Dive
- Empower Pharmacy cuts staff, halts New Jersey operations. — Endpoints
- MediciNova completes enrollment for MN-166 neuropathy trial. — PR
- Confo Therapeutics nominates CFTX-2034 for hypoglycemia. — PR
- Immuneering advances Phase 3 atebimetinib trial for pancreatic cancer. — PR
- Abivax announces 22 abstracts on obefazimod for IBD at ECCO 2026. — PR
Deal Flow
M&A / BD&L
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BioNTech closes acquisition of CureVac to boost mRNA technology, oncology. — PR
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Athira licenses Phase 3 lasofoxifene program (ELAINE-3) from Sermonix. — PR
VC / Private Financings
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Syremis Therapeutics raises $165M Series A for schizophrenia. Investors include Third Rock Ventures, Dexcel Pharma, Bain Capital Life Sciences, Google Ventures (GV). — Endpoints
- Orum secures $100M for ADC-protein degrader platform. Lead investor: KB Investment — BioPharma Dive
- Addition Therapeutics emerges from stealth with $100M financing to date (PRINT™, all-RNA non-viral LNP platform). Investors include SR One, Pivotal, Abingworth, OUP, Gates Foundation, BEVC. — PR
IPOs / Follow-Ons / PIPEs
- Athira announces $90M private placement plus warrants that could bring total proceeds to up to $236M. Co-led by: Commodore Capital, Perceptive Advisors, TCGX. — PR
Academic Corner
- Detection of undiagnosed liver cirrhosis via AI-enabled electrocardiogram: a pragmatic, cluster-randomized clinical trial. — Nature Medicine
- FDA approves first gene therapy from a non-profit organization, but pricing and access questions remain. — Nature RDD
- Trends in target novelty in oncology R&D. — Nature RDD
- Targeting glycans for cancer immunotherapy. — Nature Biotech
- Antibody-lectin chimeras for glyco-immune checkpoint blockade. — Nature Biotech
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