Upfront Briefing
Sanofi is swapping CEOs: Paul Hudson is out, and Belén Garijo is set to step in — a very on-the-nose way to signal “strategy refresh” without writing the words.
On the capital calendar, Nektar priced an upsized $400M public offering, while Ipsen posted FY2025 results and laid out 2026 guidance — the two fastest ways to move a model (cash and numbers).
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 |
6,941.5 |
0.0% |
+1.4% |
| Nasdaq 100 |
25,201.3 |
+0.3% |
(0.2%) |
| Russell 2000 |
2,669.5 |
(0.4%) |
+7.6% |
| Healthcare (XLV) |
156.3 |
+0.6% |
+0.9% |
| Biotech (XBI) |
124.7 |
(0.6%) |
+2.2% |
| Nasdaq Biotech (NBI) |
5,923.3 |
+0.4% |
+3.8% |
| Clinical Trials (BBC) |
40.6 |
(1.0%) |
+5.3% |
|
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Tape was mixed: defensives held up (XLV +0.6%) as investors leaned lower-beta, while biotech lagged (XBI (0.6%)) amid ongoing financing/dilution overhang across the complex.
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Standout mover: Clinical Trials (BBC) was the biggest swing on the day, down (1.0%) — a reminder that “pre-rev” beta still trades like risk-on/risk-off.
The Big 3
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1
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Sanofi CEO Paul Hudson out, Belén Garijo to step in
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- Sanofi announced a leadership change as Paul Hudson departs and Belén Garijo is set to become the new Chief Executive Officer, marking a significant transition for the company.
- Why it matters: This reads as a board-level “reset”: leadership change typically precedes shifts in R&D governance, portfolio pruning, and capital allocation (including external BD/M&A). Near-term, it can also widen the uncertainty band on execution until a refreshed strategy is communicated.
- Source: Endpoints
- More: PR
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2
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Nektar Therapeutics prices upsized $400M public offering
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- Nektar Therapeutics has priced an upsized public offering to raise $400 million, a move that could impact the company's financial runway and valuation.
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Why it matters:
Terms matter: Nektar priced 6.6M shares at $58.00 (plus 0.29M pre-funded warrants) on the back of positive AD data (see yesterday), which likely extends runway materially — but it also sets a new dilution/valuation reference point and is a read-through on the current biotech follow-on window.
- Source: PR
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3
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Ipsen reports FY2025 results, provides 2026 guidance
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Ipsen has released its full-year 2025 results and provided 2026 guidance.
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Why it matters:
Ipsen’s 2026 outlook is a clean model anchor (sales growth >13% CER; core operating margin >35%), but it also flags portfolio reality — management no longer expects €500m peak sales for Onivyde and Tazverik, which can reset LT expectations.
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Source:
PR
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Everything Else that broke
- FDA may limit Moderna flu vaccine review to older adults (follow-on from yesterday’s filing freeze). — Endpoints
- Vaxcyte doses first participants in OPUS-3 Phase 3 trial evaluating VAX-31. — PR
- Biogen announces board chair transition. — PR
- WuXi Vaccines receives Brazil ANVISA GMP certification. — PR
- FDA clears IND for ArkBio's AK3280 Phase 2 trial in IPF. — PR
- Hinge Health explores AI tools for mental health support. — Endpoints
- Bavarian Nordic reports preliminary 2025 results, 2026 guidance. — PR
- Vistin Pharma reports Q4 and preliminary 2025 results. — PR
Deal Flow
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BioBucks 2026 Deal Trackers • Updated weekly
⬇️
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M&A / BD&L
- Sanofi completes acquisition of Dynavax (HEPLISAV-B; Z-1018). — PR
- Madrigal licenses multiple siRNA assets for MASH from Suzhou Ribo/Ribocure ($60M upfront; up to $4.4B milestones + royalties). — PR
- THX Pharma & Biocodex sign rare disease licensing deal (Batten, Gaucher, Niemann-Pick C; reported up to ~$206M). — BW
- BioMarin–Amicus deal analysis: Voxzogo competitive outlook. — BioSpace
- Oxford BioMedica: PUSU deadline extended to 5pm on 25 Feb 2026 as EQT discussions continue. — RNS
VC / Private Financings
- Sable Bio raises €3.2M seed — led by MMC Ventures; joined by Episode 1 & Seedcamp. — EU-Startups
- Berlin Heals raises over $10M (investor syndicate not disclosed). — PR
IPOs / Follow-Ons
- Nektar Therapeutics prices upsized $400M public offering. — PR
- Xilio Therapeutics prices underwritten offering. — PR
Academic Corner
- A Phase 3 Trial of Atacicept in Patients with IgA Nephropathy. — NEJM
- Sibeprenlimab in IgA Nephropathy — Interim Analysis of a Phase 3 Trial. — NEJM
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