Upfront Briefing
AbbVie kicked off deal chatter by licensing ex-China rights to RemeGen’s PD-1 x VEGF bispecific RC148, with plans to explore ADC combinations.
Regulatory tape stayed busy too: argenx’s VYVGART sBLA in AChR-Ab seronegative gMG was accepted with Priority Review.
And in late-stage cleanup, the FDA lifted a partial clinical hold on Merck and Daiichi Sankyo’s Phase 3 lung cancer study — a small line item that can move big timelines.
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 |
6,977.3 |
0.2% |
1.9% |
| Nasdaq 100 |
25,787.7 |
0.1% |
2.1% |
| Russell 2000 |
2,635.7 |
0.4% |
6.2% |
| XBI (Biotech ETF) |
123.9 |
(0.5%) |
1.6% |
| Nasdaq Biotech |
5,774.6 |
(0.7%) |
1.2% |
| Clinical Trials ETF (BBC) |
39.4 |
(0.5%) |
2.1% |
|
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Biotech lagged a firmer tape: XBI (0.5%) slid while the S&P 500 0.2% ticked up.
- Small-caps led the board: Russell 2000 0.4% was the day’s standout mover.
- Market data: U.S. close Mon 12-Jan-2026.
The Big 3
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1
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AbbVie licenses RemeGen PD-1 x VEGF bispecific outside China
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AbbVie has licensed ex-China rights to RemeGen's PD-1 x VEGF bispecific (RC148), with plans to explore ADC combinations. The deal includes a $650M upfront, and up to $4.95B in additional milestones ($5.6B total).
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Why it matters:
The check size is the signal: AbbVie is paying for an ex-China IO backbone and keeping optionality for combo/next-gen regimens—use this as a comp read-through for other late-stage oncology bispecifics shopping western rights.
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Source:
BioCentury
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More:
BioCentury
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2
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argenx VYVGART sBLA accepted with Priority Review for gMG
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argenx announced FDA acceptance of its Supplemental Biologics License Application (sBLA) for VYVGART in AChR-Ab seronegative gMG, granted Priority Review.
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Why it matters:
Priority Review compresses the clock—watch the label language (who’s in) and what that implies for 2026 revenue cadence in gMG.
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Source:
PR
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3
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FDA lifts partial hold on Merck, Daiichi Sankyo lung cancer study
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The FDA has lifted a partial clinical hold on Merck and Daiichi Sankyo's Phase 3 lung cancer study, allowing the trial to proceed.
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Why it matters:
A lifted partial hold removes a key schedule-risk overhang—watch for any protocol changes and whether timelines snap back for pivotal readouts/filing plans.
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Source:
Endpoints
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Everything Else that broke
- The FDA is easing manufacturing rules for cell and gene therapies and updating post-approval change requirements. — Endpoints
- A Congressional biotech panel recommended upgrades to FDA policy to improve performance for emerging biotech companies. — Endpoints
- Pfizer was enlisted at the FDA’s request to help ease a shortage of a drug promoted as a potential autism treatment. — Endpoints
- Walmart is returning to healthcare via virtual care connections. — Endpoints
- JPM26 themes included the US biotech “Sputnik moment,” Pfizer’s obesity ambitions, and updates from Bristol Myers. — BioPharma Dive
- At JPM26, Novo Nordisk’s CEO commented on the GLP-1 compounding boom and the rise of telehealth. — Endpoints
- At JPM26, Bristol Myers discussed its focus on early-stage dealmaking amid a late-stage frenzy. — BioSpace
Deal Flow
M&A / BD&L
- AbbVie licensed ex-China rights to RemeGen’s PD-1 x VEGF bispecific (RC148), with plans to explore ADC combinations. — BioCentury
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Nuvation Bio and Eisai entered an exclusive licensing agreement for taletrectinib in Europe and additional countries (outside the U.S., China and Japan). —
PR
- Pretzel Therapeutics acquired Rome Therapeutics and its “dark genome” work. — Endpoints
- Avadel shareholders approved the proposed acquisition by Alkermes. — PR
- Precision Neuroscience and Medtronic partnered to integrate a brain–computer interface with Medtronic’s neurosurgical platform. — PR
VC / Private Financings
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Kinaset Therapeutics raised an oversubscribed $103M Series B (led by EQT Life Sciences) to advance frevecitinib, an inhaled pan-JAK inhibitor, into a Phase 2 dose-ranging study in severe asthma. —
PR
IPOs / Follow-Ons
- No notable IPOs / Follow-Ons in the last 24 hours.
Academic Corner
- Histone methyltransferase inhibition hampers prostate cancer. — Nature RDD
- Boosting CAR T cell efficacy. — Nature RDD
- Innate immune receptor agonist for cancer immunotherapy. — Nature RDD
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