BioBucks Newsletter
Ultragenyx/Mereo stumble in rare bone disease, a small raise prints, and Denali lands an NEJM publication.
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Upfront Briefing
Risk was out in biotech at the US cash close, with XBI lagging broader indices. The headline driver: Ultragenyx/Mereo’s rare bone disease readout flunked a late-stage trial and Mereo’s stock took the hit.
On the capital/credibility front, IMUNON priced a small registered direct, while Denali got its Hunter Syndrome program into NEJM (and is talking up an upcoming FDA decision).
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 | 6,905.7 | (0.3%) | 17.4% |
| Nasdaq 100 | 25,525.6 | (0.5%) | 21.5% |
| Russell 2000 | 2,519.8 | (0.6%) | 13.0% |
| XBI | 123.4 | (1.3%) | 37.0% |
| NBI | 5,766.4 | (0.7%) | 33.8% |
| Clinical Trails ETF (BBC) | 38.8 | (1.8%) | 62.2% |
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Biotech took the bigger hit: XBI fell 1.3% vs the S&P 500 down 0.3%.
- Clinical biopharma lagged too, with BBC sliding 1.8% on the day.
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Market Data: US Close, Mon 29th December 2025
The Big 3
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1
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Ultragenyx, Mereo bone disease drug fails late-stage trial
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A late-stage clinical trial for a rare bone disease drug from Ultragenyx and Mereo BioPharma failed, causing a significant stock drop for Mereo.
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Why it matters:
A pivotal miss is a valuation event — it resets approval odds, forces portfolio repricing (especially for the smaller partner), and can chill follow-on financing/BD terms for the whole rare-disease cohort.
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Source:
Endpoints
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More:
BioCentury
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2
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IMUNON prices $7.0 million registered direct offering
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IMUNON announced the pricing of a $7.0 million registered direct offering, providing capital for its clinical development programs.
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Why it matters:
Small registered directs are a read on risk appetite: capital is available, but at the cost of dilution — and repeated “keep-the-lights-on” raises can cap upside into catalysts.
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Source:
PR
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More:
PR
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3
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Denali's Hunter Syndrome drug study published in NEJM
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A Phase 1/2 study of Denali Therapeutics' tividenofusp alfa for Hunter Syndrome has been published in The New England Journal of Medicine.
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Why it matters:
NEJM publication is a credibility upgrade — it strengthens the clinical narrative heading into a decision window, helps shape prescriber/payer confidence, and can tighten the gap between “promising” and “practice-changing.”
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Source:
PR
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Everything Else that broke
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Federal judge blocks 340B drug pricing pilot program. — Endpoints
- Novo Nordisk undercuts Eli Lilly with Wegovy pill pricing. — STAT
- Nido Bio to wind down operations after Phase 2 data. — Endpoints
- Genmab terminates Phase 3 lung cancer asset. — Endpoints
- Three major health care policy issues to watch in 2026. — STAT
- BioCentury's 2025-26 biopharma picks and predictions. — BioCentury
Deal Flow
M&A / BD&L
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XOMA Royalty, Takeda execute strategic royalty sharing deal. — PR
VC / Private Financings
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Collegium closes $980 million syndicated credit facility. — PR
- IMUNON prices $7.0 million registered direct offering. — PR
IPOs / Follow-Ons
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No notable IPOs / Follow-Ons in the last 24 hours.
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