Upfront Briefing
Sarepta is out selling the long game: the company is highlighting longer-term data for Elevidys as it tries to shape the durability narrative for a commercial gene therapy under scrutiny.
Roche, meanwhile, posted positive Phase 2 results for CT-388 in obesity — another reminder the GLP-1/GIP format wars aren’t just a two-horse race.
And policy risk is back on the front page: challenges to the IRA’s drug pricing provisions have reached the Supreme Court.
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 |
6,950.2 |
+0.5% |
+1.5% |
| Nasdaq 100 |
25,713.2 |
+0.4% |
1.8% |
| Russell 2000 |
2,659.7 |
(0.4%) |
+7.2% |
| XBI (Biotech ETF) |
127.9 |
(0.1%) |
4.9% |
| Nasdaq Biotech |
5,960.8 |
+0.4% |
+4.4% |
| Clinical Trials ETF (BBC) |
42.1 |
(1.6%) |
+9.2% |
|
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Equities ground higher into a busy week (megacap earnings + the Fed), even as tariff/shutdown chatter kept "risk hedges" (gold) bid.
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Biotech was mixed: large-cap NBI beat XBI, consistent with investors leaning toward profitable/derisked names vs. higher-beta clinical-stage exposure.
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Market data: U.S. close Mon 26-Jan-2026.
The Big 3
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1
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Sarepta highlights longer-term data for Duchenne gene therapy
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Sarepta is highlighting longer-term data for its Duchenne gene therapy Elevidys, aiming to influence demand and label confidence amid scrutiny.
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Why it matters:
For Sarepta, the debate is no longer "can gene therapy work?" — it's "does benefit persist long enough to justify pricing, risk, and payer coverage."
Longer-term durability data can help stabilize prescriber confidence, support payer discussions, and de-risk the broader label/uptake narrative amid ongoing safety and scrutiny.
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Source:
BioPharma Dive
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More:
Endpoints; BioSpace
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2
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Roche reports positive Phase 2 results for obesity drug CT-388
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Roche announced positive Phase 2 results for its dual GLP-1/GIP receptor agonist CT-388 in people living with obesity, strengthening its metabolic pipeline.
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Why it matters:
CT-388 is a credibility check on Roche's obesity push: Phase 2 signal supports the Carmot thesis, sets up Phase 3 execution, and keeps Roche in the "fast follower" tier behind Novo/Lilly.
Investors will key on the differentiation package (weight-loss magnitude, tolerability, discontinuations, and any lean-mass signals) as the GLP-1/GIP bar keeps rising.
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Source:
PR
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More:
Reuters
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3
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IRA drug pricing challenges reach the Supreme Court
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Challenges to the IRA's drug pricing provisions are now being considered by the Supreme Court, raising the stakes for pharma.
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Why it matters:
If SCOTUS takes up an IRA "Medicare negotiation" case, it extends policy uncertainty right into valuation models:
negotiation cadence and "maximum fair price" assumptions can reset terminal pricing power for Medicare-exposed franchises and influence BD&L appetite/capital allocation across large-cap pharma.
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Source:
Endpoints
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More:
SCOTUS petition (Boehringer);
SCOTUS petition (AstraZeneca)
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Everything Else that broke
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Catalent to close Belgium cell therapy manufacturing site. —
Fierce Pharma
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API stockpile deals with White House remain undisclosed. —
BioSpace
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Express Scripts in settlement talks over insulin pricing lawsuit. —
BioPharma Dive
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China's gene/cell therapy rules and drugmaking edge in focus. —
BioCentury
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Ex-CytoDyn CEO sentenced for pump-and-dump scheme. —
Endpoints
Deal Flow
M&A / BD&L
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ICYMI: Merck no longer in talks to buy Revolution Medicines (WSJ/Reuters); talks said to have cooled over price. —
WSJ;
Reuters
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Mirum completes acquisition of Bluejay Therapeutics. —
Business Wire
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Siegfried to acquire drug substance manufacturing capacity (US/AU sites). —
PR
VC / Private Financings
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Gimv halts new Life Sciences investing; existing LS portfolio retained/managed. —
Gimv PR;
Fierce Biotech
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Cormorant raises $150M for new biotech SPAC deal. —
BioPharma Dive
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Epidarex raises $145M for fourth biotech fund. —
Endpoints
IPOs / Follow-Ons
- No notable IPOs / Follow-Ons in the last 24 hours.
Academic Corner
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Roads and detours for CAR T cell therapy in autoimmune diseases. —
Nature RDD
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