Upfront Briefing
Merck fired the biggest strategic shot of the day, agreeing to acquire Terns Pharmaceuticals for up to $6.7B as it adds CML asset TERN-701 and keeps building beyond Keytruda.
Novo Nordisk also put fresh metabolic proof points on the board: triple agonist UBT251 cut HbA1c by up to 2.16% at 24 weeks in a Phase 2 trial in Chinese patients with type 2 diabetes, with improvements versus semaglutide 1 mg.
Meanwhile, the capital and compliance calendars stayed busy: Apogee priced a $350M public offering, and FDA criticized Patrick Soon-Shiong and ImmunityBio over misleading Anktiva claims.
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 |
6,556.4 |
(0.4%) |
(4.4%) |
| Nasdaq 100 |
24,002.4 |
(0.8%) |
(4.8%) |
| Russell 2000 |
2,505.4 |
+0.4% |
(0.1%) |
| Healthcare (XLV) |
144.8 |
0.0% |
(6.5%) |
| Biotech (XBI) |
119.5 |
(1.8%) |
(1.6%) |
| Nasdaq Biotech (NBI) |
5,582.3 |
(0.7%) |
(2.2%) |
| Clinical Trials (BBC) |
39.4 |
(1.2%) |
+4.7% |
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Macro turned risk-off again: the S&P 500 fell 0.4% and Nasdaq 100 dropped 0.8% as oil rebounded and Treasury yields firmed, reviving inflation and duration concerns after Monday’s relief rally.
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Biotech beta underperformed the large-cap complex: XBI fell 1.8% versus NBI down 0.7%, consistent with investors trimming earlier-stage and financing-sensitive exposure first when the tape turns defensive.
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Small caps were the outlier: Russell 2000 rose 0.4%, suggesting the session was not a blanket growth unwind so much as a rotation away from mega-cap tech and speculative biotech.
The Big 3
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1
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Merck to acquire Terns Pharmaceuticals in oncology deal worth up to $6.7B
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Merck said it will acquire Terns Pharmaceuticals for $53 per share in cash, in a deal valued at up to $6.7B, adding chronic myeloid leukemia candidate TERN-701.
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Why it matters:
This is the sharper signal for biotech investors: large-cap pharma is still willing to pay meaningful premiums for targeted oncology assets that can help offset looming patent cliffs. For Merck specifically, Terns strengthens the post-Keytruda oncology bench; for the broader market, it reinforces strategic value for differentiated late-precommercial cancer assets.
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Source:
Reuters
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2
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Novo Nordisk triple agonist UBT251 posts Phase 2 T2D data
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Novo Nordisk said triple agonist UBT251 cut HbA1c by up to 2.16% at 24 weeks in a Phase 2 trial in Chinese patients with type 2 diabetes, with superior HbA1c and body-weight reductions versus semaglutide 1 mg.
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Why it matters:
The more important signal is not just that UBT251 worked, but that it outperformed semaglutide 1 mg on both HbA1c and weight at 24 weeks in China Phase 2. That strengthens Novo’s next-wave incretin bench, supports lifecycle optionality beyond semaglutide, and raises the odds the company will keep funding multi-agonist programs aggressively despite a crowded metabolic field.
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Source:
PR
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3
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Apogee Therapeutics prices $350M underwritten public offering
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- Apogee Therapeutics priced a $350 million underwritten public offering. The raise could extend runway but adds dilution and potential supply overhang.
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Why it matters:
Upsizing the deal from the initially marketed $300M to $350M is a constructive read on demand and meaningfully de-risks the balance sheet into multiple clinical catalysts. The trade-off is the usual one for secondaries: fresh capital improves strategic flexibility, but the new paper can cap near-term upside until the book is fully absorbed.
- Source: PR
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Everything Else that broke
- FDA warned ImmunityBio and Patrick Soon-Shiong over “false and misleading” promotional claims for Anktiva, saying risks were omitted and efficacy was overstated. — STAT
- Ocugen advances geographic atrophy gene therapy into Phase 3. — Endpoints
- Rezolute cites supportive FDA feedback on ersodetug path. — BioSpace
- Biomea Fusion reports full-year 2025 results, corporate updates. — PR
- Spectral AI posts 2025 results, introduces 2026 revenue guidance. — PR
- TELA Bio reports Q4 and full-year 2025 financial results. — PR
- BioCardia reports 2025 business highlights and financial results. — PR
- BrightGene reports Phase 1 topline results for oral BGM0504. — PR
- Clover posts additional U.S. Phase 1 RSV re-vaccination data. — PR
- Hope Medicine doses first patient in Phase 3 endometriosis trial. — PR
- Akeso advances IO 2.0 + ADC 2.0 strategy with Phase 2 start. — PR
- AL-S Pharma Phase 2 readout probes SOD1 biology in ALS. — BioCentury
- Gilead outlines 2026 agenda across HIV, I&I and oncology. — BioCentury
- DBV Technologies to join CAC Mid 60 and SBF 120 indices. — PR
Deal Flow
| BioBucks 2026 Deal Trackers • Updated weekly ⬇️
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M&A / BD&L
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Merck will acquire Terns Pharmaceuticals for $53 per share in cash, in a deal valued at up to $6.7B, adding CML candidate TERN-701 as it builds beyond Keytruda. — Reuters
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Merck will pay Quotient Therapeutics $20M upfront in a deal worth up to $2.2B to identify inflammatory bowel disease targets using somatic genomics. — Fierce Biotech
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Apnimed monetized its stake in the Shionogi-Apnimed Sleep Science JV for $150M plus royalties, sharpening focus on its wholly owned OSA program AD109. — PR
VC / Private Financings
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Immutrin raises $87M Series A to advance an ATTR cardiomyopathy antibody into proof-of-concept; led by Frazier Life Sciences, joined by F-Prime, Qiming Venture Partners, SR One, Cambridge Innovation Capital and Cambridge Enterprise Ventures. — Fierce Biotech
IPOs / Follow-Ons
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Apogee Therapeutics prices a $350M underwritten public offering at $70.00 per share, above the $300M size initially floated Tuesday. — PR
Things that make you go hmmm ...
A useful reminder that biotech IPO timing is often driven as much by process mechanics as by pure market appetite. Source: Bruce Booth (@LifeSciVC).
Academic Corner
- A pocket-sized drug for p53-mutant cancers. — Nature Medicine
- LRRK2-targeting antisense oligonucleotide in Parkinson’s disease: a phase 1 randomized controlled trial. — Nature Medicine
- AI-based chest X-ray prioritization in the lung cancer diagnostic pathway: the LungIMPACT randomized controlled trial. — Nature Medicine
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