Upfront Briefing
Relation Therapeutics and Deerfield Management teamed up to form new companies off discovered drug targets — a very literal way to increase “shots on goal.”
Meanwhile, Jazz and Zymeworks highlighted late-stage results for their HER2 bispecific Ziihera, while J&J said its lupus candidate Imaavy is moving toward late-stage after Phase 2 success.
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 |
6,944.8 |
0.6% |
1.5% |
| Nasdaq 100 |
25,639.7 |
0.9% |
1.5% |
| Russell 2000 |
2,582.9 |
1.4% |
4.1% |
| XBI (Biotech ETF) |
122.1 |
1.6% |
0.1% |
| Nasdaq Biotech |
5,767.7 |
2.3% |
1.1% |
| Clinical Trials ETF (BBC) |
37.2 |
1.2% |
(3.5%) |
|
- Biotech outperformed: Nasdaq Biotech 2.3% beat the S&P 500 0.6%.
- Biggest mover was Nasdaq Biotech, up 2.3% on the day.
- Market data: U.S. close Tue 06-Jan-2026.
The Big 3
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1
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Relation Therapeutics, Deerfield Management form new companies
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Relation Therapeutics and Deerfield Management are collaborating to form new companies based on discovered drug targets. This strategic partnership aims to advance novel therapeutics.
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Why it matters:
This is a capital-structure story as much as a science story: forming multiple target-led newcos can “warehouse” optionality, attract specialist funding per asset, and create cleaner value-realization paths than keeping everything inside one platform.
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Source:
Endpoints
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More:
PR
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2
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Jazz, Zymeworks highlight late-stage HER2 bispecific results
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Jazz Pharmaceuticals and Zymeworks have highlighted positive late-stage results for their HER2 bispecific drug, Ziihera.
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Why it matters:
Late-stage readouts are where narratives become models: if this supports broader use, it can expand the commercial footprint and strengthen positioning against entrenched HER2 standards — translating “good data” into real pricing power and durable demand.
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Source:
Endpoints
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3
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J&J lupus candidate Imaavy advances to late-stage after P2 success
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Johnson & Johnson's lupus candidate, Imaavy, is moving towards late-stage development following successful Phase 2 results.
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Why it matters:
The Phase 2 → late-stage step is a de-risking gate: once a program commits to pivotal development, timelines, trial design, and spend become the key variables — and the asset starts to carry materially more probability-weighted value inside the pipeline.
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Source:
Endpoints
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Everything Else that broke
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Alumis posts Phase 3 psoriasis topline for envudeucitinib. —
PR
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FDA publicly shares CRL details behind Sanofi MS rejection (tolerability + unclear benefit). —
Fierce
- Vaccine schedule downgrade draws pharma pushback. — Endpoints
- Arrowhead siRNA obesity data show adipose delivery POC. — BioCentury
- BioCentury examines Biosecure implementation and impacts. — BioCentury
- Ascentage Pharma gets FDA IND clearance for BTK degrader. — PR
- JJP Biologics reports positive Phase 1 for anti-CD89 antagonist. — PR
- Neurosterix starts Phase 1 for schizophrenia drug NTX-253. — PR
- GENFIT reports positive Phase 1 for ACLF asset G1090N. — PR
Deal Flow
M&A / BD&L
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Lilly, Nimbus sign AI-driven research collaboration for novel oral obesity treatment. —
PR
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Amgen acquires Dark Blue Therapeutics to bolster oncology pipeline. —
PR
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Sanofi, Earendil Labs collaborate to discover bispecific antibodies for autoimmune diseases. —
PR
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Rumor watch: Lilly reportedly in talks to buy Ventyx for >$1B. —
Reuters
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OncoNano and Gilead collaborate to apply ON-BOARD delivery tech to a Gilead drug candidate. —
PR
- Relation Therapeutics and Deerfield Management collaborate to form new companies based on discovered drug targets. — Endpoints
- Basilea, Prokaryotics collaborate on antifungal development. — PR
VC / Private Financings
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No notable VC / Private Financings in the last 24 hours.
IPOs / Follow-Ons
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Alumis announces proposed public offering of common stock. —
PR
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Bright Minds Biosciences announces launch of US $100M public offering. —
PR
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