Recent Funding:
OrbiMed Raises $1.86B for Growth-Oriented Healthcare Fund
New fund will provide non-dilutive credit and royalty-based financing to biopharma, medtech, diagnostics, and healthcare services companies. More than 90% of commitments came from existing investors; recent biopharma investments include Renasant Bio and Verastem Oncology.
Bill & Melinda Gates Foundation Commits $2.5B to Advance Women’s Health R&D
Funding through 2030 will target five underfunded areas — including maternal care, gynecological health, contraception, and STI prevention — aiming to improve outcomes for women in low- and middle-income countries. The initiative will support over 40 innovations, with the foundation calling for governments and private investors to co-fund efforts to close the global gender health gap.
Chai Discovery (SF) Raises $70M Series A for AI-Driven Protein Generation
OpenAI-backed biotech reaches $550M valuation, developing AI models like Chai-2 for de novo protein design. Funding round led by Menlo Ventures with backing from Anthropic, Yosemite Capital, DST Global Partners, SV Angel, Avenir, and DCVC.
Equillium (SD) Secures Up to $50M to Advance EQ504 for Ulcerative Colitis
Financing includes $30M upfront and up to $20M more upon clinical study initiation, led by ADAR1 Capital Management and Janus Henderson Investors. Funds will advance EQ504, a novel oral therapy targeting the aryl hydrocarbon receptor, into Phase 1 trials in mid-2026, with data expected about six months later.
Tahoe’s Mosaic platform generated Tahoe-100M, a dataset of 100M datapoints mapping how cancer cells respond to over 1,000 molecules, improving AI prediction accuracy for drug discovery. The $30M Series A, led by Amplify Partners with investors including Databricks Ventures and General Catalyst, will fund expansion to over 1B datapoints and advance a lead cancer drug candidate toward human trials
Recent Layoffs:
Iovance (SF) Cuts Workforce by <20% Amid Restructuring
Commercial-stage biotech reduced less than 20% of staff, including contractors, to extend cash runway and focus on TIL cell therapy programs. Layoffs follow lowered 2025 sales guidance for melanoma therapy Amtagvi and IL-2 drug Proleukin, with revenue now projected at $250M–$300M.
Poseida Therapeutics (SD) to Lay Off 52 Staff Following Roche Acquisition
Following Roche’s $1.5B buyout, Poseida will cut 52 positions by Oct. 1 as part of integration into Roche’s Genentech units. The move aims to streamline R&D, technical operations, and product development for advancing cell therapy programs.
Gilead (SD) to Lay off 5 professional scientific and technical staff
A WARN notice shows five staff members will be cut at the company’s Oceanside, CA site by Oct. 10.
M&A, Deals, Partnerships:
Expedition Therapeutics (SF) Licenses DPP-1 Inhibitor from Fosun for $17M Upfront
Expedition gains global rights (excluding mainland China, Hong Kong, and Macau) to develop and commercialize XH-S004, an oral small molecule in Phase 2 testing for bronchiectasis and Phase 1b for COPD. The deal includes $17M upfront, up to $628M in potential milestones, and royalties, marking Expedition’s push to advance China-developed drugs for global markets.
10x Genomics (SF) to Acquire Scale Biosciences (SD) in $30M Deal
10x Genomics will acquire Scale Biosciences and its single-cell “Quantum Barcoding” technology, enabling the sequencing of millions of cells at a time without specialized equipment. The acquisition aims to expand 10x’s single-cell research capabilities and integrate Scale’s products into its Chromium platform, with Scale’s scientific founders joining as advisors.
Other Interesting News:
CASI Pharmaceuticals (SF) Receives FDA Clearance for IND of CID-103 in Kidney Transplant Rejection
CASI’s anti-CD38 monoclonal antibody CID-103 will enter a Phase 1 trial for patients with antibody-mediated rejection (AMR), a leading cause of kidney transplant loss. CID-103 has shown promising preclinical safety and efficacy, with CASI holding exclusive global rights; the trial will evaluate safety, dosing, and early efficacy in adults.
Gilead Sciences (SF) Drops 3 Drug Programs in Pipeline Cleanup
Gilead has ended development of two early-stage cancer drugs and a Novo Nordisk-partnered MASH treatment, leaving its fibrotic disease pipeline empty. The cut programs include DGKα inhibitor GS-9911, MCL1 inhibitor zamzetoclax, and the cilofexor/firsocostat combo with Novo’s semaglutide.
Arcus Biosciences (SF) Regains Rights to Cancer Drug from Gilead
Gilead has returned rights to etrumadenant, a cancer drug licensed in a $725M deal, after both companies decided not to advance it to phase 3 trials. Arcus received $143M in revenue related to the license return and will continue focusing on other partnered and independent programs.
Sutro Biopharma (SF) Loses $875M ADC Deal with Ipsen
Ipsen has pulled out of its partnership for Sutro’s ROR1-targeting antibody-drug conjugate STRO-003, citing new data and shifts in the ROR1 landscape. The move costs Sutro up to $800M in potential milestones, though the company says its cash runway remains secure through 2027.
Contineum Therapeutics (SD) Pauses Two Programs to Prioritize Lung Disease Trial
Contineum has delayed work on two drug candidates to focus resources on a phase 2 trial of its lead LPA1 antagonist, PIPE-791, for idiopathic pulmonary fibrosis starting later this year. The biotech holds $175.5M in cash to fund operations through 2027, aiming to compete with Bristol Myers Squibb’s rival IPF drug already in phase 3.
Terns Pharmaceuticals (SF) to Exit Metabolic Disease R&D by 2025
Terns will stop funding its three metabolic disease programs, including obesity candidate TERN-601, to focus on advancing its chronic myeloid leukemia drug TERN-701 toward a pivotal trial. The company plans to partner its metabolic assets, citing the need for larger-company resources to support costly late-stage development and commercialization.
BioMarin Pharmaceutical (SF) Ends Development of PKU Successor Drug
BioMarin has discontinued its preclinical PKU therapy BMN 390 after it failed to meet immunogenicity targets, shifting staff to other projects while continuing work on PKU treatments. The company will focus on expanding its approved drug Palynziq, which generated $106M in Q2 sales, with plans to seek FDA approval for use in teens later this year.
Altos Labs (SD) Appoints Joan Mannick as CMO to Drive Cellular Rejuvenation Programs
Anti-aging biotech with billions in funding hires former Tornado Therapeutics CEO, known for mTOR inhibitor expertise and past leadership at resTORbio and Novartis. Mannick’s role will focus on translating Altos’ research into clinical breakthroughs, following the recent acquisition of senoblocker-focused Dorian Therapeutics.
