Recent Layoffs:
Genentech (SF) Announces Third Layoff of 2025, Cutting 118 Roles
Genentech is laying off 118 employees across multiple departments — its third round of cuts this year — following earlier reductions of 143 and 87 staffers. The Roche unit says overall headcount will stay “broadly stable” next year as it restructures operations, even amid ongoing partnership shifts and portfolio adjustments.
M&A, Deals, Partnerships:
Empirico (SD) Licenses COPD siRNA Drug to GSK in $745M+ Deal
GSK is paying $85M upfront for rights to Empirico’s Phase 1 siRNA therapy EMP-012 for COPD, with up to $660M in milestones plus royalties tied to success. EMP-012 targets a unique inflammatory pathway in patients not responsive to current COPD treatments, potentially expanding options beyond existing biologics.
Neurocrine Biosciences (SD) Signs $880M+ NLRP3 Inhibitor Deal with TransThera
Neurocrine gained global rights (ex-China) to develop and commercialize TransThera’s preclinical NLRP3 inhibitors, paying up to $881.5M in potential upfront and milestone payments. The collaboration expands Neurocrine’s pipeline into inflammation and metabolic diseases — areas gaining traction among big pharma following recent deals from Novo Nordisk and Ventyx.
IPOs:
Evommune (SF) Targets $150M IPO to Advance Autoimmune Pipeline
Evommune plans to raise up to $160M in its upcoming IPO to fund mid-stage trials for its oral small molecule EVO756 (for chronic hives and eczema) and fusion protein EVO301 (for eczema and ulcerative colitis). Founded by former Dermira execs, the company is capitalizing on renewed biotech IPO momentum following recent listings from MapLight and LB Pharmaceuticals.
Other Interesting News:
Tempero Bio (SF) Pauses Phase 2 Substance Use Disorder Drug, Explores Strategic Alternatives
Tempero Bio has halted development of its Phase 2 mGluR5 modulator, TMP-301, for alcohol use disorder and is evaluating next steps after previously raising $70M to advance the program. The Aditum Bio–backed company was testing the drug in 110 patients and had also completed a Phase 1 study for cocaine use disorder.
Caribou Biosciences (SF) Reports Strong Allogeneic CAR-T Results but Faces Funding Hurdles
Caribou’s off-the-shelf CAR-T therapy CB-010 showed an 82% response rate and 64% complete remission in blood cancer patients—comparable to approved CAR-Ts like Yescarta and Breyanzi. The company also saw 92% response in multiple myeloma patients using its CB-011 therapy but lacks funds for a pivotal trial and is exploring partnerships or capital raises to continue development.
Gilead Sciences (SF) Advances Twice-Yearly HIV Injection Combo
Gilead is moving forward with GS-3242 as the partner for its breakthrough HIV drug lenacapavir, aiming to develop a twice-yearly injectable treatment; a competing candidate, GS-1219, has been dropped. The company is also testing lenacapavir in multiple regimens — from weekly oral to quarterly injectable — as it expands the drug’s reach beyond prevention into long-acting treatment options.
Kyverna Therapeutics (SF) Reports Promising Phase 2 CAR-T Results in Autoimmune Disease
A single dose of Kyverna’s CD19 CAR-T therapy, KYV-101, led to deep, durable improvements in patients with generalized myasthenia gravis, showing greater benefit than rival therapies from argenx and AstraZeneca. The treatment was generally well tolerated, with only mild cases of cytokine release syndrome reported; Kyverna now advances to a 60-patient Phase 3 trial comparing KYV-101 to standard care.
BridgeBio Pharma (SF) Scores Second Phase 3 Win, Eyes 2026 FDA Filings
BridgeBio’s oral small molecule encaleret hit all endpoints in a Phase 3 trial for autosomal dominant hypocalcemia type 1, normalizing calcium levels in 76% of patients vs. 4% on standard care. Coming off back-to-back rare disease wins, BridgeBio now plans FDA submissions for both encaleret and its muscular dystrophy drug BBP-418 in the first half of 2026, positioning itself as a multi-product rare disease company.
