Recent Funding:
Angitia Biopharmaceuticals (LA) Raises $130M Series D to Advance Bone and Musculoskeletal Biologics
Angitia raised $130 million in a Series D led by Frazier Life Sciences and Venrock to support three biologic drug candidates in clinical testing for osteoporosis, brittle bone disease, and degenerative disc disease, bringing total funding to $454 million.Its pipeline includes two Phase 2 antibodies for osteoporosis and osteogenesis imperfecta (a condition with no FDA-approved treatments) and a Phase 3 program in China, positioning the company for a potential IPO as biotech markets reopen.
M&A, Deals, Partnerships:
Iambic Therapeutics (SD) Signs AI-Driven Small-Molecule Drug Discovery Deal with Takeda
Takeda entered a multi-year partnership with Iambic to discover small-molecule drugs across oncology, gastrointestinal, and inflammatory diseases, with double-digit millions upfront and up to $1.7B in milestones tied to progress. The deal builds on early human data from Iambic’s lead cancer drug IAM1363 and reflects growing pharma interest in AI platforms that are already advancing real drug candidates into the clinic.
IPOs:
Eikon Therapeutics (SF) Upsizes IPO to $381M as Biotech Markets Reopen
Eikon priced its Nasdaq IPO at $18 per share, upsizing the offering to 21.2M shares for $381M in gross proceeds, making it the largest biotech IPO since 2024 and signaling renewed investor appetite for public biotechs. The company plans to use proceeds to advance its cancer pipeline, led by EIK1001 in late-stage trials for melanoma and lung cancer, alongside additional oncology drugs licensed from Chinese partners and in-house discovery programs.
SpyGlass Pharma (SD) Joins Biotech IPO Wave with $150M Nasdaq Debut
SpyGlass Pharma debuted on Nasdaq, raising $150 million in its IPO as part of a four-company biotech listing week that brought nearly $987 million to the market — the busiest for biotech IPOs since 2021. The company’s eye disease focus drew strong investor interest, and its listing adds momentum to a resurging public market that could encourage other private drug developers to go public this spring.
Other Interesting News:
FDA / BARDA Launch $100M Prize to Spur Broad-Spectrum Antiviral Drug Development
The U.S. government unveiled a $100 million SMART Prize to accelerate development of small-molecule antivirals targeting virus families like dengue, Zika, West Nile, and chikungunya, where no FDA-approved broad-spectrum treatments currently exist. The initiative reflects a strategic shift toward antivirals over vaccines, with future phases supporting candidate optimization, IND-enabling studies, and paths toward clinical trials, as federal agencies explore alternatives to traditional vaccine-based protection.
Amgen (LA) Scores Phase 2 Win for Lupus Antibody After Prior Setbacks
Amgen’s monoclonal antibody daxdilimab met its primary endpoint in a Phase 2 trial for discoid lupus, significantly reducing disease severity in 72 patients, with the company citing an acceptable safety and tolerability profile. The result revives Amgen’s lupus efforts after earlier failures in systemic lupus and follows the drug’s acquisition through Amgen’s $27.8B Horizon Therapeutics deal, with plans now underway to advance daxdilimab into later-stage development for this skin-focused lupus indication.
PrimeGen US (OC) Plans Public Listing via SPAC Merger
PrimeGen US, a preclinical stem cell therapy company, plans to go public by merging with DT Cloud Star Acquisition, a Nasdaq-listed SPAC that raised $69M in its 2024 IPO, with the deal expected to close in the second half of the year. The company is developing triple-activated mesenchymal stem cell therapies for liver disease and other serious conditions and recently met with the FDA to discuss advancing a candidate for acute alcoholic hepatitis into human trials.
Hims & Hers (SF) Sued by Novo Nordisk Over Compounded Semaglutide Sales
Novo Nordisk filed a patent infringement lawsuit seeking to block Hims from selling compounded injectable semaglutide and is pursuing damages that could reach hundreds of millions of dollars, alleging lost sales of Ozempic and Wegovy. The case could have major implications for the compounded GLP-1 market; Hims shares fell 26% on the news, while Novo’s stock rose, as the court considers whether Hims must halt sales before the case is fully resolved.
