M&A, Deals, Partnerships:
Protagonist Therapeutics (SF) Opts for $475 Million Payout Over U.S. Profit Split with Takeda
Protagonist is cashing out its U.S. co-promotion rights for rusfertide — a drug for a rare blood disorder called polycythemia vera — taking $200 million now and another $275 million if the FDA approves the drug, expected later this year. On top of the $475 million, Protagonist remains eligible for up to $975 million in additional milestone payments plus royalties of up to 29% on worldwide sales, giving the company significant long-term upside while offloading U.S. commercial risk to Takeda.
Profluent (SF) Partners with Eli Lilly in Up to $2.25 Billion Gene Editing Deal
Profluent, an AI-driven biotech, is partnering with Eli Lilly to develop next-generation gene editing therapies using AI-designed enzymes called recombinases — a potentially safer alternative to CRISPR for inserting large pieces of DNA into the human genome. The deal could bring Profluent up to $2.25 billion in milestone payments, adding to the company’s momentum after a $106 million fundraise in late 2024 that valued it at nearly $1 billion.
Candid Therapeutics (SD) Acquired by UCB for Up to $2.2 Billion
Candid Therapeutics, which develops T cell engagers for autoimmune diseases, is being acquired by Belgian pharma giant UCB for $2 billion upfront plus up to $200 million in additional milestone payments. Founded just in 2024, Candid rapidly built a pipeline of 14 clinical trials across the US and China, with its lead drug targeting conditions where the immune system attacks the body — making it one of the fastest-rising biotechs to reach a major acquisition exit.
Other Interesting News:
Alector (SF) Halts Alzheimer’s Trial After Drug Fails to Show Effectiveness
Alector and partner GSK stopped a Phase 2 trial of their Alzheimer’s antibody nivisnebart after an interim analysis showed it was unlikely to slow disease progression — effectively ending their $700 million partnership after both of their co-developed drugs have now failed in the past six months. The back-to-back failures put Alector in a tough spot, though the company is pivoting to a next-generation pipeline that uses new technology designed to better cross the blood-brain barrier, with a first human trial planned for early next year.
Mirum Pharmaceuticals (SF) Reports Positive Phase 2b Trial Results for Rare Liver Disease Drug
Mirum’s drug volixibat met its primary endpoint in a clinical trial for primary sclerosing cholangitis (PSC), a rare liver disease — significantly reducing the debilitating chronic itch that is one of its most common and disruptive symptoms, with no currently approved treatments. Mirum plans to submit a New Drug Application (NDA) to the FDA in the second half of 2026, potentially making volixibat the first-ever approved therapy for this condition.
Amgen (LA) Cuts Two Mid-Stage Drug Candidates in Pipeline Cleanup
Amgen scrapped two drug candidates — one for the autoimmune disease Sjögren’s syndrome and one for multiple cancer types — after both failed to show sufficient effectiveness in mid-stage trials, terminating five clinical studies in the process. Despite the cuts, Amgen is pressing forward in Sjögren’s with a separate drug, dazodalibep, which is currently in two Phase 3 trials expected to read out later this year.
Amgen (LA) Launches Three New Late-Stage Trials for Long-Acting Obesity Drug MariTide
Amgen is kicking off three new Phase 3 trials for MariTide, its long-acting obesity shot that only needs to be injected every 8 weeks or quarterly — a potential game-changer in a market currently dominated by weekly injections from Lilly and Novo Nordisk. Early data showed roughly 20% average weight loss after one year, but analysts are watching closely for efficacy and safety data — particularly around nausea and vomiting — when key Phase 3 results are expected next year.
Janux Therapeutics (SD) Discontinues Cancer Drug After Disappointing Trial Results
Janux halted development of JANX008, a T cell engager designed to activate the immune system to fight cancer, after it failed to show sufficient effectiveness in a Phase 1 solid tumor trial. The company is shifting focus to its more promising pipeline, particularly JANX007 for prostate cancer — which analysts still consider a potential best-in-class drug — as well as a recent $850M partnership with Bristol Myers Squibb and a $1B+ deal with Merck.
Erasca (SD) Reports Promising but Controversial Phase 1 Cancer Drug Data
Erasca’s pan-RAS drug ERAS-0015 showed strong early results — with up to 62% response rates in lung cancer and 40% in pancreatic cancer patients — potentially outperforming a rival drug from Revolution Medicines, though the stock dropped 46% after a patient death during the trial raised safety concerns. The company is also facing legal threats from Revolution Medicines, which accuses Erasca of improper drug comparisons and patent infringement, adding uncertainty despite what analysts called a “home run” data profile.
Viking Therapeutics (SD) Faces Legal Dispute with Ligand Pharmaceuticals Over Drug Licensing Rights
Ligand Pharmaceuticals has moved to terminate its licensing agreement with Viking for two liver and metabolic disease drugs, alleging Viking failed to put sufficient effort into developing them as the company shifted focus to its blockbuster obesity drug VK2735. Viking is disputing the termination, setting up a legal battle over who controls the rights to the two drugs — one of which showed promising results in a rare genetic disorder trial as recently as 2024.
