Recent Funding:
Expedition Therapeutics (SF) Closes $115M Series B for COPD Drug
The oversubscribed round was led by General Atlantic with backing from Sanofi, funding the push of oral DPP1 inhibitor EXPD-101 into Phase 2 for chronic obstructive pulmonary disease. The company dosed the first patient in that Phase 2 trial alongside the raise, following the mechanism validated by Insmed’s approved DPP1 inhibitor brensocatib.
Avere Therapeutics (SF) Lands $500M Private Placement
The privately held biotech raised $500M from a syndicate including Venrock, General Atlantic, Blackstone and RTW — on top of a previously announced $320M concurrent placement — to fund lead oral IL-23 receptor antagonist AVR-001. The financing is tied to Avere’s pending all-stock reverse merger with Nasdaq-listed NextCure (future ticker AVRX) and is expected to fund operations into 2029.
Recent Layoffs:
aTyr Pharma (SD) Cuts 60% of Staff to Fund Phase 3 Retry
The company is laying off about 60% of its workforce — leaving roughly 20 full-time employees — to preserve cash for a second Phase 3 attempt for lung-disease drug efzofitimod in pulmonary sarcoidosis. The restructuring saves about $13M annually and extends the cash runway into late 2028; CFO Jill Broadfoot will depart and stay on as a consultant.
M&A, Deals, Partnerships:
Jazz to Acquire Actio Biosciences (SD) for $820M Upfront
Jazz will pay $820M upfront plus up to $500M in milestones for privately held Actio, deepening its epilepsy franchise; the deal is expected to close in Q4 2026. Actio’s lead asset ABS-1230 is a first-in-class small-molecule KCNT1 inhibitor for a rare genetic epilepsy affecting about 2,500 U.S. patients, now in a registrational Phase 1b/2a trial.
Tarsus Buys Alkeus (OC) for ~$450M in Stargardt Push
Tarsus agreed to pay roughly $450M upfront ($270M cash plus $180M in stock) and up to $350M in milestones to acquire Alkeus, expanding beyond its eye-care commercial base. The prize is gildeuretinol, an oral candidate for Stargardt disease now in the Phase 3 NORTHSTAR study, putting Tarsus in the race toward a first approved therapy.
Revolution Medicines (SF) Licenses RAS(ON) Inhibitors to BeOne for Asia
Revolution granted BeOne exclusive rights to develop and/or commercialize four clinical-stage RAS(ON) inhibitors — including daraxonrasib, zoldonrasib and elironrasib — across select Asian markets. BeOne will fund and run a global registrational Phase 3 study for one of the assets, with Revolution eligible for development and sales milestones plus tiered royalties.
Arcturus (SD) and CSL Terminate $4.3B sa-mRNA Vaccine Partnership
Arcturus regains global rights to its KOSTAIVE COVID-19 vaccine and its full infectious-disease portfolio (flu, RSV, EBV) as the two unwind a collaboration once worth up to $4.3B. CSL will make a one-time $12M payment and release Arcturus from about $16M in R&D credit liabilities — an effective settlement value near $28M — while also resolving an arbitration dispute.
IPOs:
Latigo Biotherapeutics (LA) Prices Upsized $345.6M IPO
Upsized to $345.6M by selling 19.2 million shares at $18.00; shares began trading Aug. 7 (ticker LTGO) with the offering set to close Aug. 10. Funds a non-opioid pain pipeline led by a Nav1.8 inhibitor positioned as a rival to Vertex’s approved Journavx.
Other Interesting News:
BioMarin (SF) Discontinues BMN 401 After Phase 3 Failure
The company scrapped BMN 401 across all indications after its Phase 3 ENERGY 3 trial in ENPP1 deficiency missed its co-primary endpoints, disclosed alongside Q2 results. The candidate had been the centerpiece of BioMarin’s $270M acquisition of Inozyme Pharma in 2025, marking another setback for its rare-disease portfolio.
Amgen (LA) Discontinues Phase 1 Obesity Drug AMG 513
Amgen ended development of early-stage obesity asset AMG 513 on its Q2 earnings call, concentrating its near-term weight-loss hopes on Phase 3 candidate MariTide. It is the second Phase 1 obesity drug Amgen has scrapped, after AMG 786 in early 2024, for failing to clear the company’s high internal bar.
Vistagen’s (SF) Social Anxiety Nasal Spray Misses in Phase 2
A repeat-dose Phase 2 study of fasedienol failed to beat placebo on its primary anxiety-severity endpoint, following a Phase 3 miss in June and another last December. Vistagen again pointed to a very-severe-anxiety subgroup as a possible FDA path; the drug had sent shares up more than 1,000% on a 2023 Phase 3 win.
