M&A, Deals, Partnerships:
BioMarin (SF) Acquires Inozyme for $270M, Adds Phase 3 Enzyme Therapy to Rare Disease Pipeline
In its first major M&A under new CBO James Sabry, BioMarin will acquire Inozyme for $270M to gain INZ-701, a Phase 3 enzyme replacement therapy for ENPP1 deficiency, a rare genetic disease with severe cardiovascular risks in infants. The deal aligns with BioMarin’s core strength in enzyme therapies and signals a broader shift toward external innovation following historically early-stage dealmaking.
ADARx Pharmaceuticals (SD) Lands $335M AbbVie Partnership to Advance RNAi Pipeline
AbbVie is paying $335M upfront to partner with ADARx on RNAi therapeutics for neurology, immunology, and oncology, with potential for billions more in milestones and royalties. ADARx is expanding RNAi beyond liver targets, with delivery platforms aimed at brain, eye, and kidney diseases, and is also developing RNA editing capabilities.
Septerna (SF) Lands $200M+ Deal with Novo Nordisk to Develop Oral Obesity Drugs
Novo Nordisk will pay Septerna over $200M in upfront and near-term fees to develop oral small molecule therapies targeting GPCRs like GLP-1, GIP, and glucagon receptors. Septerna may earn up to $2.2B in milestones and has a global profit-sharing option for one program; Novo will fund all development costs.
Recent Layoffs:
Allogene Therapeutics (SF) Cuts 28% of Workforce, Delays Key CAR-T Milestones
Allogene is laying off 28% of staff and pausing manufacturing expansion to extend cash runway into H2 2027, focusing resources on pivotal lymphoma and autoimmune CAR-T trials. Milestone readouts for its lead lymphoma and autoimmune programs are delayed to H1 2026, with potential for more meaningful clinical response data than originally planned.
Kyverna Therapeutics (SF) Lays Off 16% to Streamline for Autoimmune CAR-T Commercialization
Kyverna cut 16% of staff to extend runway through 2027 and focus resources on advancing KYV-101, its lead CD19 CAR-T program in stiff person syndrome and myasthenia gravis, both targeting FDA filings in H1 2026. Despite a promising pipeline and FDA alignment, the company’s stock has dropped ~90% since IPO, prompting sharper execution and selective investment in pre-launch activities.
Atara Biotherapeutics (SF) Slashes Workforce Again, Down to 23 Remaining Staff
After a 50% cut in March, Atara is laying off another 30%, leaving just 23 employees to support its remaining priorities around Ebvallo, following the FDA’s lift of a clinical hold. The layoffs, expected to complete by August, reflect Atara’s continued retrenchment after ending its CAR-T programs ATA3219 and ATA3431 earlier this year.
Other Interesting News:
Travere Therapeutics (SD) Advances FILSPARI Toward FDA Approval for FSGS
The FDA accepted Travere’s sNDA for FILSPARI® (sparsentan) to treat focal segmental glomerulosclerosis (FSGS), setting a PDUFA date of January 13, 2026 and planning an advisory committee meeting. If approved, FILSPARI would be the first FDA-approved therapy for FSGS, supported by positive Phase 2 and 3 data showing sustained reductions in proteinuria and a favorable safety profile.
The ESSENCE study showed olezarsen significantly reduced triglycerides by up to 61% vs. placebo, meeting all primary and secondary endpoints in nearly 1,500 patients with moderate HTG and ASCVD risk. The favorable safety profile and success of this trial support broader use beyond rare FCS, with pivotal Phase 3 sHTG data (CORE and CORE2) expected in Q3 2025.
AP-SA02 significantly improved clinical response rates vs. placebo, with 100% of treated patients responding by end of study and no serious treatment-related adverse events. The intravenous multi-phage therapy showed rapid infection clearance across MSSA and MRSA cases and supports advancement toward a pivotal trial for complicated bacteremia.
Acadia Pharmaceuticals (SD) Wins Patent Ruling Protecting NUPLAZID® Formulation
A Delaware court upheld Acadia’s formulation patent for NUPLAZID® (pimavanserin), extending protection for the 34 mg capsule through 2038. The decision blocks generic challengers, supporting Acadia’s flagship Parkinson’s Disease Psychosis therapy.
Biotech IPO Freeze Hits 13 Weeks as Investor Confidence Wanes
No U.S. biotech has gone public since Aardvark Therapeutics’ $94M IPO on Feb. 13, marking the longest drought since 2022. Only 6 of 33 biotech IPOs since 2023 are trading above their issue price. Bankers cite weak generalist investor interest, market uncertainty, and overreliance on backstopped IPOs as factors behind the stalled market.
