Recent Funding:
SonoThera (SF) Closes $125M Series B for Ultrasound-Mediated Genetic Medicines
SonoThera (SSF) Closes $125M Series B for Ultrasound-Mediated Genetic Medicines • SonoThera, which uses its RIPPLE™ ultrasound delivery and PORE™ payload engineering to deliver DNA, RNA, and gene-editing payloads non-virally, closed an oversubscribed $125M Series B on June 10. The round was led by Vida Ventures and incl uded ARK Invest, CureDuchenne Ventures, Leaps by Bayer, Otsuka Pharmaceutical, SymBiosis, UCB Ventures SA, and Vivo Capital.
Proceeds will advance lead programs in Duchenne muscular dystrophy (DMD) and autosomal dominant polycystic kidney disease (ADPKD) toward first-in-human trials, with a DMD IND filing expected in 2027.
Enliven Therapeutics (SF) Raises ~$400M in Upsized Public Offering
Enliven Therapeutics, a clinical-stage small molecule oncology company, priced an upsized public offering of 8,933,334 shares at $37.50 per share on June 11, generating gross proceeds of approximately $400M (net ~$376M, or ~$432M if underwriters exercise their overallotment option in full).
Enliven focuses on drug-resistant cancers driven by kinase mutations, with programs in CML and other solid tumors — a precision medicine approach directly targeting known resistance mechanisms.
Beren Therapeutics (LA) Secures $300M for Rare Disease NDA Filing
Beren Therapeutics secured $300M in new financing on June 10 to support the potential commercial launch of adrabetadex (hydroxypropyl-β-cyclodextrin) and long-term care initiatives for infantile-onset Niemann-Pick Disease Type C (NPC1), a rare and fatal lysosomal storage disorder. The financing includes equity and debt components, with investors including Wellington Partners and Hercules Capital.
Beren is awaiting an FDA decision on adrabetadex expected this fall. If approved, it would be a significant win for a condition affecting fewer than 1,000 patients in the U.S. — and a showcase for the rare disease development pathway.
Recent Layoffs:
Genentech (SF) Shutters Infectious Disease and Physiological Chemistry Units
In a restructuring of its gRED (Genentech Research and Early Development) group announced June 11, Genentech is closing its infectious disease and physiological chemistry research units while reducing headcount in early clinical development, development sciences, and translational medicine. Headcount impact was not disclosed. Three VPs are among the departures: Vishva Dixit, M.D. (29 years at Genentech, head of physiological chemistry), Man-Wah Tan, Ph.D. (16 years, head of infectious disease), and Todd McDevitt, Ph.D. (head of cell therapy).
This is Genentech’s third round of layoffs in 15 months; the company cut at least 489 employees in 2025. Roche simultaneously announced a $50B U.S. investment plan including a $700M North Carolina drug manufacturing facility — suggesting a geographic shift in R&D footprint.
M&A, Deals, Partnerships:
Incyte Acquires Vega Therapeutics from Star Therapeutics (SF) for up to $2.0B
Incyte agreed on June 8 to acquire Vega Therapeutics – a wholly owned subsidiary of Star Therapeutics (201 Haskins Way, SSF) – for $1.25B upfront plus up to $750M in sales milestones (total potential $2.0B). The asset: VGA039, a Phase 3 subcutaneous monoclonal antibody targeting Protein S to restore clotting in all types of von Willebrand disease (VWD). VGA039 has FDA Breakthrough Therapy designation.
Incyte is using M&A to add a late-stage rare hematology asset as it diversifies beyond JAK inhibitor Jakafi (facing patent cliff). The deal sets up a direct challenge to Takeda’s existing VWD franchise and broadens Incyte’s hematology footprint.
Other Interesting News:
Vistagen (SF) Reaches Key Safety Milestone for Fasedienol Social Anxiety Program
On June 9, Vistagen announced its fasedienol (PH94B) nasal spray program for acute treatment of social anxiety disorder (SAD) has reached and is expected to exceed ICH E1 safety exposure targets: as of May 31, more than 1,500 subjects received at least one dose, 300+ had 6+ months of exposure, and 100+ had 12+ months — building the safety database needed to support a future NDA.
Topline data from PALISADE-4 (Phase 3) is expected in Q2 2026. If positive, combined with prior PALISADE-2 data, Vistagen believes it could file a U.S. NDA for fasedienol as an on-demand nasal spray for SAD — a novel, non-systemic, non-sedating mechanism.
Summit Therapeutics (SF) Withdraws $500M Stock Offering Citing Market Conditions
Summit Therapeutics withdrew a planned $500M public stock offering on June 11, citing “current market conditions.” The pullback is notable given Summit’s recent momentum: its lead program ivonescimab — a PD-1/VEGF bispecific antibody in-licensed from China’s Akeso — has generated significant clinical buzz, and the company has been one of the more closely watched mid-caps in the sector.
The withdrawn offering signals ongoing sensitivity in biotech public markets to timing and valuation — even for companies with compelling data packages. Worth monitoring as a leading indicator of investor appetite for follow-on offerings across the sector.
Caribou Biosciences presented updated data at the 2026 European Hematology Association (EHA) Annual Meeting showing its allogeneic anti-CD19 CAR-T therapy vispacabtagene regedleucel (vispa-cel) achieved a 17.1-month median progression-free survival (PFS) in 2nd-line large B cell lymphoma — numerically beating BMS’s Breyanzi (14.8 months) and Novartis’s Yescarta (14.9 months), both approved autologous CAR-T therapies.
Caribou’s pitch is access: ~25% of eligible 2L LBCL patients currently receive autologous CAR-T. Vispa-cel, as an off-the-shelf product, targets the patients who are medically ineligible or geographically unable to access those therapies. Phase 3 is planned. However, Caribou’s market cap sits below $180M and its $118.6M cash runway extends only to H2 2027 — funding the full Phase 3 remains the key strategic question for BD.xt
Amgen (LA) Found to Have Willfully Infringed Harbour Antibody Patent — Faces Up to $60.6M in Damages
A federal jury in Delaware ruled on June 14–15 that Amgen and its acquired subsidiary Teneobio willfully infringed on U.S. Patent No. 10,906,970, held by Harbour Antibodies (a Dutch subsidiary of China’s Harbour BioMed). The jury awarded $20.2M in damages; because infringement was deemed willful, the judge may triple the award to $60.6M. The patent covers heavy chain-only antibody technology underlying Teneobio’s UniRat platform — a key asset from Amgen’s $900M upfront / up to $2.5B total Teneobio acquisition in 2021.
Amgen intends to contest the verdict in post-trial proceedings. Harbour is separately appealing a prior adverse ruling on a second patent, which it says carries “up to ten times” the financial implications of this case. Context: Amgen already took a $650M impairment charge in 2023 when it discontinued the lead Teneobio oncology asset (AMG 340). The Teneobio acquisition has not delivered the hoped-for pipeline returns.
