Recent Funding:
Frazier Life Sciences Closes $1.3B Fund to Launch and Back Early Biotech Companies
Frazier Life Sciences raised $1.3B for its 12th venture fund, focused on creating and supporting early-stage private biopharma companies. The firm has helped launch 20 biotechs since 2020 and now manages over $3.6B across its venture funds.
Equip (SD) Raises $47M to Expand Virtual Eating Disorder Care
Telehealth startup Equip raised $47M to scale its virtual treatment for eating disorders, led by Adams Street Partners with continued support from General Catalyst. Now available to over 130 million lives through health plans, Equip has treated 10,000+ patients and offers a five-person care team model across all 50 states.
Recent Layoffs:
Thermo Fisher (SD) Lays Off 85 Manufacturing Workers Across Two Sites
52 employees at the Newton Drive location and 33 at Van Allen Way will be laid off effective Sept. 15, per a state WARN notice. Thermo Fisher has not commented on the layoffs.
M&A, Deals, Partnerships:
LTZ Therapeutics (SF) Partners with Eli Lilly to Advance Myeloid Engager Immunotherapies
LTZ inked a research deal with Eli Lilly to co-develop novel myeloid cell-engaging therapies, securing an upfront payment, equity investment, and potential milestones. The partnership aims to accelerate treatments for diseases with high unmet need, leveraging LTZ’s immunotherapy platform and Lilly’s global development reach.
HilleVax (BOS) to Be Acquired by XOMA Royalty (SF) in Merger Deal
HilleVax will be acquired by XOMA Royalty for $1.95 per share plus a non-transferable CVR, offering upside from excess cash, lease savings, and potential future value from its norovirus vaccine assets. The deal follows a strategic review by HilleVax’s board, who unanimously approved the transaction as the best path forward for shareholders.
Arrowhead Pharmaceuticals (LA) Sells China Rights to RNAi Drug for $130M Upfront
Sanofi will pay $130M upfront and up to $265M in milestones to license Arrowhead’s RNAi drug plozasiran in China via its subsidiary Visirna, following strong Phase 3 data in familial chylomicronemia syndrome (FCS). Plozasiran, which lowers triglyceride levels by targeting apoC-III, is also in late-stage trials for severe hypertriglyceridemia and awaiting FDA approval in the U.S.
Other Interesting News:
Actio Biosciences (SD) Earns FDA Fast Track for Rare Epilepsy Drug ABS-1230
The FDA cleared Actio’s IND and granted Fast Track status for ABS-1230, a first-in-class oral small molecule targeting KCNT1-related epilepsy—a rare and severe pediatric disorder. The company plans to begin Phase 1 trials in healthy volunteers this fall, with a patient-focused study to follow in early 2026; ABS-1230 also received rare pediatric and orphan drug designations.
Allogene (SF) Halts Use of ALLO-647 After Patient Death in Pivotal CAR-T Trial
A patient death in the ALPHA3 study was linked to ALLO-647, a lymphodepletion antibody, prompting Allogene to discontinue its use and simplify the trial to two arms using standard FC chemotherapy. The company will now focus on advancing cema-cel with FC alone, and on its next-gen “Dagger” platform aimed at safer, more precise allogeneic CAR-T therapies.
Senate Moves to Boost NIH Budget Despite Trump Cuts Proposal
A Senate committee rejected Trump’s proposed NIH cuts, instead advancing a bill that would increase NIH funding by $400M, preserving its 27 institutes and supporting targeted research in Alzheimer’s, cancer, diabetes, and rare diseases. The bill also proposes major support for health emergencies and mental health, including $1B for BARDA, $825M for Project BioShield, and over $5.5B for mental health services.
