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I had missed it before, but at RWC a bit later in May there was a presentation by OCUL that included data which just so happens to strongly rebut the EYPT claims re JAK.
https://ocutx.gcs-web.com/static-files/fc2a39b6-a830-4375-a0ee-4a160f2dd4f7
Slides 10-17 address Luciferase, in silico, and receptor inhibition.
DFTX - Updated Resources and Major Recent Events and Milestones
1. The raise is a major institutional signal, not just “more cash.”
Definium closed an upsized $805 million public offering at $34/share, with the underwriters exercising their option in full. All shares were sold by the company, and proceeds are earmarked for R&D, DT120 commercialization preparation, working capital, and general corporate purposes. The syndicate is serious: J.P. Morgan, Jefferies, Leerink, BofA, Evercore, Stifel, Oppenheimer, and LifeSci. That does not guarantee approval, but it shows major capital markets support after the Emerge data. ([Definium Therapeutics][1])
2. Sell-side coverage is now broad.
The company’s official analyst coverage list includes Baird, Canaccord, Cantor, Evercore, H.C. Wainwright, Jefferies, Jones, Leerink, LifeSci, Maxim, Needham, Oppenheimer, Piper Sandler, RBC, Roth, Stifel, and Wolfe. That is a lot of institutional attention for a psychiatry biotech and helps explain why data, hiring, and filing changes are being watched closely. ([Definium Therapeutics][2])
3. Emerge had deeper operational signals than just the MADRS result.
The Phase 3 Emerge study hit the primary endpoint with an 8.1-point placebo-adjusted MADRS improvement at Week 6 and showed a 14.2-point placebo-adjusted difference by Week 1 and 7.3 points at Week 12. Safety looked clean in the topline release: no serious adverse events or suicidality signal, 99% of TEAEs mild-to-moderate, and 100% of participants met end-of-session checklist criteria by Hour 8, with mean time 5.8 hours and median 5.1 hours. That last part matters commercially because it supports the “single-day clinic model” argument. ([Definium Therapeutics][3])
4. Ascend is the real confirmatory MDD lever.
Ascend, the second Phase 3 MDD study, has already dosed its first patient and is expected to read out in 2027. Unlike Emerge, Ascend includes a 50 µg control arm in a 2:1:2 randomization to DT120 100 µg, DT120 50 µg, or placebo. Definium explicitly says the 50 µg arm is intended to confound patients’ ability to identify dose assignment, which is directly aimed at the functional-unblinding criticism. ([Definium Therapeutics][4])
5. The GAD program has strong “execution” breadcrumbs.
The Analyst Day deck showed Voyage complete at n=214, Panorama screening closed with target updated to n=200, and SSRE/power estimates of >99% for Voyage and 99% for Panorama to detect a 5-point placebo-adjusted HAM-A change. That is a very important under-the-radar data point because it suggests the studies did not require a big sample-size rescue after interim blinded review.
6. Commercial hiring lines up almost exactly with launch infrastructure.
The current Greenhouse page shows 16 open roles across marketing, commercial, corporate affairs, clinical development, medical affairs, biometrics, VEOR, program management, and pharmaceutical development. The specific roles — VP Sales, HCP marketing, patient/digital marketing, MSL East/West, Field VEOR, commercial supply chain — are launch-build roles, not early R&D-only roles. ([Greenhouse][5])
7. The VP Sales posting is especially direct.
The VP Sales job says the role is to lead the field team and sales training efforts “in preparation for the potential commercial launch of DT120,” with experience in neuroscience/CNS, psychiatry, complex products, REMS, reimbursement specialists, and site readiness. That is about as clear as public hiring language gets. ([LinkedIn][6])
8. The commercial supply-chain role is also high-signal.
The commercial supply-chain posting talks about launch deliverables, commercial supplier oversight, demand planning, third-party logistics, DSCSA serialization, hub/wholesaler models, and experience with specialty pharmaceutical launches including Schedule II–V controlled drugs. That reads like a company building the infrastructure needed for a controlled-substance specialty launch, not simply maintaining trials. ([RemoteLeaf][7])
9. The deck shows the same launch model the jobs imply.
Their Analyst Day deck explicitly maps field infrastructure, medical support, access support, site-of-care support, field sales, HUB model, REMS, affordability support, case management, trade/distribution, benefits investigation, and prior authorization support. The hiring is not random — it matches the launch architecture they already showed investors.
10. Payer/reimbursement work is already being framed around Spravato.
The Analyst Day deck says payer engagement points to Spravato as the primary price analog, expectation that FDA-approved psychedelic treatments would be covered, and likely prior authorization management similar to other branded psych products. This is not approval evidence, but it is strong evidence they are building the payer story now.
11. Catalent/Zydis exclusivity is a real moat angle.
The 10-K says Definium/MindMed has an exclusive Catalent Zydis license for lysergide in major jurisdictions including the U.S., U.K., and EU. That matters because DT120 is not just “LSD”; it is an ODT formulation with delivery/IP claims around lysergide salts, polymorphs, and orally disintegrating technology. ([Definium Therapeutics][8])
12. The patent trail has useful details.
Google Patents shows applications/issued patents around lyophilized ODT LSD formulations, immediate-release LSD formulations, D-LSD D-tartrate, and Zydis ODT containing LSD. One patent-family page shows issued U.S. patents in 2026 including lyophilized ODT formulations, immediate-release formulations, and LSD salt crystal forms. ([Google Patents][9])
13. Europe/UK site expansion is another breadcrumb.
Panorama is not only U.S.-based; Definium’s own trial page lists it as U.S. and Europe. King’s College London has a public PANORAMA study page, and the National Centre for Mood Disorders describes PANORAMA as involving 36 centres in more than five countries. That gives you another OSINT trail: European trial sites, investigators, ethics approvals, recruitment pages, and conference mentions. ([Definium Therapeutics][10])
[1]: https://ir.definiumtx.com/news-events/press-releases/detail/235/definium-therapeutics-inc-announces-closing-of-805-million-upsized-public-offering-including-full-exercise-of-the-underwriters-option-to-purchase-additional-shares "Definium Therapeutics, Inc. Announces Closing of $805 Million Upsized Public Offering, Including Full Exercise of the Underwriters’ Option to Purchase Additional Shares :: Definium Therapeutics (DFTX)"
[2]: https://ir.definiumtx.com/analyst-coverage "Analyst Coverage :: Definium Therapeutics (DFTX)"
[3]: https://ir.definiumtx.com/news-events/press-releases/detail/232/definium-therapeutics-announces-positive-topline-results-from-phase-3-emerge-study-of-dt120-orally-disintegrating-tablet-odt-in-major-depressive-disorder "Definium Therapeutics Announces Positive Topline Results from Phase 3 Emerge Study of DT120 Orally Disintegrating Tablet (ODT) in Major Depressive Disorder :: Definium Therapeutics (DFTX)"
[4]: https://ir.definiumtx.com/news-events/press-releases/detail/227/definium-therapeutics-announces-first-patient-dosed-in-ascend-the-second-phase-3-pivotal-study-of-dt120-odt-in-major-depressive-disorder "Definium Therapeutics Announces First Patient Dosed in Ascend, the Second Phase 3 Pivotal Study of DT120 ODT in Major Depressive Disorder :: Definium Therapeutics (DFTX)"
[5]: https://job-boards.greenhouse.io/definiumtherapeutics "Jobs at Definium Therapeutics"
[6]: https://www.linkedin.com/jobs/view/vice-president-sales-at-definium-therapeutics-4412183416 "Definium Therapeutics hiring Vice President, Sales in Durham, NC | LinkedIn"
[7]: https://remoteleaf.com/company/definium-therapeutics/senior-director-commercial-supply-chain-anywhere/ "Senior Director, Commercial Supply Chain at Definium Therapeutics - Remote"
[8]: https://ir.definiumtx.com/sec-filings/all-sec-filings/content/0001193125-26-076742/dftx-20251231.htm?utm_source=chatgpt.com "10-K: Annual report [Section 13 and 15(d), not S-K Item 405]"
[9]: https://patents.google.com/patent/US20230218532A1/en "US20230218532A1 - LYOPHILIZED ORALLY DISINTEGRATING TABLET FORMULATIONS OF d-LYSERGIC ACID DIETHYLAMIDE FOR THERAPEUTIC APPLICATIONS
\- Google Patents"
[10]: https://definiumtx.com/clinical-trials/ "Enroll in a Clinical Trial | Definium Ongoing Clinical Trials"
Re OCUL Investor Day presentation
The entire presentation, including that portion, is at https://ocutx.gcs-web.com/events-presentations
just click on "Watch Full Video" or use the menu on the right side to watch specific chapters (chapter 6 is the one you linked).
https://www.linkedin.com/posts/retinaonrecord-retinaredefined-ugcPost-7477720704440823810-IqCr/?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAdQE8sB9wdc7xdzUio2floufephCYbpE00
Chief Scientific Officer Jeffrey Heier, MD discussed the evolution of the SOL-R Phase 3 clinical trial in wet age-related macular degeneration at Investor Day.?
?
He shared how FDA alignment on our planned NDA submission, based on SOL-1 efficacy and safety data plus interim safety data from SOL-R, allows flexibility to add additional analyses with longer endpoints to SOL-R, and reinforced how SOL-R continues to support our long-term clinical development and commercial strategy. ?
?
Watch the conversation: https://lnkd.in/gHiF3YDQ ?
?
#RetinaOnRecord #RetinaRedefined?
?
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ABVX seeking $690M at unspecified share price:
https://www.globenewswire.com/news-release/2026/06/30/3320165/0/en/abivax-announces-launch-of-public-offering-of-american-depositary-shares.html
The stock was not down in the AH session, which is a bullish sign.
*Assuming exercise of underwriter’s option.
Orca Bio’s own PR on FDA approval_of Tregzi:
https://www.businesswire.com/news/home/20260630929266/en/Orca-Bios-TREGZI-Receives-U.S.-FDA-Approval-as-First-and-Only-Precision-Engineered-Cell-Therapy-for-Allogeneic-Transplant-in-Adults-with-Hematological-Malignancies
The FDA PR in (#msg-177749196) failed to mention the hazard ratios for GVHD-free survival (the primary endpoint) and the risk of GVHD; they were 0.26 and 0.19, respectively! These results will change the SoC for allogeneic HSCTs in AML/MDS, IMO.
Most hedge funds running algo's are automatically programmed to instantly sell the moment the phrase / word CRL shows up in any press release / 8K .
Thats why U get the huge dump .
Its an automatic sell program
Kiwi
They will have to file, this one is done.
The question is whether it would be class 1 or 2. It seems management is hoping or expecting it to be the former.
They really should have hosted a call on this to provide some colors, but never a good idea to bad mouth the regulators.
The news today is bad but don’t think it is 40 percent bad if the issue is FDA staffing or scheduling issue. Was buying after seeing the visit is actually been scheduled. Might have oversimplified things and will regret later ;)
Will see in a few months!
Hard to speak on this with any confidence since there is so much we don’t know, but if the inspection has already been scheduled why did UNCY say in their pr that they will have to resubmit another SNA application?
$UNCY - did some looking back - After the first CRL, the stock dropped from $6.80 to $4.77. After this second CRL, the drop was even steeper - from $7.70 to $4.70.
I believe this larger selloff happened because the press release vaguely stated the FDA didn't visit the site. When management leaves room for doubt, the market assumes the absolute worst - either the site was so non-compliant that the FDA didn't bother showing up, or the original issues were never actually resolved, or the management is clueless.
Meanwhile, management supposedly backchanneled to analysts that this was merely an FDA scheduling issue and the inspection is already rebooked. (like WT....) Why wouldn't they include that crucial detail in the official PR? Being transparent upfront would have significantly reduced the damage to the share price IMO.
40% seems excessive but how do you discount stupid management.
And what made the matter worse is the CRL was clearly leaked to some at ~5AM before they halted the stock at 7AM.
FDA approves cell therapy to_reduce GVHD risk_in allogeneic-HSCT:
https://www.fda.gov/news-events/press-announcements/fda-approves-new-treatment-uses-donor-immune-cells-prevent-serious-complications-blood-cancer
The U.S. Food and Drug Administration today approved Tregzi, the first regulatory T (Treg) cell-based immunotherapy for improving chronic graft-versus-host disease (GVHD)-free survival in adult patients with blood cancers undergoing allogeneic hematopoietic stem cell transplantation (allo-HSCT). It represents a novel approach to allogeneic hematopoietic stem cell transplantation in some adult patients with high-risk blood cancers.
…Tregzi is a donor-derived cellular immunotherapy composed of three cell components: purified hematopoietic stem and progenitor cells (HSPCs), Treg cells, and conventional T (Tcon) cells, each derived from the mobilized peripheral blood of an 8/8 HLA-matched related or unrelated donor.
…The safety and effectiveness of Tregzi were established through…a clinical trial in which 187 adult patients with blood cancers, including acute leukemia and myelodysplastic syndrome, were randomly assigned to receive either Tregzi or a standard stem cell transplant. The primary endpoint was chronic GVHD-free survival, defined as the time from HSCT to the earliest occurrence of either death from any cause or the first onset of moderate or severe cGVHD, within two years after day 0.
Patients who received Tregzi achieved significantly higher rates of chronic GVHD-free survival. At one year, 78% of patients who received Tregzi achieved this outcome, compared to 38.4% of patients who received a standard transplant.
After accounting for death as a competing risk, 12.6% of patients who received Tregzi developed serious chronic GVHD within one year, compared with 44% of patients who received a standard transplant.
LLY is up 244% while CAT is up 400%!
UNCY. Piper Sandler ....Reiterate Buy @22/share.
Per management, the FDA has communicated the inspection assignment to the vendor in writing, and management expects it to occur within weeks, given the agency's typical unnaounced scheduling for these visits.
Once completed, the path to resubmission and a final decision is expected to be short, consistent with Class 1 type turnaround rather than a new cycle.
Kiwi
DFTX’s hiring strongly suggests the company is preparing like a late-stage biotech moving from pivotal data to launch readiness. The most telling roles are not just clinical roles - they are VP Sales, HCP Marketing, Patient/Digital Marketing, MSLs, Field VEOR, Commercial Supply Chain, and Biostatistics/Statistical Programming. That is the infrastructure you build when you are preparing for NDA work, payer discussions, REMS/site-of-care planning, and a potential commercial launch.
In my view, the job mix is a bullish operational signal - not a guarantee, but a clear sign that DFTX is acting like DT120 is becoming a product, not just a trial asset.
Full Review Here: https://investorshub.advfn.com/boards/read_msg.aspx?message_id=177747133
[OT]—Some readers may be surprised to know that CAT has handily outperformed all Big Pharma—including LLY—since your prior post on 11/9/22. During the period from 11/9/22 to now, LLY is up 244% while CAT is up 400%!
What an odd outcome. FDA didn't even visit. Now the question is why.
Is it a scheduling issue or management totally pissed off FDA on its meetings..
pencil down anothor 30-50% dilution
should have taken my profit, now holding the bags.
UNCY. receives a CRL because FDA has not done their re inspection of the Indian sub contractor that failed the initial inspection a year ago.
High risk
Not investment advice
Stock down currently around 50%
Kiwi
Uh Oh
The FDA will not inspect the facility during a Class 1 resubmission review.By regulatory definition under the Prescription Drug User Fee Act (PDUFA), a Class 1 resubmission is strictly reserved for minor issues—such as final labeling, safety updates, or minor chemistry, manufacturing, and controls (CMC) clarifications—and triggers a brief 2-month review clock.
Because the 2-month timeline is too short to schedule, execute, and process an official pre-approval inspection (PAI), any resubmission requiring a facility inspection is automatically disqualified from Class 1 and must be categorized as a Class 2 resubmission, which carries a 6-month review clock.
Vrtx continues to be on a tear. Safe to say they are large pharma now. Billion dollar molecule was a few years early and the wrong vrtx drug - would make an even better story today
MRK and LLY have stayed near their highs. BMY and ABBV are still way off their lows,
MRK, LLY, and BMY hitting new highs. GILD too. ABBV has not returned to highs.
Well, since late 2022, LLY has continued be be a great place to be. MRK and ABBV are up near all-time highs (but not done any better than the S&P). GILD is down, and BMY has been a disaster.
Thank you to dewophile and WorstLuck. I bought a bunch on that day around $77, however it went down to $72.
Was debating whether to sell and take profit before the second shoe drops (part 2 of maintenance data) but the people
I follow on X give me confidence to keep it.
Abvx
Good call congrats!
Looks like a first line drug wrt safety now with tremendous efficacy
NIce p/u on the selloff (ABVX). Trading ~120 after hours on safety update.
https://ir.abivax.com/news-releases/news-release-details/abivax-reports-positive-abtect-maintenance-part-2-results/
Abivax Reports Positive ABTECT Maintenance Part 2 Results for Obefazimod, Demonstrating Meaningful Clinical Benefit in Refractory Ulcerative Colitis Patients and Strengthening the Phase 3 Maintenance Safety Database
June 29, 2026
PDF Version
Abivax Reports Positive ABTECT Maintenance Part 2 Results for Obefazimod, Demonstrating Meaningful Clinical Benefit in Refractory Ulcerative Colitis Patients and Strengthening the Phase 3 Maintenance Safety Database
Obefazimod delivered meaningful clinical benefit in a highly refractory ulcerative colitis (“UC”) population, with 37.2% of induction non-responders achieving clinical remission and 34.5% achieving endoscopic remission at Week 44 following continued 50 mg treatment
Dose escalation to obefazimod 50 mg recaptured clinical remission in 45.5% of patients who relapsed during ABTECT Maintenance Part 1, supporting a practical dose-escalation strategy for regaining and sustaining disease control over time
Across the integrated Phase 2 and Phase 3 UC program (1,704 patient-years of exposure), exposure-adjusted incidence rates (“EAIRs”) for malignancies excluding non-melanoma skin cancer (“NMSC”) were 0.35 and 0.64 events per 100 patient-years (“PYs”), and for NMSC were 0.59 and 0.64 events per 100 PYs in the all-active combined (50 mg + 25 mg) and 50 mg cohorts respectively, all consistent with expected UC background rates
In ABTECT Maintenance Part 2, EAIRs for malignancies excluding NMSC were 0.48 and 0.69 events per 100 PYs, and for NMSC were 0.95 and 0.69 events per 100 PYs, in the all-active combined and 50 mg cohorts respectively, all consistent with expected UC background rates
Abivax to host a conference call and webcast today at 4:30 p.m. EDT
(10:30 p.m. CEST) to discuss the results
FDA’s top gene therapy regulator is leaving his role
Vijay Kumar took over after Vinay Prasad tried to fire Nicole Verdun
https://www.statnews.com/2026/06/29/vijay-kumar-exits-fda-office-of-therapeutic-products/
WASHINGTON — Vijay Kumar, acting director of the office that reviews cell and gene therapies at the Food and Drug Administration, is stepping down from his role, according to an email obtained by STAT.
“After careful reflection, I decided the time has come for me to move on,” Kumar wrote. “I discussed with Center and Agency leadership; we mutually decided not to renew my detail.”
$SLS - #DDAmanda Chart. Not making a call on this one.
Check our 4th of July Special! https://DDAmanda.com
#DDAmanda
Z
EVMN—(-40%)—fails phase-2b in CSU:
https://www.businesswire.com/news/home/20260629470075/en/Evommune-Announces-Top-line-Results-from-EVO756-Phase-2b-Trial-in-Moderate-to-Severe-Chronic-Spontaneous-Urticaria
Although the PR says EVMN will continue to test EVO756 in other indications, it looks likely that ENTA has one fewer competitor in the oral MRGPRX2 arena.
Talawar Therapeutics goes public via SPAC-merger with JATT:
https://www.prnewswire.com/news-releases/talawar-therapeutics-and-jatt-ii-acquisition-corp-announce-definitive-business-combination-agreement-to-create-publicly-listed-biotechnology-company-developing-potentially-best-in-class-bispecifics-for-ii-diseases-302812610.html
Talawar Therapeutics is a biotechnology company developing potentially best-in-class bispecific antibodies that pair independent disease drivers in a single therapy, targeting pathways that work together for greater, more durable impact. Our lead program, TALA-125, is a novel anti-IL-13 x anti-IL-18 bispecific that combines two clinically validated, largely orthogonal mechanisms designed to shatter the current limitations of existing treatments – with broad applicability across first-line patients and those who have failed previous therapies.
Biotech Buyouts of Publicly Traded Companies
[Added ZYME-TBPH.]
Table entries are in descending order of buyout premium.
Reverse-mergers are listed at the bottom.
Acquired ‡Premium *Deal iHub
Company Buyer to Market Value Date Reference
LOGC AZN 667% $70M 10/22 #msg-170099482
TBRA AGN 498% $615M 9/16 #msg-125266132
AVRX CLDA 487% $8M 10/08 #msg-33212809
GNLB GSK 465% $57M 10/08 #msg-33209281
AGRX InsudPhrm 336% $45M 6/24 #msg-174661096
DMTX RARE 396% $167M 10/17 #msg-135053781
CMPI REGN 336% $250M 4/22 #msg-168585070
MEMY Roche 319% $50M 11/08 #msg-33787598
IMDZ MRK 311% $300M 2/19 #msg-147004924
SGTX LLY 280% $35M 6/23 #msg-172236626
PRVB SNY 273% $2.9B 3/23 #msg-171430824
KDS.AS SNY 272% $360M 11/20 #msg-159250085
ANDS Roche 256% $220M 10/11 #msg-68043946
OMIC Deerfiled 254% c.v. 12/24 #msg-175571538
VIGL SNY 246% $470M 5/25 #msg-176225785
SYNB PFE 240% $10M 12/10 #msg-58221573
IDIX MRK 239% $3.85B 6/14 #msg-103051902
KOSN BMY 233% $190M 5/08 #msg-29647147
ZYNE HRMY 226% $60M 8/23 #msg-172590073
DRRX BHC 217% $63M 7/25 #msg-176498928
PSTX Roche 215% $1.1B 11/24 #msg-175441738
MIRO UTHR 213% $91M 10/23 #msg-173118733
TRIL PFE 204% $2.3B 8/21 #msg-165570289
ACER ZVRA 203% $15M 8/23 #msg-172730826
MRSN DAWN 182% $129M 11/25 #msg-176941186
INZY BMRN 182% $270M 5/25 #msg-176198833
TSRO GSK 182% $5.1B 12/18 #msg-145223384
VLA.AX MRK 182% $394M 2/18 #msg-138708052
SQNM LH 182% $367M 7/16 #msg-124139335
NSPH LMNX 179% $77M 5/16 #msg-122867416
AIMT Nestlé 174% $2.6B 8/20 #msg-157987026
TCXK.PA SGMO 174% $84M 7/18 #msg-142384127
THOR SNY 172% $2.4B 12/19 #msg-152685325
MGRM LH 171% $155M 6/09 #msg-38960958
NEU.ST AMGN 169% $167M 5/19 #msg-148961436
COLY PFE 167% $165M 11/07 #msg-24600805
INHX BMY 163% $2.5B 1/12 #msg-70636307
LABP ABBV 161% $138M 3/24 #msg-174106073
CYPB Ramius 160% $255M 12/10 #msg-57780859
VTAE AGN 159% $639M 9/16 #msg-125144641
NTMD Deerfld z158% z$36M 1/09 #msg-35132470
CELL BRKR 150% $108M 8/23 #msg-172624283
ICGN PFE 150% $56M 7/11 #msg-65365128
EYE ABT 149% $2.8B 1/09 #msg-34762429
IOMI Intercell 147% $190M 5/08 #msg-29232165
DNL.L NBIX 144% $56.5M 8/22 #msg-169825867
STML Menarini 142% $623M 5/20 #msg-155412863
CPEX FCB_Hldgs 142% $77M 3/11 #msg-61326856
APLS BGEN 140% $5.6B 3/26 #msg-177453916
EVOK QOL Med 140% $25M 11/25 #msg-176901247
SCTL CoreRx 129% $139M 2/24 #msg-173944768
GEVA ALXN 136% $8.4B 5/15 #msg-113395760
BTRX Stiefel 136% $150M 6/08 #msg-30201906
LMNL Strc Alph 135% $10M 7/23 #msg-172324343
PAND MRK 134% $1.85B 2/21 #msg-162128146
ISTA Bausch&Lm 134% $500M 3/12 #msg-73708628
PTLA ALXN 132% $1.2B 5/20 #msg-155434665
SOMX PTX 127% $25M 12/12 #msg-82334111
Tepnel GPRO 126% $132M 1/09 #msg-35221710
INSV Sun_Phrma 125% $48M 9/15 #msg-116997898
ABLX SNY 123% $4.8B 1/18 #msg-138081925
TPTX BMY 122% $4.1B 6/22 #msg-169044829
ONCE Roche 122% $4.3B 2/19 #msg-147078413
CINC AZN 121% $1.3B 1/22 #msg-170897861
CYNA Sunovion 121% $624M 8/16 #msg-124897051
TTHI OPK 121% $60M 6/16 #msg-123621440
ADLR CBST 121% $190M 10/11 #msg-68264754
SGXP LLY 119% $64M 7/08 #msg-30547648
MDVN PFE k118% $4.0B 8/16 #msg-124680992
HARP MRK 118% $680M 1/24 #msg-173581189
ENCY PFE 118% $350M 2/08 #msg-26978155
CCXI AMGN 116% $3.7B 8/22 #msg-169584273
RARX UCB.BR 112% $2.1B 10/19 #msg-151624039
OPNT INDV.L 111% $110M 11/22 #msg-170443638
HZD.L PKI 110% $368M 11/20 #msg-159255066
BOLD ALPMY 110% $3.0B 12/19 #msg-152574418
CDTX MRK 109% $9.2B 11/25 #msg-176945395
RGLS NVS 108% $850M 4/25 #msg-176130831
IMMU GILD 108% $21B 9/20 #msg-158261866
ICEL Fujifilm 108% $307M 3/15 #msg-112226224
AMYT Chiesi 107% $1.25B 1/23 #msg-170892902
IMGO MRK 107% $1.4B 11/22 #msg-170504136
ARQL MRK 107% $2.7B 12/19 #msg-152684415
YMAB Serb Phrm 105% $412M 8/25 #msg-176530414
AMAM JNJ 105% $2.0B 1/24 #msg-173581189
RYZB BMY 105% $3.6B 12/23 #msg-173501393
TRCA IPN.PA 104% $660M 6/08 #msg-29795183
BLU GSK 103% $2.0B 4/23 #msg-171710496
GBT PFE 102% $5.4B 8/22 #msg-169612752
MRV.TO Srchlight 101% $91M 12/22
AMLN BMY 101% u$7.0B 6/12 #msg-77122453
ARNA PFE 100% $6.7B 12/21 #msg-167099213
TST.TO PLI.TO 100% $33M 8/16 #msg-124735566
HGSI GSK 99% $3.0B 7/12 #msg-77532608
MTSR PFE 97% $7.0B 11/25 #msg-176942527
FUSN AZN 97% $2.1B 3/24 #msg-174067117
ORTX KYKOY 97% $387M 19/23 #msg-172963268
CRY.TO MDT 97% $380M 9/08 #msg-32421462
CFMS restor3D 96% $18M 6/23 #msg-172198000
UROV Sumitovant 96% $681M 11/20 #msg-159462428
FTSV GILD 96% $4.9B 3/20 #msg-154105690
NVDQ SYK 96% $701M 6/17 #msg-132304937
IMGN ABBV 95% $10B 11/23 #msg-173325886
CHMA AMYT 94% $330M 5/21 #msg-163605477
BITI ACOR 94% $363M 1/16 #msg-119923883
Speedel NVS 94% $880M 7/08 #msg-30588524
HTWR MDT 93% $1.1B 6/16 #msg-123551339
MEDA.ST MYL 92% $9.9B 2/16 #msg-120456111
MNT JNJ 92% $1.1B 11/08 #msg-33879830
JUNO CELG j91% $9.0B 1/18 #msg-137859642
OCAT Astellas 91% $379M 11/15 #msg-118374922
GI BSX 90% $210M 9/16 #msg-125422608
MEDX BMY 90% $2.1B 7/09 #msg-39801273
CTIC SOBI.ST 89% $1.7B 5/23 #msg-171878780
VRUS GILD 89% $11B 11/11 #msg-69211700
AVXS NVS 88% $8.7B 4/18 #msg-139888382
AGN ACT q88% $66B 11/14 #msg-108238424
OMTH AZN 88% $260M 5/13 #msg-88349427
PNT LLY 87% $1.4B 10/23 #msg-172949338
MAKO SYK 86% $1.65B 9/13 #msg-92358712
LSTA Kuva Labs 85% $40M 1/26 #msg-177370530
ISO BLI 85% $58M 12/22 #msg-170759670
SIRT GSK 85% $620M 4/08 #msg-28705020
ALBO IPN.PA 84% $950M 1/22 #msg-170897349
LJPC INVA 84% $148M 7/22 #msg-169366685
ALDR LUND.CO 84% $1.95B 9/19 #msg-151154641
ZGEN BMY 84% $885M 9/10 #msg-54152162
AMBI Daiichi 83% $315M 9/14 #msg-106688411
ICPT Alfasigma 82% $870M 9/23 #msg-172898719
TRIV ELGX 81% $211M 10/15 #msg-118008485
YMI GILD 81% $510M 12/12 #msg-82377008
NGM Column Gp 80% $135M 2/24 #msg-173922864
DRNA NVO 80% $3.3B 11/21 #msg-166818260
PRVL LLY 80% $880M 12/20 #msg-160184274
TIG TAK 80% $622M 1/18 #msg-137517859
ACLX GILD 79% $7.8B 2/26 #msg-177326186
VTYX LLY 79% $1.2B 1/26 #msg-177147615
ETNB Roche 79% $2.4B 9/25 #msg-176712898
TSVT BMY 79% $102M 3/25 #msg-175911044
MORF LLY 79% $3.2B 7/24 #msg-174719164
FSTX Sino BPhrm 79% $161M 6/22 #msg-169222236
BHVN PFE 79% $11.6B 5/22 #msg-168806558
KDMN SNY 79% $1.9B 9/21 #msg-165815381
FPRX AMGN 79% $1.9B 3/21 #msg-162316864
CVRS SHL.DE 79% $1.1B 8/19 #msg-151997721
CASC SGEN 79% $614M 1/18 #msg-138145273
AKUS LLY 78% $497M 10/22 #msg-170225029
NTGN BNTX 77% $67M 1/20 #msg-153334198
ACHN ALXN 77% $700M 10/19 #msg-151730899
ATLN.VX JNJ f77% $30B 1/17 #msg-128155201
ORIDN.SW COV 77% $300M 4/12 #msg-74079493
ASRT Zydus 76% $166M 6/26 #msg-177710112
ADMS SUPN 76% $400M 10/21 #msg-166306594
CVTX GILD 76% $1.4B 3/09 #msg-36225695
ALIM ANIP 75% $381M 6/24 #msg-174649330
DCPH Ono Pharma 75% $2.4B 4/24 #msg-174321509
RXDX MRK 75% $10.8B 4/23 #msg-171696785
ARIA TAK 75% $5.2B 1/17 #msg-127718101
CALT AsahiKasei 74% $1.1B 5/24 #msg-174499469
OLK TMO 74% $3.1B 10/23 #msg-173043188
RXDX Roche 74% $1.7B 12/17 #msg-137115144
MOVET.BR SHPG 74% $560M 8/10 #msg-52918245
IDEV ENDP 74% $370M 1/09 #msg-34592416
CERE ABBV f73% $8.7B 12/23 #msg-173374544
CPXX JAZZ 73% $1.5B 5/16 #msg-122995888
LEVP VPHM y73% y$510M 7/08 #msg-30704409
TARG MDCO 72% $42M 1/09 #msg-34774402
Ventana Roche 72% $3.4B 1/08 #msg-30912677
Jerini SHPG 71% $520M 7/08 #msg-30452872
VERV LLY 70% $1.0B 6/25 #msg-176329647
CMRX JAZZ 70% $935M 3/25 #msg-175888446
MNTA JNJ 70% $6.5B 8/20 #msg-157719675
WTX.ST ALXN 70% $855M 4/18 #msg-139951584
APNO Cell_Bio 70% $20M 9/09 #msg-43348606
TCRR ADAP 69% $80M 3/23 #msg-171370279
AAH.AX CEPH 69% $207M 2/09 #msg-35956544
DAWN Servier 68% $2.5B 3/26 #msg-177368642
GTHX Phrmacosms 68% $405M 8/24 #msg-174881002
JNCE Tang Cptl 68% $99M 3/23 #msg-171548303
CNST MOR 68% $1.7B 6/21 #msg-164153449
NITE BIIB 68% $877M 3/19 #msg-147257363
LOXO LLY 68% $8.0B 1/19 #msg-145917745
ARMO LLY 68% $1.6B 5/18 #msg-140678701
STDY UTHR 68% $216M 4/18 #msg-140410572
DDS.TO PLB.TO 68% $15M 8/11 #msg-66272770
ALPN VRTX 67% $4.9B 4/24 #msg-174214641
KDNY NVS 67% $3.2B 6/23 #msg-172110415
APEN BSX 67% $615M 11/22 #msg-170560661
CMTA IPN.PA 67% $1.31B 2/19 #msg-147078420
ALXA Gp_Ferrer 67% $20M 5/16 #msg-122522140
CKPT Sun Pharma 66% $355M 3/25 #msg-175907126
ZGNX UCB.BR 66% $1.9B 1/22 #msg-167551981
NVET ZTS 66% $85M 4/17 #msg-130461127
DRTX ACT 66% $675M 10/14 #msg-106925472
RAPT GSK 65% $2.2B 1/26 #msg-177195801
SPPI ASRT 65% $250M 4/23 #msg-171766836
LPDX LH 65% $83M 9/14 #msg-106598786
OSTE MDT 65% $123M 8/10 #msg-53410183
MDCO NVS 64% $9.0B 11/19 #msg-152458295
FCSC Castle_Crk 64% $63M 9/19 #msg-151108594
BIVV SNY 64% $11.6B 1/18 #msg-137861926
LDRH ZBH 64% $1.0B 6/17 #msg-133419822
TLCR GRFS 64% $3.4B 6/10 #msg-50961841
FACT ABT 64% $450M 3/10 #msg-47606240
Acambis SNY 64% $550M 7/08 #msg-30990498
JAV HSP 64% $141M 4/10 #msg-48881292
MSLI Norgine_BV 63% $249M 5/17 #msg-131262204
GRCL AZN 62% $1.0B 12/23 #msg-173501426
ARRY PFE 62% $11.4B 6/19 #msg-149423883
CBMX NVTA 62% $33M 7/17 #msg-133447160
NARI SYK 61% $4.9B 1/25 #msg-175629058
MOR NVS 61% $2.9B 2/24 #msg-173780339
MYOK BMY 61% $13B 10/20 #msg-158699874
Synthes JNJ 61% $21.5B 4/11 #msg-62473819
SCRX Shionogi 61% $1.4B 9/08 #msg-31859174
ITCI JNJ 60% $14.6B 1/25 #msg-175655811
APGN PYXS 60% $16M 5/23 #msg-171981599
SHPG TAK 60% $62.1B 5/18 #msg-140610505
XNPT Arbor_Phrm 60% $487M 5/16 #msg-122847495
BRLI OPK 60% $1.5B 6/15 #msg-114296569
MAPP AGN 60% $958M 1/13 #msg-83696395
BFRM Merz 60% $253M 1/10 #msg-45071380
RETA BIIB 59% $7.3B 7/23 #msg-172456806
TRML NVS 59% $1.4B 9/25 #msg-176675650
RLYP Galenica 59% $1.53B 7/16 #msg-124014245
CXS.AX CEPH 59% $163M 3/11 #msg-61453144
ESPR Archimed 58% $1.1B 5/26 #msg-177560623
CRXL JNJ 58% $2.4B 12/10 #msg-55228522
PFNX LGND 57% $438M 8/20 #msg-157515236
VOLC PHG 57% $1.0B 12/14 #msg-109142343
MEDS XON 57% $26M 12/13 #msg-95175483
AVDR GKOS 56% $480M 8/19 #msg-150387068
OMPI VRX 56% $360M 3/13 #msg-86381607
BMTI WMGI 56% $380M 12/12 #msg-81626598
MTXX HIG_Captl 56% $75M 12/10 #msg-57778844
ASPM COV 56% $210M 9/09 #msg-43348479
ANAC PFE 55% $5.2B 5/16 #msg-122659881
RNA BMRN 55% $840M 11/14 #msg-108456369
AUXL ENDP 55% $2.6B 10/14 #msg-107031514
OSIP Astellas 55% $4.0B 5/10 #msg-50234451
IDMI TAK 55% $75M 5/09 #msg-37898204
LBPH HLUN-B.CO 54% $2.5B 10/24 #msg-175224534
COLL BDSI 54% $604M 2/22 #msg-167875055
VEC.L PM 54% $1.5B 8/21 #msg-165430280
CELG BMY 54% $74B 1/19 #msg-145844551
ECYT NVS 54% $2.1B 10/18 #msg-144295734
CPHD DHR 54% $4.0B 9/16 #msg-124976329
GNOM BGI-Shnzhn 54% $118M 9/12 #msg-79636464
RDEA AZN 54% $1.3B 4/12 #msg-74706626
BSMD MMSI 54% $96M 5/10 #msg-50161877
ATSI MDT 54% $370M 4/10 #msg-49617936
ALO KG 54% $1.6B 11/08 #msg-33763449
ABGX AMGN 54% $2.2B 12/05 #msg-8876857
KRTX BMY 53% $14B 12/23 #msg-173484423
EPZM IPN.PA 53% $247M 6/22 #msg-169252695
VIE HZNP 53% $2.67B 2/21 #msg-161376573
MEDI AZN 53% $15.2B 4/07 #msg-19020387
MLNM TAK 53% $8.8B 4/08 #msg-28365383
ALLK Tang Captl 52% $33M 4/25 #msg-176009641
AMRI Crlyl/GTCR 52% $922M 6/17 #msg-131937504
AFFX TMO 52% $1.3B 1/16 #msg-119712743
TRBN EBS 52% $97M 8/10 #msg-53271836
SYNO BAX 52% $260M 12/11 #msg-69906294
PCOP LGND 52% $75M 9/08 #msg-32404474
EXAS ABT 51% $2.3B 11/25 #msg-
FRLN SYNC.L 51% $28M 11/23 #msg-173279258
ABMD JNJ 51% $17B 11/22 #msg-170339688
VIFN.SW CSL.AX 51% $12B 12/21 #msg-167114255
RPBIF OrbiMed 51% $11.1M 6/16 #msg-126868605
NPSP SHPG 51% $5.2B 1/15 #msg-109811213
CLZR ELOS 51% $65M 9/09 #msg-41293512
OMRI JNJ 51% $465M 11/08 #msg-33762745
IMCL LLY 51% $6.5B 10/08 #msg-32662830
OPTN Paratek 50% $330M 3/25 #msg-175951646
QSAM TLX.AX 50% $33M 2/24 #msg-173807713
CSII ABT 50% $890M 2/23 #msg-171160898
MYOV Sumitomo 50% $2.9B 10/22 #msg-170268877
ETTX INVA 50% $113M 5/22 #msg-168944440
ATRS HALO 50% $960M 4/22 #msg-168533921
ITMR Zoll Mdcl 50% $538M 9/21 #msg-165885593
GWPH JAZZ 50% $6.7B 2/21 #msg-161448011
CORI Gurnet_Pnt 50% $504M 10/18 #msg-144156114
ENTL SYK 50% $662M 12/17 #msg-136714935
PSTX SYK 50% $120M 1/14 #msg-95510779
MYOG GILD 50% $2.5B 10/06 #msg-13712121
MIL Merck_KGaA 50% $7.2B 3/10 #msg-47249493
CRGN CLDX 50% $40M 5/09 #msg-38262967
TNOX DNA 50% $919M 11/06 #msg-14673162
APGE ABBV 49% $10.9B 6/26 #msg-177723070
FMTX NVO 49% $1.1B 9/22 #msg-169846707
OCRX MNK 49% $75M 11/17 #msg-135889221
MRNS Immedica 48% $151M 12/24 #msg-175595432
HZNP AMGN 48% $28B 12/22 #msg-170671017
WMGI SYK 48% $5.4B 11/19 #msg-152075660
SURG VRX 48% $166M 9/15 #msg-116690920
ZY DNA 47% $300M 7/22 #msg-169486788
AAAP NVS 47% $3.9B 10/17 #msg-168310103
FLXN PCRX 47% $428M 10/21 #msg-166306397
CBM Permira 47% $2.4B 8/19 #msg-150386649
RNA NVS 46% $12B 10/25 #msg-176868353
KIN ELAN 46% $440M 6/21 #msg-164417443
AMAG Covis_Grp 46% $647M 10/20 #msg-158641344
BEC DHR 46% $6.8B 2/11 #msg-59624646
PHRM CELG 46% $2.9B 11/07 #msg-24645394
ATXS BCRX 45% $700M 10/25 #msg-176818388
ALXN AZN 45% $39B 12/20 #msg-160128002
AGN ABBV 45% $65B 6/19 #msg-149577810
ROCM BCR 45% $262M 9/13 #msg-91684202
TYME SYRS 44% $70M 7/22 #msg-169317107
BSTC ENDP 44% $540M 10/20 #msg-158976969
AAAP NVS 44% $3.9B 10/17 #msg-135797034
GNVC XON 44% $14.2M 1/17 #msg-128087921
ICVX AZN 43% $800M 12/23 #msg-173410902
DBTX REGN 43% $109M 8/23 #msg-172552134
VECT IRWD 43% $1.0B 5/23 #msg-171960647
AVEO LG Chem 43% $566M 10/22 #msg-170225142
GNMK Roche 43% $1.8B 3/21 #msg-162557955
SNMX Firmenich 43% $72M 9/18 #msg-143614780
RPRX AGN 43% $27M 12/17 #msg-136820335
AKRO NVO d42% $4.7B 10/25 #msg-176797205
DICE LLY 42% $2.4B 6/23 #msg-172170829
SGEN PFE 42% $43B 3/23 #msg-171430587
AGTC SYNC.L 42% $24M 10/22 #msg-170272356
ZSPH AZN 42% $2.7B 11/15 #msg-118292261
ASPX TEVA 42% $3.2B 3/15 #msg-112224762
CALP PKI 42% $600M 9/11 #msg-66915400
BRL TEVA 42% $9.0B 7/08 #msg-30792830
SRDX GTCR LLC 41% $627M 5/24 #msg-176930847
PRTK Gurnet Pt 41% $330M 6/23 #msg-172070130
MRUS GMAB 41% $5.0B 9/25 #msg-176754080
EIDX BBIO 41% $2.9B 10/20 #msg-158699182
AST BTX 41% $85M 11/18 #msg-144764100
VITA SYK 41% $320M 5/11 #msg-63178312
AGAM STJ 41% $1.3B 10/10 #msg-55673504
NUVL GSK 40% $9.4B 6/26 #msg-177685905
KALV Chiesi 40% $1.9B 4/26 #msg-177551313
MNLO FOMX 40% $180M 11/19 #msg-152208625
DSCI IART 40% $204M 1/17 #msg-127779613
SGNT Nichi-Iko 40% $736M 7/16 #msg-123792475
PATH TEVA 40% s$144M 1/14 #msg-96147237
SLTM VRX 40% $236M 12/13 #msg-95003986
KG PFE 40% $3.6B 10/10 #msg-55425514
DVAX SNY 39% $2.2B 12/25 #msg-177099920
STSA Shin Nippn 39% $30M 4/23 #msg-171700091
SRRA GSK 39% $1.9B 4/22 #msg-168533694
PCYC ABBV n39% $21B 3/15 #msg-111425234
SYR.L STE 39% $1.9B 10/14 #msg-107152734
HSP PFE 39% $17B 2/15 #msg-110577169
MRX VRX 39% $2.6B 9/12 #msg-79186818
CEPH TEVA 39% $6.8B 5/11 #msg-62636692
ORCH LH 39% $85M 4/11 #msg-61801828
MOGN Eisai 39% $3.9B 12/07 #msg-25163775
CNTA LLY 38% $6.3B 3/26 #msg-177453866
SPNE OFIX 38% $306M 10/22 #msg-170165454
MASI DHR 38% $9.9B 2/26 #msg-177312201
PETX ELAN 38% $231M 4/17 #msg-148466146
ALR ABT 38% $7.9B 4/17 #msg-130492505
BXLT SHPG 38% $32B 1/16 #msg-119743932
ITMN Roche 38% $8.3B 8/14 #msg-105603127
SNTS SLXP 38% $2.6B 11/13 #msg-93839578
ONXX AMGN 38% $9.7B 8/13 #msg-91383118
LIFE TMO 38% $15.6B 4/13 #msg-86836458
DUSA Sun_Pharma 38% $230M 11/12 #msg-81273572
MYX.AX Cosette Ph 37% $430M 2/25 #msg-175837513
AERI ALC 37% $770M 8/22 #msg-169759599
TTPH LJPC 37% $43M 6/20 #msg-156488296
BTG.L BSX 37% $4.2B 11/18 #msg-145001575
STJ ABT 37% $30.7B 4/16 #msg-122251293
CBST MRK 37% $9.5B 12/14 #msg-108853418
SIAL Merck_KGaA 37% $17B 9/14 #msg-106484466
PRX TPG_(prvt) 37% $1.9B 7/12 #msg-77533202
MTOX LH 37% $240M 6/12 #msg-76240732
GENZ SNY v37% v$20.1B 2/11 #msg-59975091
DOVA SOBI.ST 36% $810M 9/19 #msg-151425501
MRTX BMY 35% $4.8B 10/23 #msg-172983547
SURF CHRS 35% $40M 6/23 #msg-172154287
SOBI.ST Advent/GIC 35% $8.0B 9/21 #msg-165744197
CORV Advance_Ph 35% $76M 3/20 #msg-154356839
PTHN TMO 35% $7.2B 5/17 #msg-131355584
DYAX SHPG 35% $5.9B 11/15 #msg-118164544
MATK Royal_DSM 35% $1.1B 12/10 #msg-57987049
SLNO NBIX 34% $2.9B 4/26 #msg-177471158
CVAC BNTX 34% $1.25B 6/25 #msg-176311692
MITO Mrngsd Vnt 34% $27M 8/22 #msg-169552098
NEOS AYTU 34% $45M 12/20 #msg-160066262
WCRX ACT 34% $8.5B 5/13 #msg-88088454
AMMD ENDP 34% $2.9B 4/11 #msg-61948007
CLRT GE 34% $580M 10/10 #msg-55864640
SGP MRK 34% $41B 3/09 #msg-36140327
HTRN ENDP 34% $223M 5/10 #msg-49838813
FOLD BMRN 33% $4.8B 12/25 #msg-177083495
AVDL ALKS 33% $2.2B 11/25 #msg-176965911
CLCD LLY 33% $960M 1/17 #msg-127941157
AKGZF Bayer 33% $2.9B 12/13 #msg-95174198
KNSY Royal_DSM 33% $360M 5/12 #msg-75204020
MITI AMGN 33% $1.16B 1/12 #msg-71341339
OYST VTRS 32% $300M 11/22 #msg-170389075
JNP CTLT 32% $140M 7/18 #msg-141961886
CVD LH 32% $5.6B 11/14 #msg-107784169
SMTS COV 32% $250M 6/10 #msg-51344183
SCPH MNKD 31% $360M 8/25 #msg-176616574
EXAC TPG_(prvt) 31% $625M 10/17 #msg-135627315
TOMO ARAY 31% $277M 3/11 #msg-60697854
TBIO SNY 30% $3.2B 8/21 #msg-165242244
PRAH ICLR 30% $12B 2/21 #msg-162100993
NXTM FMS 30% $2.0B 8/17 #msg-133627112
THOR STJ 30% $3.4B 7/15 #msg-115599422
PPD(I) CarlyleGrp 30% $3.9B 10/11 #msg-67625255
OctoPlus RDY 30% $35M 10/12 #msg-80752228
CGPI Galderma 30% $420M 2/08 #msg-28286522
NTUS ArchiMed 29% $1.2B 4/22 #msg-168574161
XLRN MRK 29% $11.5B 9/21 #msg-166156870
IVTY SYK 29% $190M 9/18 #msg-143493139
FMI Roche 29% h$2.4B 6/18 #msg-141630144
COV MDT 29% $42.9B 6/14 #msg-103352775
CHTP Lundbeck 29% $530M 5/14 #msg-101687352
WYE PFE 29% $68B 1/09 #msg-35077617
APPX Fresenius 29% $940M 7/08 #msg-30498388
KITE GILD 29% $11.9B 8/17 #msg-134179317
BPMC SNY 28% $9.1B 6/25 #msg-176263786
GTKX.PA CALT 28% $38M 8/20 #msg-157592686
PRXL Pamplona 28% $4.6B 6/17 #msg-132330332
INNL Gurnet_Pt 28% $53M 4/17 #msg-130210863
CYNO HOLX 28% $1.44B 2/17 #msg-128697104
CRA DGX 28% $330M 3/11 #msg-61103240
SEPR Dainippon 28% $2.6B 9/09 #msg-41143301
SAGE SUPN 27% $561M 6/25 #msg-176326268
CBAY GILD 27% $4.3B 2/24 #msg-173827237
NVCN SWAV 27% $199M 1/23 #msg-170962426
OXFD PKI 27% $600M 1/21 #msg-160749373
HEMA CRL 27% $380M 12/19 #msg-152826703
SPNC PHG 27% $2.16B 6/17 #msg-132563070
QCOR MNK 27% $5.6B 4/14 #msg-100144844
CNJ.TO EBS 27% $222M 12/13 #msg-94886880
GIVN COV 27% $860M 12/13 #msg-94759019
VPHM SHPG 27% $4.2B 11/13 #msg-93924184
ASTX Otsuka 27% $886M 9/13 #msg-91706292
ALTH SPPI 27% $108M 4/12 #msg-74081029
GXDX NVS 27% $330M 1/11 #msg-59092015
SOLY ABBV 26% $550M 5/21 #msg-163706786
KTWO SYK 26% $1.4B 8/18 #msg-143281972
LBMH BCR 26% $181M 11/15 #msg-118658269
CFN BD 26% $12.2B 10/14 #msg-106924866
CADX MNK 26% $1.3B 2/14 #msg-97103062
ISPH MRK 26% $430M 4/11 #msg-61724403
Zentiva SNY 26% $2.6B 9/08 #msg-32327005
AMTI CYTH 25% $11M 12/23 #msg-173513038
CEMI ALBIO.PA 25% $17.2M 1/23 #msg-171085285
KARO.ST EQT_VIII 25% $650M 10/18 #msg-144517455
BCR BDX 25% $24B 4/17 #msg-130730335
SLXP VRX p25% $15.9B 3/15 #msg-111768607
FRX ACT 25% $25B 2/14 #msg-97422529
ICOS LLY 25% $2.3B 12/06 #msg-15623908
OGN SUN.BO 24% $11.8B 4/26 #msg-177542277
SLRN ALMS 24% $240M 2/25 #msg-175772515
PPD TMO 24% $20.9B 4/21 #msg-163201848
VAR SHL.DE 24% $16.4B 8/20 #msg-157315433
KYTH AGN 24% $2.1B 6/15 #msg-114667193
HITK AKRX 24% $540M 8/13 #msg-91428592
ZOLL AsahiKasei 24% $2.2B 3/12 #msg-73194976
VRNA MRK 23% $10B 7/25 #msg-176414908
RCOR RCKT 23% $53M 9/22 #msg-169991990
LMNX DIA.MI 23% $1.8B 4/21 #msg-163126009
ISEE Astellas 22% $5.9B 5/23 #msg-171807035
ALMED.PA MDT 22% $160M 7/20 #msg-156929697
Noven Hisamitsu 22% $428M 7/09 #msg-39515681
CPRX Angelini 21% $4.1B 5/26 #msg-177579971
RPTP HZNP 21% $800M 9/16 #msg-125097197
DNEX TMO 21% $2.1B 12/10 #msg-57686719
EQRX RVMD 20% $1.1B 8/23 #msg-172491486
PLB.TO ENDP 20% $74M 11/13 #msg-93718507
CPTS Bayer 20% $1.1B 4/13 #msg-87353545
PBTH OPK 20% $480M 4/13 #msg-87185863
GPRO HOLX 20% $3.7B 4/12 #msg-74999864
FURX FRX 19% $1.1B 4/14 #msg-101191792
CLDA FRX 19% $1.2B 2/11 #msg-60171753
PPCO ENDP 19% $168M 8/10 #msg-53137069
EVVV COV 19% $2.6B 6/10 #msg-50797343
ELEV Tang Captl 18% $26M 6/25 #msg-176293584
RCPT CELG 18% $7.2B 7/15 #msg-115406201
SWTX MRK.DE 17% $3.4B 4/25 #msg-176120502
SWAV JNJ 17% $12.5B 4/24 #msg-174182514
CTLT NVO Hldngs 17% $11.5B 2/24 #msg-173773953
RAIN Pathos AI 17% c.v. 12/23 #msg-173423820
PRDS MediPac 17% c.v. 7/23 #msg-172362079
MSON BVS 17% $518M 7/21 #msg-166521465
BEAT PHG 17% $2.8B 12/20 #msg-160299656
NDRM Mitsubishi 17% $1.1B 7/17 #msg-133239153
KCI Apax_Prts 17% $6.3B 7/11 #msg-65162696
ABII CELG 17% $2.9B 6/10 #msg-51844360
ACL NVS x17% x$49.7B 1/10 #msg-45072999
CNCE Sun Pharma 16% $580M 1/23 #msg-170981214
MZOR MDT 16% $1.64B 9/18 #msg-143696059
VER.L LGND 16% $43M 8/18 #msg-142795933
ABAX ZTS 16% $2.0B 5/18 #msg-140837816
AEGR QLTI m16% $45M 6/16 #msg-123312384
KMNS XIO_Grp 16% $510M 6/15 #msg-114711266
PRXN.L Upshr-Smth 16% $350M 6/12 #msg-76556065
CGRB JNJ 16% $970M 5/09 #msg-38039851
DNA Roche 16% w$46.8B 3/09 #msg-36224175
XENT MDT 15% $1.1B 8/21 #msg-165323285
SCMP MNK 15% $1.2B 12/17 #msg-137177653
TSRX CBST 15% $707M 7/13 #msg-90492857
ARI.TO Roche 15% $190M 7/08 #msg-30904056
EMIS NVO 14% $1.8B 11/20 #msg-159336565
ZLTQ AGN 14% $2.48B 2/17 #msg-128649430
FEIC TMO 14% $4.2B 5/16 #msg-122953139
SENO BCR 14% $213M 5/10 #msg-49838776
SBBP XERS 13% $267M 5/21 #msg-163992064
PGNX LNTH 13% $440M 2/20 #msg-153933488
AVNR Otsuka 13% $3.5B 12/14 #msg-108677894
KZR AUPH 12% $50M 3/26 #msg-177449611
EPIX Xeno Tx 12% $85M 7/25 #msg-176434718
RDUS Gurnet Pt 12% $890M 6/22 #msg-169222128
IGMS Tang Captl 11% $75M 7/24 #msg-176386579
SCLN GL_Capital 11% $605M 6/17 #msg-132004673
WX prvt_grp 11% $3.3B 8/15 #msg-116208102
ELN PRGO 11% $6.7B 7/13 #msg-90418077
PRNB SNY 10% $3.36B 8/20 #msg-157669162
EXAI RXRX 9% $350M 8/24 #msg-174886820
TGX Juniper 9% $52M 8/13 #msg-90677660
EURX Axcan 9% $583M 12/10 #msg-57543845
LUMO DoublePtVnt 8% $38M 10/24 #msg-175276246
KNTE XOMA 8% $120M 2/24 #msg-173861156
HPTX HZNP 8% $1.1B 3/15 #msg-112225598
PMTI CYNO 8% $294M 3/13 #msg-85810217
TWTI HOLX 7% $580M 6/08 #msg-29877950
TERN MRK 6% $5.7B 3/26 #msg-177432892
ARTC SN.L 6% $1.7B 2/14 #msg-96750072
CEGE BPAX 6% $38M 6/09 #msg-39163410
MEND JNJ 6% $480M 7/10 #msg-52176337
RVNC Crown Labs e5% $600M 12/24 #msg-175499844
THRX Tang Cptl 5% c.v. 12/23 #msg-173484642
GHDX EXAS 5% $2.8B 7/19 #msg-150192700
ELOS Apax_Prtns 4% $397M 4/17 #msg-130128751
PRON.OL BASF 4% $844M 12/12 #msg-81711876
XOMA LGND 3% $739M 4/26 #msg-177542596
TSBX XOMA 3% $8M 6/25 #msg-176372514
ABCM DHR 3% $5.7B 8/23 #msg-172703284
DERM LLY 2% $1.1B 1/20 #msg-153222680
GENT JAZZ 2% $1.0B 12/13 #msg-95143526
OSIR SNN 1% $660M 3/19 #msg-147467838
CGRX Tang Captl 0% $200M 7/25 #msg-176410553
ITOS Tang Captl (2%) $400M 7/25 #msg-176464893
RLM EPIX (3%) $22M 5/19 #msg-148855792
CRTX Chiesi (3%) t$106M 9/13 #msg-92046498
TBPH ZYME (4%) $929M 6/26 #msg-177742782
VXGN OXGN (4%) $33M 10/09 #msg-42578130
AVGN MNOV (7%) $38M 8/09 #msg-40769841
VRX BVF (7%) $3.9B 6/10 #msg-51505172
VELO.CO Asahi (9%) $1.3B 11/19 #msg-153256195
GNMX CERC (11%) $16M 12/19 #msg-152639293
KERX AKBA (13%) $475M 6/18 #msg-141859230
ADVM LLY (15%) $75M 10/25 #msg-176861076
OPTR CBST (19%) $535M 7/13 #msg-90492857
GBIO XOMA (20%) $30M 12/25 #msg-177069011
ACPH.BR EGRX (30%) $104M 3/22 #msg-168352276
DPLO UNH (31%) $300M 12/19 #msg-152689666
KRON Tang Cp (36%) $35M 5/25 #msg-176137922
BLUE Carlyle (57%) $30M 2/25 #msg-175838971
APLT Cycle Phrm(59%) $13M 12/25 #msg-177055749
MRLB SIEN (78%) $20M 6/17 #msg-132114929
TLON SPPI ‡(85%) ‡$11M 7/13 #msg-90020541
PASG RMTX ® ® 6/26 #msg-177731746
BOLD AATD ® ® 6/26 #msg-177726741
LAB TRLN ® ® 6/26 #msg-177682780
RLYB AVZO ® ® 6/26 #msg-177659978
INM Mentari Thx ® ® 5/26 #msg-177621700
GRTX OBX ® ® 4/26 #msg-177498894
CYCN KRSA ® ® 4/26 #msg-177459180
PULM EOSX ® ® 3/26 #msg-177437357
SNSE FTH ® ® 2/26 #msg-177310310
SLRX Decoy ® ® 1/25 #msg-175656867
IKNA IMA ® ® 12/24 #msg-175571299
CARA TVRD ® ® 12/24 #msg-175547530
ALVR KLRS ® ® 11/24 #msg-175352982
AVTE JBIO ® ® 10/24 #msg-175313775
GLYC Crescent ® ® 10/24 #msg-175304644
OCUP IRD ® ® 10/24 #msg-175272461
VIRI DWTX ® ® 10/24 #msg-175192608
NLSP KDST.TA ® ® 7/24 #msg-174829401
PIRS PVLA ® ® 7/24 #msg-174802912
RSLS HIND ® ® 7/24 #msg-174727695
RPHM OKUR ® ® 5/24 #msg-174406669
KTRA HURA ® ® 4/24 #msg-174166810
ABIO ORKA ® ® 4/24 #msg-174165127
ONTX TRAW ® ® 4/24 #msg-174158771
FWBI ENTO ® ® 3/24 #msg-174432766
AVRO TECX ® ® 1/24 #msg-173735605
FIXX QTTB ® ® 11/13 #msg-173237730
GRPH LENZ ® ® 11/23 #msg-173227879
SELB RNAC ® ® 11/23 #msg-173210464
INVO NAYA ® ® 10/23 #msg-173075987
ADXS Biosight ® ® 7/23 #msg-172456806
NLTX NGNE ® ® 7/23 #msg-172374206
FREQ KRRO ® ® 7/23 #msg-172338919
TALS TRML ® ® 6/23 #msg-172187751
IMNM Morphimmune ® ® 6/23 #msg-172242569
NANOV.OL Thor Med ® ® 6/23 #msg-172098515
MGTA DNTH ® ® 5/23 #msg-171829261
DFFN CRVO ® ® 3/23 #msg-171578139
ADMP DMK Pharma ® ® 2/23 #msg-171314445
VBLT NTBL ® ® 2/23 #msg-171281477
ANGN ELTX ® ® 1/23 #msg-170962134
VLON GRI ® ® 12/22 #msg-170687186
GRAY CALC ® ® 11/22 #msg-170512654
ADXS Ayala ®g ® 10/22 #msg-170233693
IMRA ELVN ® ® 10/22 #msg-170192000
RMED VTAK ® ® 9/22 #msg-170581567
SESN CARM ® ® 9/22 #msg-170005327
GMTX IRON ® ® 8/22 #msg-169638662
SBTX SPRY ® ® 7/22 #msg-169465202
YMTX KA ® ® 6/22 #msg-169066703
CLBS LSTA ® ® 4/22 #msg-168674675
EYES VANI ® ® 2/22 #msg-167798986
POLN.SW SPEX.SW ® ® 12/21 #msg-167295474
AZRX FWBI ® ® 9/21 #msg-165885811
EARS CYTO ® ® 6/21 #msg-164184643
ARPO AADI ® ® 5/21 #msg-163841604
MLND TPST ® ® 3/21 #msg-162851398
APOP Quoin_Phrm ® ® 3/21 #msg-162798374
NTEC INDP ® ® 3/21 #msg-162565942
OBLN RSLS ® ® 1/21 #msg-161068114
NK IBRX ® ® 12/20 #msg-160358069
SNCA PALI ® ® 12/20 #msg-160265342
ANCN CMMB ® ® 12/20 #msg-160187408
SNSS VIRX ® ® 11/20 #msg-159786611
AKER MYMD ® ® 11/20 #msg-159445834
CBLI STAB ® ® 10/20 #msg-158993566
PTI YMTX ® ® 8/20 #msg-157833849
CGIX VYNT ® ® 8/20 #msg-157834952
ARYBU CERE ® ® 7/20 #msg-157265361
SBPH FSTX ® ® 7/20 #msg-157245800
UMRX Kiq_LLC ® ® 7/20 #msg-156717827
REXN OCUP ® ® 6/20 #msg-156362145
ADRO KDNY ® ® 6/20 #msg-155991705
NTRP PTPI ® ® 5/20 #msg-155701445
TORC ACET ® ® 4/20 #msg-155341382
ARYA IMTX ® ® 3/20 #msg-155937184
TOCA FBRX ® ® 2/20 #msg-153935298
BPMX TMBR ® ® 1/20 #msg-153535078
CNAT HSTO ® ® 1/20 #msg-153532517
RTTR QLGN ® ® 1/20 #msg-153405835
ZFGN LRMR ® ® 12/19 #msg-152862497
NLNK LUMP ® ® 9/19 #msg-151442042
PRTO TARA ® ® 9/19 #msg-151308631
OPGN CURE.AS ® ® 9/19 #msg-150924660
AQXP NLTX ® ® 8/19 #msg-150347293
GEMP NRBO ® ® 7/19 #msg-150120289
MYND EMMA ® ® 7/19 #msg-150069355
CHAC PHGE ® ® 7/19 #msg-150003368
VICL BBI ® ® 6/19 #msg-149171531
ALQA ADYX ® ® 4/19 #msg-148356921
MATN OTLC ® ® 4/19 #msg-148312861
HSGX OCGN ® ® 4/19 #msg-148102776
VTL IMUX ® ® 4/19 #msg-148027472
SBOT EDSA ® ® 3/19 #msg-147384278
GTXI ONCT ® ® 3/19 #msg-147349916
FLKS SLRX ® ® 1/19 #msg-145871960
APHB ARMP ® ® 1/19 #msg-145870884
OHRP NBSE ® ® 1/19 #msg-145848413
OMED MREO ® ® 12/18 #msg-145273044
ASNS XFOR ® ® 11/18 #msg-145105702
EDGE PDSB ® ® 11/18 #msg-145087200
ORPN ENLV ® ® 11/18 #msg-144993741
OVAS MLND ® ® 8/18 #msg-142796422
APRI SEEL ® ® 7/18 #msg-142554689
TPIV MRKR ® ® 6/18 #msg-141234250
VSAR ARAV ® ® 6/18 #msg-141288246
PSDV EYPT ® ® 4/18 #msg-139636450
DDRT ENOB ® ® 2/18 #msg-155616042
SVON ELOX ® ® 12/17 #msg-137129259
AVIR VXRT ® ® 10/17 #msg-135798068
NEOT EVFM ® ® 10/17 #msg-135475699
IPXL AMRX ® ® 10/17 #msg-135476435
HUWX PCSA ® ® 10/17 #msg-135169711
ADHD ARCT ® ® 9/17 #msg-134959115
ITEK RCKT ® ® 9/17 #msg-134563146
OXIS GTBP ® ® 8/17 #msg-133992461
CEMP MLNT ® ® 8/17 #msg-133699889
GALE SLS ® ® 8/17 #msg-133668985
AEPP ONCX ® ® 8/17 #msg-133655781
MDSI INNT ® ® 7/17 #msg-138124228
OPXA ACER ® ® 7/17 #msg-132682989
MIRN SYBX ® ® 5/17 #msg-131394212
NVLS ALPN ® ® 4/17 #msg-130583796
CERU DARE ® ® 3/17 #msg-129681349
THLD MTEM ® ® 3/17 #msg-129612892
JAGX Napo_Pharma ® ® 2/17 #msg-133472369
PIP ALT ® ® 1/17 #msg-127979048
MSTX SVRA ® ® 1/17 #msg-127699319
OGXI ACHV ® ® 1/17 #msg-127671152
GTCL.PA GKTX.PA ® ® 12/16 #msg-127378262
DPRX PLXP ® ® 12/16 #msg-127377082
TKAI OTIC ® ® 12/16 #msg-127360808
COOL PTE ® ® 12/16 #msg-127170327
MRNA IthenaPhrma ® ® 11/16 #msg-126593922
SGNL MGEN ® ® 11/16 #msg-126214730
TBIO PRPO ® ® 10/16 #msg-125767889
EBIO Viventia ® ® 9/16 #msg-125325110
LPTN APEN ® ® 9/16 #msg-125044826
MCUR LPTX ® ® 8/16 #msg-124830007
STEM MBOT ® ® 8/16 #msg-124542946
CBYL KALV ® ® 6/16 #msg-123315137
AAVL Annapurna ® ® 5/16 #msg-122582472
BIOD ALBO ® ® 5/16 #msg-122880969
SNTA MDGL ® ® 4/16 #msg-121919321
APPY Strand_LS ® ® 1/16 #msg-120095130
RESX DFFN ® ® 1/16 #msg-119714298
CLDN EIGR ® ® 11/15 #msg-118623913
VBI SVACF ® ® 10/15 #msg-120043416
CLTX Volution ® ® 7/15 #msg-115354702
RTGN PULM ® ® 6/15 #msg-114559267
TBUFF POZN ® ® 6/15 #msg-114404029
DARA MTPH.L ® ® 6/15 #msg-114299115
TRGT CBIO ® ® 3/15 #msg-111461780
RGDO TBRA ® ® 1/15 #msg-109912303
TKMR ABUS ® ® 1/15 #msg-109820030
TSPT PRTK ® ® 7/14 #msg-103895855
VTUS ASMB ® ® 5/14 PR link
TELK MBVX ® ® 5/14 #msg-101987443
ZLCS EPRS ® ® 4/14 #msg-100707725
NABI Biota ® ® 11/12 #msg-81312718
TRMS GEVA ® ® 6/11 #msg-64249161
VSGN IPC ® ® 8/09 #msg-40603745
PGLA Avexa ® ® 12/08 #msg-34341452
NUVO ABIO ® ® 9/08 #msg-32420015
NOVC TSPT ® ® 9/08 #msg-31869987
SNUS OGXI ® ® 5/08 #msg-29604972
‡ Relative to “unaffected” share price in cases where
buyout discussions were made public; excludes
CVRs unless otherwise specified.
* Adjusted for cash/debt on acquired company’s balance
sheet; excludes CVRs unless otherwise specified.
® Reverse merger; premium not calculable.
c.v. No premium to cash value of acquired company.
d Premium relative to “unaffected” closing price on 5/19/25.
e Premium relative to “unaffected” closing price on 8/8/24; EV of $600M based on 107M diluted shares and $270M of net debt.
f Premium relative to “unaffected” closing price on 12/1/23.
g Merged co named Ayala but trades under ADXS symbol.
h For 43% of company not already owned.
j Relative to “unaffected” closing price on 1/16/18.
k Premium relative to 3/30/16 close.
m Merged company to be named Novelion.
n Premium relative to 2/24/15 (before leak of buyout bidding war).
p Premium relative to 8/18/14 (before speculation re AGN takeover).
q Premium relative to 4/10/14 (before Pershing Sq accumulation). After the merger, Actavis (ACT) renamed itself Allergan (AGN).
s Premium excludes contingent fees and is calculated from
12/13/13 close, the day before ENDP offer.
t For 42% of company not already owned.
u Includes $1.7B assumption of debt; premium relative to
3/27/12 close, when Bloomberg reported BMY bid. AZN pays
BMY $3.4B to put AMLN’s portfolio into 50/50 JV.
v Excluding CVR of $4-14/sh; premium relative to 7/22/10 close.
w For 44% of DNA not already owned.
x Price includes entire deal in three stages; 17% premium is the
blended avg price of NVS’ purchases ($164) relative to ACL’s market
price 4/4/08 immediately prior to announcement of first stage of deal.
y Includes $0.45/sh of contingent payments.
z Liquidated by Deerfield following failed merger with Archemix.
DFTX Russell Reconstitution Update
Some people may see the MarketScreener headlines saying Definium Therapeutics was “dropped” from the Russell Microcap Index and Russell 3000 Value Benchmark.
The important part is that Definium was listed as a Russell Microcap deletion. That is actually a sign of the company’s growth. DFTX has moved far beyond the microcap stage. With the market cap now around the $5B area, this is no longer being treated like a tiny speculative biotech. It is moving into a larger market-cap category.
Russell style indexes are formula-based. Companies are reclassified between value, growth, or blended style exposure based on valuation and growth characteristics during reconstitution. A clinical-stage biotech that has rapidly appreciated after major Phase 3 progress is naturally going to look less like a traditional “value” name and more like a growth/innovation story.
DFTX is graduating out of microcap territory.
To me, this is another sign that DFTX is evolving from a niche psychedelic biotech into a much more visible CNS platform company.
Sources:
https://www.marketscreener.com/news/definium-therapeutics-inc-nasdaqgs-dftx-dropped-from-russell-3000-value-benchmark-ce7f5fdeda8cf422
https://www.marketscreener.com/news/definium-therapeutics-inc-nasdaqgs-dftx-dropped-from-russell-microcap-index-ce7f5fdeda80ff21
https://www.lseg.com/content/dam/ftse-russell/en_us/documents/other/rmicro-deletions-20260626.pdf
Zymeworks to Acquire Theravance Biopharma, Inc.
June 29, 2026
PDF Version
https://ir.zymeworks.com/news-releases/news-release-details/zymeworks-acquire-theravance-biopharma-inc
Acquisition adds YUPELRI® (revefenacin), the first and only approved nebulized long-acting muscarinic antagonist (LAMA) for the maintenance treatment of COPD to Zymeworks' portfolio
Acquisition of Theravance Biopharma at $17 per share is supported by an innovative non-recourse financing structure that enhances shareholder value by minimizing Zymeworks’ net capital at risk
Transaction expected to be accretive to earnings and cash flow upon closing. YUPELRI® U.S. profit share and ex-U.S. royalties generate ~$60 million annualised cash flow at current run-rates, with continued expected growth
Transaction financed primarily by $350 million non-recourse note secured solely by U.S. YUPELRI® profit share from OMERS Life Sciences, and Theravance Biopharma’s expected net cash balance of $360 million at closing. Zymeworks will contribute $219 million of cash at close and expects to receive $100 million TRELEGY ELLIPTA® milestone in Q1 2027, assuming milestone conditions met, offsetting cash outlay
Acquisition adds diversified assets beyond YUPELRI®, including additional royalty interests, milestone payments, a preclinical I&I portfolio, and $2.5 billion in Irish tax attributes, further strengthening both potential near-term cash flow generation and long-term development optionality
Continued execution of Zymeworks share repurchase program for up to $125 million of common shares reflects ongoing capacity and intent to deploy capital for future buybacks
Conference call with Zymeworks management today at 8:30 am Eastern Time (ET)
VANCOUVER, British Columbia, June 29, 2026 (GLOBE NEWSWIRE) -- Zymeworks Inc. (Nasdaq: ZYME) (the “Company”), a biotechnology company managing a portfolio of licensed healthcare assets and developing a diverse pipeline of novel, multifunctional biotherapeutics, today announced it has entered into a definitive agreement to acquire Theravance Biopharma, Inc. (NASDAQ: TBPH); a biopharmaceutical company focused on delivering Medicines that Make a Difference® in people’s lives. This proposed acquisition adds YUPELRI®, the first and only nebulized, once-daily, long-acting muscarinic antagonist (LAMA) for the maintenance treatment of chronic obstructive pulmonary disease (COPD), to Zymeworks’ partnered portfolio, furthering the Company's commitment to improving outcomes for patients with serious diseases.
YUPELRI® is positioned to add near-term commercial cash flows for Zymeworks upon closing, alongside existing Ziihera® (zanidatamab-hrii) cash flows, supporting a disciplined, and self-sustaining capital allocation model in which proceeds are reinvested to further advance our internal research and development portfolio, acquire additional partnered assets, and return capital to shareholders. Unlike traditional royalty business models, which are generally limited to passive participation, Zymeworks’ differentiated approach enables the acquisition and active restructuring of businesses to generate royalty-like economics with greater control, strategic flexibility, and a clear focus on long-term value creation. Zymeworks’ differentiated model, pairing an efficient internal infrastructure with diversified cash flows, uniquely positions the Company to capitalize on the value of Theravance Biopharma’s business.
YUPELRI® adds an anticipated long-duration and potentially growing cash flow stream
This acquisition, when closed, provides Zymeworks with access to a 35% U.S. net profit share in YUPELRI®, the only approved nebulized LAMA for the maintenance treatment of COPD.
YUPELRI® has been marketed in the United States since 2019 through a collaboration between Viatris Inc. (“Viatris”) and Theravance Biopharma, who are responsible for U.S. community and hospital promotion respectively.
Full-year U.S. net sales of YUPELRI® in 2025 were $266.6 million, representing 12% growth over 2024. For the first quarter of 2026, U.S. net sales of YUPELRI® were reported as $62.4 million, representing 7% growth over the same quarter in 2025.
Settlements have been reached with all YUPELRI® generic filers for an April 2039 licensed launch date for their versions of the product, or earlier depending on certain circumstances.
Theravance Biopharma remains eligible to receive an additional $125 million in commercial milestone payments from Viatris based upon U.S. net sales, as well as double-digit tiered royalties and additional milestones on ex-U.S. net sales.
Potential upside from other Theravance Biopharma portfolio assets
In addition to YUPELRI®, Theravance Biopharma is expected to receive $100 million in commercial milestone payments from Royalty Pharma in Q1 2027 related to global net sales of TRELEGY ELLIPTA® by GSK.
Theravance Biopharma is eligible to receive up to ~20% royalty on net sales of VIBATIV® (telavancin) from Cumberland.
Following close of the transaction, Zymeworks will retain ownership of Theravance Biopharma’s research and development assets, which will be evaluated in the context of the Company’s broader pipeline and capital allocation framework.
Zymeworks will explore the opportunity to externalize acquired assets. During the one-year period from closing of this transaction, a designee of Theravance Biopharma will seek to potentially license, divest or otherwise monetize ampreloxetine, with no additional resources expected from Zymeworks. The economics of any such transaction will be shared 20/80 between Zymeworks and Theravance Biopharma shareholders.
In addition, Zymeworks will retain approximately $2.5 billion of Irish tax attributes accumulated by Theravance Biopharma for potential future utilization.
Upon closing, Zymeworks intends to complete Theravance Biopharma’s previously announced organizational restructuring to align its resources with its commercial focus on YUPELRI®, which is expected to significantly reduce research and development expenses and general and administrative costs, as well as seek additional synergies in the cost structure of the combined entities. Zymeworks intends to substantially preserve existing hospital promotion infrastructure from Theravance Biopharma’s commercial organization.
RGNX (ABBV) expected 100M milestone on 1st patient dosed in DR
REGENXBIO Announces First Patient Dosed in Phase IIb/III NAAVIGATE Trial of Surabgene Lomparvovec in Diabetic Retinopathy; Company to Receive $100 Million Milestone
Jun 29, 2026 at 7:05 AM EDT
PDF Version
New long-term data from diabetic retinopathy and wet AMD programs to be presented at American Society of Retina Specialists (ASRS) 2026
ROCKVILLE, Md., June 29, 2026 /PRNewswire/ -- REGENXBIO Inc. (Nasdaq: RGNX) today announced the first patient has been dosed in the Phase IIb/III NAAVIGATE clinical trial of investigational surabgene lomparvovec (sura-vec, ABBV-RGX-314) in diabetic retinopathy (DR) using suprachoroidal delivery. REGENXBIO will receive $100 million from AbbVie for this milestone.
"Dosing the first patient in the Phase IIb/III study is a significant milestone in our commitment with AbbVie to bring a one-time gene therapy to patients who continue to face progressive and vision-threatening complications across multiple chronic retinal diseases," said Steve Pakola, M.D., Chief Medical Officer, REGENXBIO. "We are excited to advance sura-vec for DR, following the two-year data that reinforced the durable and disease-modifying impact that sura-vec has the potential to deliver with a single administration. The opportunity to prevent disease progression before vision damage occurs is critical for this population, and we are collaborating closely with the investigators and AbbVie to progress this innovative treatment option."
"Diabetic retinopathy is a leading cause of vision loss among working adults, and the goal as a physician is always to prevent the disease from progressing and treat patients before they lose their vision. Current treatment options often require ongoing, repeated interventions, which can lead to undertreatment and progressive vision-threatening complications," said Arshad Khanani, M.D., M.A., FASRS, Director of Clinical Research at Sierra Eye Associates, Reno, NV. "A one-time, in-office treatment has the potential to transform DR management by improving long-term outcomes while making earlier intervention both practical and scalable for patients worldwide."
NAAVIGATE is a Phase IIb/III multicenter, randomized, masked, sham-controlled study to evaluate the safety and efficacy of sura-vec in subjects with non-proliferative DR (NPDR) without center-involved diabetic macular edema (CI-DME). Subjects will receive sura-vec at 1.0x1012 genome copies (GC)/eye, which was evaluated as dose level 3 in the Phase II ALTITUDE® trial of sura-vec, and short-course topical prophylactic steroids. The primary endpoint is > 2-step improvement on the diabetic retinopathy severity scale (DRSS) at one year. The Phase IIb portion, operationalized by REGENXBIO, is expected to enroll approximately 135 participants in the United States.
REGENXBIO plans to present two and a half-year data from the long term follow up study of the ALTITUDE trial at the ASRS 44th Annual Meeting in July 2026. In two-year dose level 3 data from the ALTITUDE trial, sura-vec demonstrated a durable efficacy profile and was well tolerated with no intraocular inflammation observed (n=15), supporting the potential of an in-office gene therapy approach.
Five-year long-term follow-up data from the Phase I/IIa study of subretinal sura-vec for wet AMD will also be presented at ASRS. REGENXBIO expects to announce topline data with AbbVie from the ATMOSPHERE® and ASCENT® pivotal trials of sura-vec using subretinal delivery in Q4 2026.
FDMT completes enrollment and opens 200M credit facility (two separate prs's)
https://ir.4dmoleculartherapeutics.com/news-releases/news-release-details/4dmt-completes-enrollment-4front-2-global-phase-3-clinical-trial
4DMT Completes Enrollment for 4FRONT-2 Global Phase 3 Clinical Trial of 4D-150 in Wet AMD
June 29, 2026
PDF Version
4FRONT-2 global enrollment completed approximately 4 months ahead of initial projections
https://ir.4dmoleculartherapeutics.com/news-releases/news-release-details/4dmt-secures-strategic-credit-facility-200-million-hercules
4DMT Secures Strategic Credit Facility for up to $200 Million from Hercules Capital
June 29, 2026
PDF Version
EMERYVILLE, Calif., June 29, 2026 (GLOBE NEWSWIRE) -- 4D Molecular Therapeutics (Nasdaq: FDMT, 4DMT or the Company), a leading late-stage biotechnology company advancing durable and disease-targeted therapeutics with potential to transform treatment paradigms and provide unprecedented benefits to patients, today announced that it has entered into a strategic credit facility agreement with Hercules Capital, Inc. (NYSE: HTGC) (“Hercules”) for up to $200 million.
“Our strong cash, cash equivalents and marketable securities position, excluding this strategic credit facility, is expected to continue to fund our planned operations into the second half of 2028. Access to this non-dilutive capital further increases our financial strength, providing the Company with strategic and operational flexibility,” said Kristian Humer, Chief Financial Officer of 4DMT. “The credit facility diversifies our capital structure, allowing us to focus on sustaining our execution momentum, growth planning across our innovative gene therapy pipeline and early commercial planning for 4D-150.”
“Hercules Capital is pleased to support 4DMT with a flexible financing solution as the Company advances 4D-150 through Phase 3 development and pre-commercial planning in wet AMD and DME,” said Lake McGuire, Managing Director at Hercules Capital, Inc. “This partnership reflects our commitment to backing innovative genetic medicines with the potential to transform treatment paradigms for patients with serious unmet needs.”
Under the terms of the agreement, 4DMT drew an initial $20 million at closing. An additional $30 million is available, at the Company’s option, through June 15, 2027, with an additional $100 million available upon the Company’s achievement of certain milestones, and the remaining $50 million available subject to final lender approval.
The Company’s cash, cash equivalents and marketable securities were $458 million as of March 31, 2026.
Leerink Partners served as the exclusive financial advisor to 4DMT on the strategic credit facility.
4FRONT-2 over-enrolled (anticipated N>500), with final patient randomization expected in Q3 2026, reflecting strong interest from investigators and patients
4FRONT-2 52-week topline data is expected in H2 2027
yes,Shingles is very painful. Besides the pain,it can even be dangerous depending on the location of the rashes. On the face/eye area can be really bad/critical.
Former FDA Cancer Drug Chief Under Consideration to Return
https://www.bloomberg.com/news/articles/2026-06-27/former-fda-cancer-drug-chief-under-consideration-to-return
(full access link available via
)$XBI FORMER FDA ONCOLOGY CHIEF RICHARD PAZDUR IS REPORTEDLY UNDER CONSIDERATION TO RETURN TO THE AGENCY - BLOOMBERG https://t.co/1G1DEaFmn0
— S A I ™️ (@WallStSai) June 27, 2026
I had my two shots prior to Covid and had no problems with side effects whatsoever. In my opinion, it’s definitely worth getting.
Everyone I’ve heard from says shingles is miserable, so I’m getting my vaccinations.
Whether its effect on dementia is a statistical sampling error or not, the fact that the disease itself is painful and annoying is sufficient for me to want to avoid it.
CHMP approves JNJ Tecvayli for second-line MM in combination with Darzelex:
https://www.globenewswire.com/news-release/2026/06/26/3318149/0/en/chmp-recommendation-advances-johnson-johnson-s-tecvayli-teclistamab-plus-daratumumab-as-a-potential-standard-of-care-for-relapsed-refractory-multiple-myeloma.html
The Tecvayli/Darzelex combination bested established Darzalex regimens (including dexamethasone and either Revlimid or Velcade) on both PFS and OS with HRs of 0.17 and 0.46, respectively!
The FDA approved Tecvayli/Darzalex in the second-line setting In Mar 2026 (https://www.accessdata.fda.gov/drugsatfda_docs/label/2026/761291s018lbl.pdf ). In due course, it seems likely that Tecvayli/Darzelex will become widely used in the first-line setting.
DFTX Post Phase 3 Results and Raise Clarity
I think this week may end up being one of the most important moments the psychedelic medicine sector has had so far.
Definium just delivered positive Phase 3 data in major depressive disorder for DT120, and I don’t think people are fully appreciating what that means yet.
The Emerge study met the primary endpoint and all key secondary endpoints. The headline number was an 8.1-point placebo-adjusted improvement on MADRS at Week 6, with p<0.0001. They also showed a 7.3-point placebo-adjusted improvement at Week 12, again with p<0.0001. For a single-dose treatment in depression, that is a serious result.
Read my entire post about this here: https://investorshub.advfn.com/boards/read_msg.aspx?message_id=177734545
ABT is +3.5% as I'm typing. I presume that investors interpreted the USSC's Bayer decision today to signify a generally corporate-friendly stance by the Court, which increases probability that the USSC will limit punitive damages in ABT's NEC litigation—including the $400M of punitive damages awarded in a single Missouri case (#msg-177721919).
Court sides with Bayer
https://www.supremecourt.gov/opinions/25pdf/24-1068_n7ip.pdf
Durnell’s state tort claim would require Monsanto to
add a cancer warning to Roundup’s label even though
federal law requires Monsanto to use the EPA-approved
label without a cancer warning. Because Durnell’s state
tort claim would impose a pesticide labeling requirement
“in addition to or different from” the label required by EPA,
FIFRA expressly preempts Durnell’s claim
...
FIFRA’s preemption clause is entitled “Uniformity” and
provides that a “State shall not impose or continue in effect
any requirements for labeling or packaging in addition to
or different from those required under this subchapter.” 7
U. S. C. §136v(b). FIFRA therefore preempts a state-law
labeling requirement that differs from the federal labeling
requirements imposed under FIFRA. “Uniformity” in
labeling—the textually stated objective of FIFRA’s
preemption clause—would otherwise be impossible to
achieve.
PASG reverse-merges with—(private)—Remix Therapuetics:
https://www.globenewswire.com/news-release/2026/06/24/3317152/0/en/passage-bio-and-remix-therapeutics-announce-merger-agreement.html
Under the terms of the merger agreemen…the pre-merger Passage Bio shareholders are expected to own approximately 7% of the combined company and the pre-merger Remix stockholders (inclusive of those investors participating in the [$100M private-placement] financing) are expected to own approximately 93% of the combined company.
…Remix Therapeutics is a clinical-stage biotechnology company developing novel small molecule therapies designed to reprogram RNA processing and address disease drivers at their origin. …Remix’s innovative therapeutic approach led to the discovery of REM-422, an RNA processing modulator in oncology, now being evaluated in Phase 1/2 clinical studies to treat acute myeloid leukemia (AML), high-risk myelodysplastic syndrome (HR-MDS) and adenoid cystic carcinoma (ACC).
The Unified Patent Court (UPC) is a supranational court established by participating European Union member states. They have yet to rule. The hearing is in September IIRC.
It's also interesting to me that the senior judge who wrote the opinion has a Ph.D. in organic chemistry and practiced as a chemist. Resume per Grok.
**Alan David Lourie** is a senior United States Circuit Judge on the U.S. Court of Appeals for the Federal Circuit.
### Professional Summary
Distinguished federal judge with a strong background in chemistry, patent law, and intellectual property. Appointed to the Federal Circuit in 1990 by President George H.W. Bush. Prior to the bench, he had a successful career as a scientist, patent agent, and in-house corporate counsel at major pharmaceutical companies. Known for his pro-patent outlook and expertise in patent and intellectual property matters.
### Education
- **J.D.**, Temple University School of Law (James E. Beasley School of Law), 1970
- **Ph.D.**, Organic Chemistry, University of Pennsylvania, 1965
- **M.S.**, Organic Chemistry, University of Wisconsin, Madison, 1958
- **B.A.**, Harvard College, 1956
### Professional Experience
**United States Court of Appeals for the Federal Circuit**
*Judge* (1990 – Present)
- Confirmed April 5, 1990; commissioned April 6, 1990.
- Senior judge with extensive experience in patent appeals, intellectual property, and related federal matters.
**SmithKline Beecham Corporation** (and predecessor companies)
*Vice President, Corporate Patents and Trademarks / Associate General Counsel* (1964 – 1990)
- Handled patent and trademark matters for the pharmaceutical company.
**Wyeth Labs**, Radnor, Pennsylvania
*Scientist/Chemist/Patent Agent* (1959 – 1964)
**Monsanto Corporation**
*Chemist* (1957 – 1959)
### Additional Information
- Born: January 13, 1935, Boston, Massachusetts (age 91).
- Transitioned from a chemistry/scientific career into law, focusing on patents.
- Recognized for contributions to intellectual property law (e.g., awards from the American Intellectual Property Law Association).
If you're looking for a more formal resume format (e.g., as a Word document), a specific version tailored for a purpose, or details on a different Alan Lourie, let me know!
Ollin Biosciences—They look go go directly to P3 in DME and nAMD later this year.
RGNX - if some is good then more is better? Plans to file on Duchenne.
https://ir.regenxbio.com/news-releases/news-release-details/regenxbio-completes-dosing-confirmatory-study-rgx-202-marking
REGENXBIO Completes Dosing in Confirmatory Study of RGX-202, Marking Completion of Registrational Development Program and Supporting Planned BLA Submission in Q3 2026
Jun 24, 2026 at 7:05 AM EDT
PDF Version
Confirmatory study completed ahead of schedule due to strong patient demand and robust investigator interest
On track to initiate BLA in Q3 2026 under the accelerated approval pathway supporting potential approval in 2H 2027
ROCKVILLE, Md., June 24, 2026 /PRNewswire/ -- REGENXBIO Inc. (Nasdaq: RGNX) today announced the successful completion of dosing in the confirmatory study of RGX-202, a potential best-in-class gene therapy for Duchenne muscular dystrophy. This milestone positions REGENXBIO to initiate a Biologics License Application (BLA) under the accelerated approval pathway in Q3 2026 for a potential approval by the U.S. Food and Drug Administration (FDA) in the second half of 2027.
The BLA submission will include a substantial safety dataset from the AFFINITY DUCHENNE® study of RGX-202 pivotal and confirmatory studies (n=63) and efficacy data from the pivotal portion (n=30). The BLA is expected to include 12-month functional data for at least half of the total participants in the pivotal study.
"Completing the enrollment of our confirmatory study ahead of schedule is a significant milestone that underscores the urgent unmet need in Duchenne and brings us another step closer to advancing RGX-202 towards approval via the accelerated approval pathway," said Curran Simpson, President and Chief Executive Officer of REGENXBIO. "We are encouraged by the recent FDA trends in rare disease development, including our collaborative discussion with FDA regarding our Hunter Syndrome program, demonstrating that the accelerated approval pathway remains available and supported for rare diseases. The RGX-202 pivotal dataset directly aligns with the established accelerated approval criteria: the magnitude of clinical effect seen in functional improvement from baseline, correlation between the biomarker and functional outcomes, and a differentiated safety profile. For all of these reasons, we believe we are well positioned to deliver RGX-202 as the next approved gene therapy for Duchenne patients."
In the recent topline pivotal dataset, RGX 202 met the primary endpoint of 10% microdystrophin expression in >93% of patients at Week 12. Additionally,
Functional data from patients who reached 12-month assessments (n=9) showed a large magnitude of effect in multiple timed function tests and the North Star Ambulatory Assessment (NSAA).
RGX-202 was well tolerated and demonstrated a favorable safety profile.
RGX-202 demonstrated strong correlation between microdystrophin expression at Week 12 and interim functional improvement at one year, supporting the use of RGX-202 microdystrophin as a surrogate endpoint reasonably likely to predict clinical benefit.
In anticipation of potential FDA approval, the Company is preparing for launch, leveraging its fully end-to-end, commercial-ready in-house manufacturing at the REGENXBIO Manufacturing Innovation Center in Rockville, Md., where production intended for commercial supply was initiated last year.
The UPC (with access to the actual testimony) didn't agree.
The UPC using direct and unambiguously derivable as the bar looks to me like a problem for ENTA, but I'm still not a lawyer.
Reading the opinion it was interesting to see that rather than the district court opinion, they instead applied ENTA's argument de novo that written description should govern -
As noted, the district court in this case determined that
the ’953 patent was not afforded the ’048 provisional’s filing
date because there was no obvious typographical error in
the ’048 provisional that it had the power to correct, and
the ’953 patent therefore broadened the scope of the patent
such that it could not claim priority from the ’048 provi-
sional. Decision, 2024 WL 5203036, at *6–8. Although the
district court focused on its power to correct a purported
typographical error and did not apply the written descrip-
tion standard, we proceed to do so. See Slip Track Sys. v.
Metal-Lite, Inc., 304 F.3d 1256, 1265 (Fed. Cir. 2002)
(“[B]ecause this court reviews de novo a grant of summary
judgment, it can apply the correct standard.”).
The ’048 provisional did not disclose —NHC(O)—C1-
alkyl. It therefore provided no written description support
for the ’953 patent, so the ’953 patent cannot be afforded
the ’048 provisional’s priority date.
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