Biotech Values

[YY1000]

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.

Absolutely correct... I confused CAFC with UPC.

Agree that the CAFC affirmation doesn't bode well for UPC if it will use direct and unambiguously derivable as the standard, which I think was your point.

[WorstLuck]

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!

[DewDiligence]

VKTX still pursuing DACRA approach:

https://www.prnewswire.com/news-releases/viking-therapeutics-announces-initiation-of-phase-1-study-to-evaluate-novel-amylin-receptor-agonist-vk3019-in-healthy-adults-302808417.html

[DewDiligence]

Ollin Biosciences—They look go go directly to P3 in DME and nAMD later this year.

https://www.businesswire.com/news/home/20260623783799/en/Ollin-Biosciences-Announces-Oversubscribed-%24330-Million-Series-B-Financing-to-Advance-Global-Phase-3-Development-of-OLN324-in-DME-and-Wet-AMD-Studies-Commencing-in-Second-Half-of-2026

[WorstLuck]

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.

[WorstLuck]

The UPC (with access to the actual testimony) didn't agree.

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.

[YY1000]

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.

I think ENTA's argument was that there was a question of fact on whether someone skilled at the art would *necessarily* mean C1 to C12 where the provisional said C2 to C12, thus making the patent claim directly and unambiguously derivable. The UPC did not need to decide one way or another, just whether there was a question of fact, in which case the matter should go to trial to determine the fact.
The UPC rejected any possibility based on the record that C2-C12 really meant C1-C12. I would agree that this is a stronger rejection for ENTA than the District Court, which I understood essentially saying that even if this is an obvious error, it lacked authority to correct it. This probably doesn't bode well for the European case, but I am not a lawyer either and apparently there are differences in the legal standards.

Based on what was said by ENTA's lawyer I got the impression that ENTA's expert testified that anyone skilled at the art would have written C1 rather than C2 in that context, and the inventor testified that C1 was what they intended. If that was a fair representation of their testimony, I would think it would have raised the question of fact on whether it was, respectively, correct and believable. The UPC (with access to the actual testimony) didn't agree.

[WorstLuck]

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.”).

but still came to the same endpoint after discussion:

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.

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.

[jbog]

Pfizer patent win against Enanta over COVID pill upheld by appeals court

Jun 23, 2026, 12:29 PM ETPfizer Inc. (PFE) Stock, ENTA StockBy: Dulan Lokuwithana, SA News Editor

A federal appeals court has sided with Pfizer (PFE) in a patent dispute with Enanta Pharmaceuticals (ENTA) over the pharma giant’s COVID-19 therapy Paxlovid.
The Court of Appeals for the Federal Circuit ruled that a lower court was correct in issuing a summary judgment against Enanta (ENTA) in a dispute over the U.S. Patent No. 11,358,953, which related to coronavirus protease inhibitors.

Enanta (ENTA) filed a lawsuit in 2022 in a Massachusetts federal court seeking damages from Pfizer (PFE), which it said violated the ’953 patent during the development and commercialization of the COVID-19 pill.

In December 2024, the U.S. District Court for the District of Massachusetts ruled in favor of Pfizer (PFE), noting that the ’953 patent that Enanta (ENTA) claimed to have received in 2022 was invalid, prompting the company to file an appeal.

[DewDiligence]

BOLD reverse-mergers with—(private)—Serapha Bio:

https://www.globenewswire.com/news-release/2026/06/23/3315846/0/en/Boundless-Bio-and-Serapha-Bio-Announce-Merger-Agreement-and-230-Million-Concurrent-Private-Placement.html

Under the terms of the merger agreement…the pre-merger Boundless Bio stockholders are expected to own approximately 3.7% of the combined company and the pre-merger Serapha stockholders (inclusive of those investors participating in the pre-closing financings) are expected to own approximately 96.3% of the combined company.

Prior to closing, Boundless Bio expects to declare a cash dividend to pre-merger Boundless Bio stockholders to distribute excess net cash, which is currently expected to be approximately $44 to $48 million [approximately $2/sh]…

… Serapha Bio is a clinical-stage biotechnology company developing a novel base editing therapy for patients with AATD. Correcting the PiZ allele, the most common gene variant associated with severe AATD, could address a large population in the U.S. and Europe. Serapha Bio was co-founded in 2026 by RTW Investments, LP and RA Capital Management.

BOLD is up sharply today because of the pre-merger cash dividend of ~$2/sh. OTOH, the share price is down 85% from its IPO two years ago (#msg-174130929).

Upon deal closing, the company’s Nasdaq symbol will become AATD.

[DewDiligence]

This result by the CAFC was already baked into ENTA’s valuation (which is why ENTA is +3% today as I’m typing). ENTA will have a somewhat better chance to prevail in the European patent-infringement case against PFE.

[WorstLuck]

PFE/ENTA No surprises.

https://www.courtlistener.com/opinion/10878465/enanta-pharmaceuticals-inc-v-pfizer-inc/?order_by=score+desc&q=Enanta+Pfizer+Federal+Circuit&type=o

CONCLUSION
We have considered Enanta’s remaining arguments
but find them unpersuasive. For the foregoing reasons, we
affirm.
AFFIRMED

[DewDiligence]

Biotech Bankruptcies/Liquidations/Dissolutions

[Added SGMO.]

 
                     iHub 
 Company      Date   Reference 
 ACHL         2/25   #msg-175870326 
 ACOR         4/24   #msg-174156166 
 ADLS         5/11   #msg-62813901 
 AFFY         6/14   #msg-103663749 
 AGIX         1/09   #msg-35019458 
 AKAO         4/19   #msg-148227772 
 ALNA         9/22   #msg-169875553 
 ALPIX.PA    11/23   #msg-173275218 
 ALTU        11/09   #msg-43509933 
 AMB.TO       8/09   #msg-40145970 
 AMPE         4/24   #msg-174111257 
 ANSV         1/10   #msg-45161615 
 ARAV         1/24   #msg-173646720 
 ARDM         2/19   #msg-146903332 
 ARLZ         8/18   #msg-142824112 
 ARNI        12/17   #msg-137120846 
 ARTE        12/08   #msg-33895436 
 ASLN         7/24   #msg-174767930 
 ASP.TO       1/23   #msg-171046860 
 ATHX         1/24   #msg-173589749 
 ATNX         5/23   #msg-171913749 
 AXLA        12/23   #msg-173374718 
 BAXS        11/14   #msg-108147336 
 BCART.BR     9/23   #msg-172903024 
 BIND         5/16   #msg-122328088 
 BIOA         5/18   #msg-140549553 
 Biolex       7/12   #msg-77324773 
 BIOR        12/24   #msg-175595312 
 BPUR         7/09   #msg-39629524 
 BTTX         3/24   #msg-174037486 
 BVTI‡        3/13   #msg-85440257 
 CALA         1/23   #msg-170898055 
 CBIO         6/22   #msg-169273606 
 CDAK         3/23   #msg-171544942 
 CJB.TO       7/10   #msg-52557510 
 CHKT        12/08   #msg-33949508 
 CLSC         8/09   #msg-40685152 
 CLVS        12/22   #msg-170599077 
 CRXT         9/22   #msg-170229149 
 CWBR        11/23   #msg-173138450 
 DCGN        11/09   #msg-43629379 
 DDXS         6/16   #msg-123229557 
 DMK          2/24   #msg-173773814 
 DMTK         6/24   #msg-174619409 
 DNDN        11/14   #msg-108004147 
 DXTR        12/17   #msg-136829445 
 Egenix       1/15   #msg-109921347 
 EIGR         4/24   #msg-174151841 
 ENDP         8/22   #msg-169707980 
 Epix†        7/09   #msg-39900524 
 EPRS         7/16   #msg-123687350 
 EYES         6/20   #msg-156388471 
 FRTX         9/23   #msg-172854853 
 GHSI        10/24   #msg-175165048 
 GMDA         3/24   #msg-174125313 
 GNCA         5/22   #msg-168957883 
 GNTA         8/12   #msg-78123007 
 GRTS        10/24   #msg-175208910 
 GTOP         9/08   #msg-32249160 
 HEMA         4/12   #msg-74167597 
 HGEN         7/23   #msg-172432338 
 HSTO         9/23   #msg-172847239 
 IGXT         5/24   #msg-174439828 
 ILIU         7/17   #msg-133264435 
 IMMG         8/17   #msg-134305213 
 IMNP         2/19   #msg-146936897 
 IMV          5/23   #msg-171814610 
 INFI        10/23   #msg-172941539  
 Inspiration 10/12   #msg-81024196 
 INSY         6/19   #msg-149302493 
 Introgen††  12/08   #msg-33947783 
 Isolagen*    6/09   #msg-38746197 
 KBIO        12/15   #msg-119489701 
 KLDO         4/22   #msg-168491485 
 KV.A         8/12   #msg-78203130 
 LBPS         6/22   #msg-169255625 
 LHDX         2/22   #msg-171275021 
 LIAN         2/24   #msg-173835088 
 LMDX        12/23   #msg-173530663 
 MACK         2/24   #msg-173845049 
 MBRK         4/10   #msg-49658072 
 MBVX         3/19   #msg-151985211 
 ME           3/25   #msg-175967060 
 MIIS        11/08   #msg-33720220 
 MIPI        12/10   #msg-57646943 
 MLNT        12/19   #msg-153074747 
 MNK         10/20   #msg-158843178 
 MRV.TO       3/23   PR link 
 MTEM        10/24   #msg-175226649 
 NBSE         3/24   #msg-174119874 
 NEXI        11/23   #msg-173152495 
 NMTI         4/11   #msg-62251315 
 NMTR         7/23   SEC link 
 NOVN         7/23   #msg-172361873 
 NRGX         3/12   #msg-73415156 
 NRX          5/16   #msg-122331475 
 NSTG         2/24   #msg-173773766 
 NTBL        10/24   #msg-175232423 
 NVDL         2/17   #msg-128923029 
 NVIV         2/24   #msg-173755991 
 NVLN         1/20   #msg-153111867 
 NVTA         2/24   #msg-173844970 
 OBSN.SW      2/24   #msg-173937364 
 ODT          3/21   #msg-162706983 
 OMGA         2/25   #msg-175794759 
 ONCR         6/23   #msg-172037432 
 ONCS         6/23   #msg-172145325 
 OREX         3/18   #msg-139213097 
 ORPH         3/22   #msg-168169591 
 OSCI         7/09   #msg-39511719 
 OTIC        12/22   #msg-170737355 
 PEAR         4/23   #msg-171639648 
 PHAS        10/22   #msg-170272758 
 PLXP         4/23   #msg-171677346 
 PROMO.ST    10/23   #msg-173007859 
 PTX          2/19   #msg-146937356 
 PYMX         4/13   #msg-86313192 
 PZRX        12/17   #msg-136794351 
 QTNT        12/22   #msg-170676963 
 RCPI         8/16   #msg-127560117 
 REX         11/08   #msg-32189097 
 ROKA         8/17   #msg-133945967 
 ROSG         6/18   #msg-141797330 
 RUBY         2/22   #msg-171270235 
 RVALL        1/20   #msg-153358221 
 RVLP        10/23   #msg-173007859 
 RXPC         7/14   #msg-104103329 
 SEEL        11/24   #msg-175427279 
 SGMO         6/16   #msg-177725608 
 SGYP        12/18   #msg-145394802 
 SIEN         2/24   #msg-173834941 
 SIGA         9/14   #msg-106313111 
 SIOX        12/22   #msg-170699458 
 SNNA         9/19   #msg-151196707 
 SPHS         5/20   #msg-155712447 
 SRGA         6/23   #msg-172201878 
 SRNE         2/23   #msg-171193757 
 SVNT        10/13   #msg-92997648 
 SYRS         2/25   #msg-175872396 
 TCON         7/24   #msg-174837632 
 TDLP         6/11   #msg-64744114 
 TFFP        11/24   #msg-175388975 
 THRD         5/25   #msg-176063707 
 TLCV        12/09   #msg-44751578 
 TMBR        11/23   #msg-173254229 
 TOMDF       12/23   #msg-173490278 
 TPPH         2/08   #msg-26765260 
 VBIV         7/24   #msg-174836196 
 VION        12/09   #msg-44654555 
 VIRX         2/25   #msg-175766695 
 VLRX         2/20   #msg-153741993 
 VRA         10/07   #msg-18053275 
 VRAY         7/23   #msg-172361873 
 VVUS         7/20   #msg-156752080 
 ZSAN         6/22   #msg-169035970

*Emerged from bankruptcy as FCSC.

†Not to be confused with ESSA Pharma.

††Not to be confused with Inogen.

‡Second BK filing.

[WorstLuck]

SGMO(Q) Chapter 11
https://investor.sangamo.com/news-releases/news-release-details/sangamo-therapeutics-enters-asset-sale-agreements-lilly-and

News Release Details
Sangamo Therapeutics Enters Into Asset Sale Agreements with Lilly and Astellas
June 23, 2026 at 8:05 AM EDT
PDF Version
Sangamo intends to complete asset sale transactions through a voluntary Chapter 11 reorganization, in an effort to maximize business value for all stakeholders

Lilly and Astellas to serve as “stalking horse” bidders in a court-supervised auction process

Sangamo has secured commitment for debtor-in-possession (DIP) financing to support ongoing operations

RICHMOND, Calif., June 23, 2026 (GLOBE NEWSWIRE) -- Sangamo Therapeutics, Inc. (OTCQB Venture Market: SGMO), a genomic medicine company, today announced that it has entered into two separate asset sale agreements, one with Eli Lilly and Company (“Lilly”) for Sangamo’s capsid delivery platform, zinc finger platform, modular integrase (MINT) platform and the prion disease program, ST-506, and another with Astellas Pharma Inc. (“Astellas”) for the Fabry disease program, isaralgagene civaparvovec, or ST-920. Concurrent with the execution of these asset sale agreements, Sangamo has commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware (the “Court”) to facilitate a court-supervised reorganization, which is expected to include the auction of substantially all of Sangamo assets.

To anchor the sale process, Lilly and Astellas will each serve as “stalking horse bidders” for the sale of the assets contemplated by their respective agreements. A stalking horse asset sale agreement establishes a strong baseline offer and is intended to help maximize value for all stakeholders through the Chapter 11 auction process. Certain other company assets, including the clinical-stage ST-503 program to treat chronic neuropathic pain, the giroctocogene fitelparvovec program to treat hemophilia A, and Sangamo’s cell therapy and regulatory T cell (Treg) assets, are not included in either stalking horse bid, and are also expected to remain available to interested bidders at the auction.

“Following a comprehensive review of available alternatives, we believe this process provides a clear framework to pursue value-maximizing transactions,” said Sandy Macrae, Chief Executive Officer of Sangamo Therapeutics. “Our priority is to execute a disciplined and efficient sale process while supporting all of our stakeholders. We are also pleased to have signed agreements with two large pharmaceutical companies to serve as stalking horse bidders in the process, underscoring the strategic interest in our assets.”

Sangamo intends to conduct all asset sale transactions pursuant to Section 363 of Chapter 11 of the U.S. Bankruptcy Code, which allows interested parties to submit offers for any or all Sangamo assets, after which Sangamo would execute on transactions resulting in maximum asset value for all stakeholders. The proposed bidding procedures would allow for assets to be purchased free and clear of Sangamo’s indebtedness and other liens and interests. Sangamo’s objective in the Chapter 11 case is to maximize value for its stakeholders, which may be achieved through the sale of all or substantially all assets to the highest bidder or bidders.

Parties interested in discussing potential transactions with Sangamo should contact [e-mail].

Additional information about the Chapter 11 reorganization and asset sales, as well as other documents related to the proceedings, is available through Sangamo’s noticing agent at https://www.veritaglobal.net/SangamoTherapeutics.

Sangamo has filed a series of motions with the Court seeking to ensure the continuation of normal operations during this process. To support ongoing operations, Sangamo has secured a DIP financing commitment from Northridge ATM, LLC and its subsidiaries, affiliates, designees, and assignees (collectively, “Northridge”). Subject to Court approval, the DIP financing is expected to provide sufficient liquidity for Sangamo to operate in the ordinary course, fund the Chapter 11 process, and meet its financial obligations arising subsequent to the filing date.

Sangamo’s legal counsel is Cooley LLP and Richards, Layton & Finger, PA, its financial advisor is MERU, LLC, and its restructuring banker is Raymond James. Kurtzman Carson Consultants, LLC dba Verita Global is serving as the noticing and claims agent.

The petition was filed in United States Bankruptcy Court for the District of Delaware, Case No. [26-10989].

[jbog]

Ligand Pharmaceuticals (LGND) has priced its private offering of $625M aggregate principal amount of 0.0% convertible senior notes due 2031.

The notes will be general unsecured, senior obligations of Ligand and will not bear regular interest, and the principal amount of the notes will not accrete. The notes will mature on September 15, 2031, unless earlier converted, redeemed, or repurchased.

The conversion rate will initially be 2.9916 shares of Ligand’s common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of ~$334.27 per share of Ligand’s common stock).

The initial conversion price represents a premium of ~27.5% over the last reported sale price of Ligand’s common stock on the Nasdaq

The company plans to use the proceeds to fund convertible note hedge transactions, repurchase 228,859 shares from certain note investors, and support general corporate purposes.

This money is to fund their XOMA purchase.

[DewDiligence]

Re: FDA

The plan sounds promising, but I'll defer judgment until these proposals are implemented and we can measure the effect of the new policies. See #msg-177626111 for related info.

[jbog]

The FDA finally figures out that they are part of the problem, not the solution

U.S. to Speed Up Early Drug Research to Better Compete With China
FDA, NIH officials unveil package of regulatory tweaks as more companies go elsewhere for drug research
By
Liz Essley Whyte
and
Xavier Martinez
June 22, 2026 2:28 pm ET

The Food and Drug Administration unveiled regulatory reforms to cut six months to a year off safety study time, aiming to keep drug research in the U.S.

Drug companies have increasingly been doing early research in countries like China and Australia where they say it takes less time and money. U.S. officials are taking new steps to keep those studies at home.

Federal health officials unveiled a package of regulatory reforms on Monday with the aim of cutting about six months to a year off the time it takes to do a safety study, which is the first round of testing drugs in people. The move comes as drug companies are actively buying up Chinese biotechs, often citing the speed of the country’s regulators.

To help bring investment back into the U.S., the Food and Drug Administration plans to offer companies more clarity about what manufacturing information they should submit in early research phases, how to go about finding the correct dose for patients and a rolling review that allows an application to be evaluated before completion. The agency will also launch a pilot program designed to speed up early trials, officials said, though the program is still in development.

An increasing number of drugs get their start with studies overseas, industry experts have said. Countries such as China and Australia offer speedy signoffs from regulatory bodies, fewer bureaucratic steps, tax incentives and efficient hospital networks that make clinical trials less expensive.

https://www.wsj.com/health/healthcare/u-s-to-speed-up-early-drug-research-to-better-compete-with-china-7b32b7ff?mod=hp_lead_pos4

[WorstLuck]

RGNX Hunter Syndrome AA back on track - a "Prasad" reversal re prior post.
https://ir.regenxbio.com/news-releases/news-release-details/regenxbio-announces-alignment-fda-path-forward-navsunlitm-bla
REGENXBIO Announces Alignment with FDA on Path Forward for NAVSUNLI™ BLA Resubmission for Accelerated Approval; First Potential Gene Therapy for MPS II
Jun 22, 2026 at 7:30 AM EDT
PDF Version
FDA confirmed no additional studies required, existing longer-term data from the CAMPSIITE® study will be reviewed on an expedited basis for approval via the accelerated approval pathway
The Company expects to resubmit the BLA in Q3 2026
ROCKVILLE, Md., June 22, 2026 /PRNewswire/ -- REGENXBIO Inc. (Nasdaq: RGNX) today announced it has aligned with the U.S. Food and Drug Administration (FDA) regarding the next steps needed for a potential accelerated approval of NAVSUNLI™ (clemidsogene lanparvovec-sngl, RGX-121), the only potential one-time treatment and gene therapy for Mucopolysaccharidosis II (MPS II), an ultra-rare neurodegenerative disease also known as Hunter syndrome.

Through a recent collaborative discussion, as part of the Company's appeal of the February 2026 NAVSUNLI Complete Response Letter, the FDA acknowledged the existing NAVSUNLI clinical data is sufficient to be considered for the accelerated approval pathway and that the Company does not need to enroll additional patients or conduct additional studies, including the FDA's previously recommended incorporation of an untreated control arm. The FDA asked the Company to request a Type A meeting to review existing longer-term biomarker and clinical data and to resubmit the Biologics License Application (BLA) following this meeting. The FDA stated that it would review REGENXBIO's resubmission on an expedited basis, with labeling discussions to begin shortly following the resubmission. The FDA emphasized its commitment to advancing new therapies for rare diseases under the accelerated approval pathway.

REGENXBIO expects the Type A meeting to take place in July and to resubmit the BLA rapidly following the meeting in Q3 2026.

"We are encouraged by recent signals from the new FDA leadership reinforcing a commitment to address the unique nature of rare diseases and use the accelerated approval pathway to bring transformative therapies to patients with serious, unmet medical needs," said Curran Simpson, President and CEO of REGENXBIO. "We will continue to work closely with the FDA and remain focused on bringing this important therapy to boys living with Hunter syndrome as quickly as possible."

[DewDiligence]

Recent Biotech Buyouts of Publicly Traded Companies

[Added ABBV-APGE.]

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 
 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 
 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.

[DewDiligence]

ABBV acquires APGE for $135.11 cash—a 49% premium to the 6/18/25 closing price:

https://www.prnewswire.com/news-releases/abbvie-to-acquire-apogee-therapeutics-deepening-immunology-portfolio-302806296.html

The nominal deal value is $10.9B. APGE’s lead asset is zumilokibart, an IL-13 inhibitor that completed a phase-2 trial in atopic dermatitis and is being positioned as a longer-acting competitor to Dupixent.

[MomsSpaghetti]

$DFTX Definium Therapeutics Announces Positive Topline Results from Phase 3 Emerge Study of DT120 Orally Disintegrating Tablet (ODT) in Major Depressive Disorder

https://ir.definiumtx.com/news-events/press-releases/detail/232

[novicetrader]

Thanks sab, I believe ChickenPox does not re-occur once we have it, and as it's the same virus that causes Shingles I naively deduced that Shingles too doesn't repeat.My bad,lol! Guess I'll go ahead and take the 2 shots to be on the safe side.
Wonder what the final assessment on preventing-Dementia angle will be for this Shingles vaccine,seems to be in doubt now?

[sab63090]

novicetrader:

Yes, it can re-occur! The virus remains in the body and as we age & our immunity declines, so it can return multiple times.

The recommendation for my wife from our pharmacist was to get the new shingles shots (2 shots....2-6 months apart)...

My wife had pneumonia, RSV, and then shingles (again) all in this year !!!

We've been trying to pressure her into getting all three....with some reasonable distance between those..her very bad experience influenced me into getting the "new" 1st shingles shot; I already had the RSV shot in 2023, and about a month ago had the updated pneumonia shot....we both had the old shingles shot back in 2007 & we thought we would be protected for the rest of our short life expectancy (lol)....but the QUALITY of life is important, too!

Best to you.....

[dewophile]

I did a bit of research and one difference between formula and foods is that the former is regulated as a "critical food" and does have some additional labeling restrictions. Namely that you have to give the FDA 90 days notice and are prohibited from changing the label before that 90 days. So not nearly as restrictive as a drug or pesticide to add a warning, but not quite as easy as a food that can unilaterally and immediately be sold with an updated label. There may also be issues related to label uniformity that may be important for formulas (like drugs and pesticides) that you don't need for regular foods. However by and large it doesn't seem the Bayer verdict is likely to impact the NEC litigation much if at all unless the verdict is worded in a very broad way, and even then the key differences you point out might still give prosecutors in the NEC story a significant leg to stand on.

[dewophile]

Thanks - it was a worthwhile listen and obviously flies in the face of all the other data supporting vaccination as protective of dementia (or even lowering the severity of dementia with vaccination if you have pre-existing dementia as a follow on study using the Wales data showed)

Asked how to reconcile the differences between the data sets with Wales, New Zealand and Australia showing a protective effect and England showing no protective effect his answer was maybe in countries where sheep outnumber humans you then get an effect. i.e. you really can't and it seems to be chance or some investigator degrees of freedom effect here. Need a RCT to settle this
PS: I didn't realize until listening that the benefit in the Welsh data is almost exclusive to women - that too should raise some questions as to the validity of that data - not sure if Prasad brought this up but that is a bit of a flag too if you ask me

[DewDiligence]

Correction re ABT infant-formula litigation:

The concept of federal preemption applies to both cases. I.e. Bayer’s Roundup label was what the EPA mandated, and ABT’s infant-formula label was what the FDA mandated.

The above statement from #msg-177608681 is wrong. In fact, the FDA does not mandate the labeling on ABT’s infant-formula products because the FDA regulates these products as foods rather than drugs. Hence, federal preemption is not a viable argument in this instance and ABT has not pursued such a defense.

The second paragraph in #msg-177608681 still pertains—i.e. the US Supreme Court could find that the $400M of punitive damages awarded to a plaintiff in Missouri is unconstitutional.

[skitahoe]

As someone who developed it while under treatment for leukemia, my Dr. assured me that it can happen more than once. In my case, I complained of a backache when in for a routine checkup and wound up in the hospital for shingles.

Gary

[DewDiligence]

Biotech Buyouts—including_details_on_lead-up_to_deal_closing (database compiled by AI):

Put together an analysis for every deal in biotech from the last 15-20 years here; https://t.co/iWa3KuqSVb

Some details on ones which weren’t the shells. (could be missing a couple but overall accurate on face value)
Deals with a computable premium 233, ~200 non shells
Median…

— Adu Subramanian (@plainyogurt21) June 21, 2026

[novicetrader]

Didn't think Shingles could recur a second time again? Did your wife take the vaccine?

[mouton29]

The Wales study is one of the four that Prasad “discusses” though his specific criticism of the Wales study is only that they fail to provide to provide K-M curves, his thesis being that claims of such rapid benefit are clearly preposterous and must be due to other factors - though what they are for the Wales study, I’m not sure. In the Wales study, dementia rates in the cohort born one week before the vaccine eligibility cut off date were significantly higher than the rate for those born in the week following.

The Wales paper doesn’t include K-M time to event plots. Sad. Why omit data when it will be so amazing? The US data is great. Obviously it confirms that the effect is near immediate

.

Here a link to a presentation on the English study showing no dementia benefit from the vaccine. I haven’t listened to it yet but plan to. I don’t think there’s a publication yet.

[WorstLuck]

for those who haven't been following along, interim leadership is clearly not just cleaning house for the future, but taking the job of re-reviewing controversial decisions seriously.

acting cder head mike davis posted a memo summarizing the review process for sanofi's tzield. in short, former cder head hoeg overruled the review team. she didn't agree with their risk benefit assessment. a couple thoughts:

for those who haven't been following along,… https://t.co/aR5ZfOtqw1

— Rod Wong, MD (@docrodwong) June 19, 2026

[sab63090]

Shingles vaccine: the only reason I received this very recently was because my wife had a bad second experience with shingles which took over 1 month to get better, her first time was not as bad as the second time. I guess I need to wait 2-6 months for the 2nd shot.....never considered the things you mentioned about not getting Alzheimer's...which apparently has been unproven...Lilly is still King of the Hill with a diabetes fix which now is promoted at getting people to lose wait....lol

[WorstLuck]

ABBV, APGE

https://breakingthenews.net/Article/AbbVie-Apogee-Therapeutics-said-to-near-dollar11B-deal/66541163

AbbVie, Apogee Therapeutics said to near $11B deal
BusinessChristian Baha / AY30 minutes ago
1 min read

EPA/TANNEN MAURY
AbbVie Inc. is close to striking a takeover agreement with Apogee Therapeutics Inc, the Financial Times reported on Friday, citing sources with knowledge of the matter.

The sources revealed that Apogee shareholders would get $10.9 billion in cash from AbbVie, which represents a premium of around 60% compared to the former's closing price on Thursday.

It was further noted that the deal could be officially announced as early as Monday, June 22.

[dewophile]

The Wales study looked out 7 years involving cohorts a week apart in age using a RDD design that avoids the biases in observational studies that I think Prasad is referring to. Apparently there was a similar study but larger that showed no difference that DD posted about but I haven’t seen the actual data. Here is the study out of Wales that I found convincing.

https://pmc.ncbi.nlm.nih.gov/articles/PMC10246135/

[mouton29]

Vinay Prasad (name sounds familiar, doesn’t it) wrote a substack post arguing the papers claiming shingles vaccine prevents dementia are dogmeat. He uses one of the arguments I’ve seen him make in other contexts, the results are too fast to be believable and consequently are due to other causes, such as difference between populations that get vaccinated and those who don’t.

Here’s an excerpt:

Wait, if you get ADMITTED to a nursing home—in less than a year—maybe as soon as 200 days—you get less dementia because of the Shingles vaccine. Within 3 years there is a 5% ABSOLUTE reduction in dementia. This vaccine must go inside neurons and repair them. It is what Ponce De Leon was looking for. A huge effect size that is also rapid.
In the JAMA paper, by 100 days, the shingles shot is already halting dementia. I don’t have dementia— at least I think I don’t— if I get 3 doses, I will probably be able to build Anthropic or Space X in a week— the brain benefit is so rapid.

[dewophile]

I can’t find a link to the data. Lilly just bought a competing vaccine in part bc of the perceived protective effects of vaccination on dementia (and stroke). It may all be bs who knows. I thought the study out of Wales was pretty convincing but this sounds like a similar study but larger

[DewDiligence]

Please see #msg-177717634.

[DewDiligence]

Shingles vaccine fails_to_show_statsig_risk_reduction_for dementia in large England study. What, then, can we say about the widely held viewpoint that the shingles vaccine does reduce the risk of dementia? That viewpoint may stem from an artefactual increase in dementia diagnoses that occur when people who experience an outbreak of shingles seek medical intervention. This same logic may explain other purported associations between vaccines and dementia risk.

No evidence of an effect of the shingles vaccine on dementia risk in England, in an analysis following a similar regression discontinuity design as previous studies, but in a larger sample. https://t.co/xhJoOC92Ec pic.twitter.com/FHZtweARvZ

— Marios Georgakis (@MariosGeorgakis) June 18, 2026

[WorstLuck]

There was preclinical data at ARVO this year but it doesn't seem to be online anywhere.

It will be interesting with all the biologics coming in that are/will be advancing into P3 programs fairly rapidly. Comment still holds that Tie-2 agonism doesn't gain much, but they claim this is stronger. TBD.

[DewDiligence]

ABT director bought ~$175K of stock on the open market 5/7/26:

https://www.sec.gov/Archives/edgar/data/1800/000138526226000017/xslF345X06/form4-06182026_090625.xml

Either the 5/7/26 transaction date is a typo or somebody goofed by not filing the Form 4 on time.

[DewDiligence]

Another Tie2xVEGF bispecific for AMD/DME:

https://www.globenewswire.com/news-release/2026/06/18/3314508/0/en/memento-medicines-launches-with-93-million-series-a-financing-to-advance-tie2-agonist-and-vegf-inhibitor-bispecific-antibody-therapy-for-retinal-diseases.html

[WorstLuck]

Have to see trial details

800mg QD for 7 days instead of 600mg QD for 5 days, all HR3 and a 200 patient 2b phase for additional confirmatory evidence for an NDA and to have another look at effect size before the 660 patient P3.

Peds 2b to validate Resolve-P and hopefully get an effect size for a P3.

Looks like they got some good advice somewhere, program could get strategic interest after the toplines on the 2b's with this kind of setup.

Not sure what the spend will be but I'm using 50M as a placemarker to get to the 2b toplines. [eom]

[DewDiligence]

ENTA’s updated corporate slides (6/18/26)

https://ir.enanta.com/static-files/0b9a9564-339c-4501-8c98-eab636846bf4

The new slide deck has several consequential additions and simplifications relative to the previous (5/11/26) version:

• Slide 7, “Multi-Billion Dollar Global Market Opportunity for an RSV Antiviral” is new.

• Slide 10, which shows results of the completed (standalone) phase-2b for Zelicapavir in high-risk adults, has been simplified to show only the endpoints that are pertinent to the phase-2/3 registrational trial announced in today’s PR (see next bullet item).

• Slide 11 shows the trial design and primary/secondary endpoints of the Zelicapavir phase-2/3 registrational trial. It supersedes old slides 11-14.

• Slides 12-13 depict the Zelicapavir program in pediatric patients, including the trial design and primary/secondary endpoints of the phase-2b pediatric trial. These slides supersede old slides 15-18.

• Slide 15, which depicts the results of the EDP-323 “challenge” study, condenses the info from old slides 20-22, omitting the PCR measurement of viral load in favor of the more consequential viral-culture assay.

• Slide 25, which shows the potency and selectivity of EDP-978 (KIT inhibitor), condenses the info from old slides 32-33.

• Slide 29, which shows the potency and selectivity of EDP-3903 (STAT6 inhibitor), condenses the info old slides 37-38.

• Old slide 44, which pertains to ENTA’s MRGPRX2 program, has been deleted. This slide had a glaring typo (I’ll make this a quiz!), although there may be another reason it was removed from the deck. The new slide deck still has four slides (34-37) describing the MRGPRX2 program.

• Last but not least, slide 38 on 2026 clinical catalysts now has a check mark for the item, “FDA End-of-Phase 2 meeting on adult pivotal study design & registration path in 2Q 2026.”

[DewDiligence]

KARD IPOs 28.8M* shares @$16.00:

https://www.businesswire.com/news/home/20260617821686/en/Kardigan-Announces-Pricing-of-Upsized-Initial-Public-Offering

Kardigan is a clinical-stage precision therapeutics company developing medicines that target the root cause of specific cardiovascular diseases where no approved treatments exist.

*Assuming exercise of underwriter’s option.

[DewDiligence]

The upturn in Mavyret royalty income (#msg-177632231) is what makes ENTA’s decision to conduct the Zelicapavir adult and pediatric trials tenable from a financial standpoint.

ENTA will still seek a global commercialization partner for Zelicapavir (assuming the clinical trials are successful) with a possibility of co-promotion and profit-sharing in the US market.

[WorstLuck]

That's a much more realistic development path.

Nice to see the FDA talks were fruitful. Have to see trial details and how they pay for it. [eos]

[jbog]

Enanta to advance zelicapavir into registrational Phase 2b/3 clinical trial
ENTA
7:06 AM


Enanta Pharmaceuticals is advancing zelicapavir into a registrational Phase 2b/3 clinical trial in adults at high risk of severe outcomes from RSV infection after a successful End-of-Phase 2 meeting with the U.S. Food and Drug Administration. The Phase 2b portion of the trial will confirm the treatment effect with topline data expected in 2027. Enanta also announced plans to initiate a Phase 2b clinical trial of zelicapavir in pediatric patients with RSV, with topline data expected in 2027

[WorstLuck]

LOL

Looking at the AssayQuant comparison slide from today compared to a similar slide from the Macula Society deck with the same ATP and concentration levels listed shows (ahem) different numbers. Today's slide has roughly similar numbers for Axitinib, markedly better for Sunitinib, and (ahem) noticeably worse numbers for Vorolanib at VEGFR2, which is where most of the benefit comes from.

AssayQuant runs two different kinase assays: https://www.assayquant.com/products/kinase-assays/catalog

I'm guessing they paid for both, and the one from today (slide 76) was the time resolved endpoint and the one shown at the Macula Society (slide34) was the continuous assay format. The Macula Society slide was a center focus of the EYPT lawsuit.

[WorstLuck]

The 8mg superiority is a key secondary, so they are more confident than I am. Week 96 endpoint is at the redose visit so the best time theoretically. I still question how big the delta can be given rescues, but will look at it closer at some point.

If it's as simple as p<.05 and the enrollment and screening criteria do what I think they will do then a delta of 1.5 letters should be plenty.

Not knowing what the stat plan is it's all a big guess. Off-the-cuff 1.5 letters at 96 weeks in this trial looks a lot better than my first instincts.

[WorstLuck]

OCUL slide deck https://ocutx.gcs-web.com/static-files/f1bdaecb-850c-4418-84ac-217f3f60c314

Confirmatory evidence 66-81
NDA package 82-89
Marketing 96-111
NI design re combination therapy 126-128
Rescues affecting interpretation 130-140