Biotech Values

[WorstLuck]

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.

[MomsSpaghetti]

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"

[WorstLuck]

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).

[Assist]

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?
?
???????? ?????????????? ?????????????????? ???? ?????????????????????????????? ????????, ??????-?????? (???????? ???????????????? ???? ???? ??????????????™), ???? ??????????????????????. ??????-??????’?? ???????????????? ?????? ???????????? ???????????????? ???????? ?????? ???????? ??????????????????????, ?????? ???? ?????? ?????? ???????? ???????????????? ?????? ?????????????????? ???? ?????? ??.??. ???????? ?????? ???????? ???????????????????????????? (??????) ???? ?????? ?????????? ???????????? ????????????.

[DewDiligence]

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.

[DewDiligence]

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.

[Whalatane]

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

[alertmeipp]

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!

[rosemountbomber]

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?

[alertmeipp]

$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.

[DewDiligence]

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.

Tregzi is made by Orca Biosystems, a private company.

[WorstLuck]

LLY is up 244% while CAT is up 400%!

That is surprising because while the CAT price is more than 4X what it was on that date it is only up ~360% to the similar LLY comp at your ~244%. NVDA of course blows away both.

CAT ~225 -> ~1033
LLY ~363 -> ~1229

each entering today's action.

[Whalatane]

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

[MomsSpaghetti]

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

[DewDiligence]

[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%!

[alertmeipp]

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.

[Whalatane]

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.

[dewophile]

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

[Rocky3]

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.

ABBV and LLY hitting new highs. JNJ has probably done that best over last two years (other than GILD, which is way off its highs).

[xavierprivas]

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.

[dewophile]

Abvx
Good call congrats!
Looks like a first line drug wrt safety now with tremendous efficacy

[WorstLuck]

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

[WorstLuck]

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.”

[Zardiw]

$SLS - #DDAmanda Chart. Not making a call on this one.

Check our 4th of July Special! https://DDAmanda.com



#DDAmanda

Z

[DewDiligence]

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.

[MomsSpaghetti]

$PSIL ETF show the three biggest holdings as $DFTX $CMPS $ATAI

Others will succeed too, but these three are the unicorns in the psychedelic biotech space and I suspect they will reach a combined market cap of 80-100B by H2 2027.

Currently they sit at 10B combined. That is a 8-10X from these levels.

[DewDiligence]

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.

Upon deal closing, the Nasdaq ticker will change to TLWR.

[DewDiligence]

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.

[MomsSpaghetti]

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

[WorstLuck]

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.

[WorstLuck]

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.

[WorstLuck]

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

[novicetrader]

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.

[WorstLuck]

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

)

The US Food and Drug Administration headquarters in Silver Spring, Maryland.
The US Food and Drug Administration headquarters in Silver Spring, Maryland.Photographer: Valerie Plesch/Bloomberg

By Rachel Cohrs Zhang
June 27, 2026 at 12:28 PM MST

Richard Pazdur, an oncologist, is under consideration to return to the US Food and Drug Administration, people familiar with the matter said.
He is being considered for a senior leadership role, according to the people, who spoke on condition of anonymity because the discussions are confidential.


The FDA has been without a permanent leader since Marty Makary resigned as commissioner after a tumultuous tenure marked by conflicts with staff and drug companies.
Richard Pazdur, an oncologist who spent 26 years at the US Food and Drug Administration before his abrupt exit in December, is under consideration to return to the agency, people familiar with the matter said.

Pazdur left the FDA just weeks after he was promoted to be the agency’s top drug regulator. The drug industry and its investors viewed Pazdur as a steady hand at the FDA and a return could signal an attempt to stabilize the regulator rocked by months of turmoil.

He is being considered for a senior leadership role, according to the people, who spoke on condition of anonymity because the discussions are confidential.

The administration plans to announce a senior leadership team alongside the commissioner nominee, the people said. The discussions are still underway and no decisions have been made, they added.

“Unless officially announced by the White House, any reporting about personnel nominations should be considered baseless hearsay,” White House spokesman Kush Desai said. Pazdur didn’t respond to a call and message seeking comment.

The FDA has been without a permanent leader since Marty Makary resigned as commissioner after a tumultuous tenure marked by conflicts with staff and drug companies. Other senior leaders exited after him.

Pazdur served as the FDA’s top cancer drug regulator since 1999 before his promotion to lead the agency’s Center on Drug Evaluation and Research.

Shortly before he left the FDA, he met with Health Secretary Robert F. Kennedy Jr. to air concerns over Makary’s leadership, including about personnel changes and a program to speed drug approvals for companies that align with Trump administration priorities. Pazdur has continued to speak out about his concerns with the agency’s attrition and direction since.

Pazdur was noncommittal when asked about returning to the FDA during a recent conference. “I have lived my life at the FDA,” he said at a Stat event in May. “It has been my life. I want the place to succeed, and I will leave it at that.”

Candidates under consideration for the commissioner role include physician Jeff Vacirca, Pentagon health official Stephen Ferrara and White House policy aide Heidi Overton, Bloomberg News reported earlier this week.

— With assistance from Robert Langreth

[rwwine]

I had my two shots prior to Covid and had no problems with side effects whatsoever. In my opinion, it’s definitely worth getting.

[Biowatch]

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.

[DewDiligence]

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.

[MomsSpaghetti]

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

[DewDiligence]

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).

[DewDiligence]

Bayer closed +15% today in Frankfurt.

[dewophile]

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.

I didn't read the entire opinion..The vote was split 7-2

[DewDiligence]

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).

Upon deal closing, the stock will trade on Nasdaq with the RMTX symbol.

[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.